Credit Guide

ABOUT US (“we, us, our”):

We need to collect personal information about you to provide you with our broking & related services. This privacy statement tells you how we collect your information, what we use the information for and who we share the information with. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.

Credit Representative

Naisharg Dalal
Credit Representative Number 529686

An employee or representative of:

Corporate Credit Representative

Mortgage24 Pty Ltd (ACN 647 983 177) and Mortgage24
Credit Representative Number 529638

Contact Details for Credit Representative and Corporate Credit Representative

Address: Suite 6, 4a Meridian Place Bella Vista NSW 2153
Tel: 0405 194 862
Email address: naisharg@mortgage24.com.au
Website: www.mortgage24.com.au

Licensee

BLSSA Pty Ltd ACN 117 651 760 (“BLSSA”)
Australian Credit Licence Number: 391237
Level 15, 360 Elizabeth Street
Melbourne VIC 3000
Tel: 03 9070 4852

Broker Group

Pennley Pty Ltd ACN 071 979 498 as trustee for the Pennley Unit Trust
Credit Representative Number: 392528

WHAT IS A CREDIT REPRESENTATIVE?

A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee. Our licensee is BLSSA.

WHAT IS CREDIT ASSISTANCE?

We give you credit assistance when:

THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE

Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:

We won’t be able to give you credit assistance if our assessment shows that:

GETTING A COPY OF OUR ASSESSMENT

If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to 7 years after we provide you with a credit assistance quote. To request a copy please contact us. We will provide you with a copy:

INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES

We act as a credit representative for BLSSA. We are authorised to engage in credit activities including providing credit assistance on its behalf.

Subject to meeting credit criteria, we are able to assist you to obtain loans and leases for you from a broad range of lenders and lessors through our Broker Group. Our Broker Group does not require us to recommend any particular lender and our Broker Group does not set any quotas or obligations on us relating to recommending any particular product.

The following are the Top 6 residential lenders in the previous financial year:

List of Lenders

St. George

Bankwest

NAB

Suncorp

ANZ

Westpac

The following is a list of all the lenders with which I have accreditation:

86:400, Adelaide Bank, ANZ, Bankwest, Bank First, Bank of China, Bank of Queensland, Beyond Banks, Choicelend, Citi, Firstmac, ING, LaTrobe, Liberty Financial, Macquarie, ME Bank, NAB, Pepper, St George, Suncorp, Virgin Money and Westpac.

OWNERSHIP

CHOICE

We obtain mortgage aggregation services from the Broker Group. The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, and assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to Broker Group panel of lenders including Broker Group branded products.

FEES AND CHARGES

FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE

We may charge a fee for providing credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.

FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE

We may receive remuneration from our employer, BLSSA and/or Broker Group and do not charge you any fees or charges in relation to acting as a credit representative.

OTHER FEES AND CHARGES

You may have to pay other fees and charges (such as an application fees, valuation fees and other fees) to the lender, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.

COMMISSIONS

COMMISSIONS WE RECEIVE FROM OUR LICENSEE

BLSSA has appointed our Broker Group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which we act as a credit representative and provide credit assistance. The total amount of commission we may receive in relation to your loan or lease may vary depending on the lender or lessor, the term, the features, the amount of the loan or lease you ultimately choose and the amount and timing of the repayments that you make.

Loan Contracts such as Home Loans, Investment Property Loans

Upfront commission payable by lenders in relation to home loans and investment property loans is calculated as a percentage of the loan amount and is generally in the range of 0.5% and 1% of the loan amount. It is usually paid after settlement of the loan.
Trail commission payable by lenders in relation to home loans and investment property loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0% per annum and 0.25% per annum of the outstanding loan amount.

Personal Loans

Upfront commission payable by lenders in relation to personal loans is calculated as a percentage of the loan amount and is generally in the range of 0.5% and 1.00% of the loan amount. It is usually paid after settlement of the loan.

Trail commission payable by lenders in relation to personal loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0.1% per annum and 0.25% per annum of the outstanding loan amount.

Leases

Upfront commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of 0% and 5% of the lease amount. It is usually paid after settlement of the lease.

Trail commission is generally not payable in relation to leases.

Further details of the commission earned by us will be included in the credit proposal disclosure, which forms part of the Statement of Credit Assistance document, which we will provide to you at the same time as we provide you with credit assistance.

You can request information from us about the fees that we are likely to receive, how those fees are calculated, and our reasonable estimate of the fees or commissions that will be payable.

VOLUME BONUS ARRANGEMENTS

We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or our Broker Group may receive a benefit, directly by way of cash bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or our Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.

COMMISSIONS PAYABLE BY US

If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee. More detail about those payments will be set out in the credit proposal disclosure, which forms part of the Statement of Credit Assistance document, which we will give to you before we provide you with credit assistance.

We obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people.

Further information about referral commissions, including our reasonable estimate of the amount of any commission payable and how it is calculated is available from us on request and will be included in the credit proposal disclosure, which forms part of the Statement of Credit Assistance, which we will supply to you when we provide you with our credit assistance.