Credit Guide

 

CREDIT GUIDE – CREDIT CONTRACT (Top 6 credit providers)

Richard Arthur

Finance D.R. Pty Ltd (ABN 62 120 020 055) as
trustee for the Arthur Holden Unit Trust
trading as Connected Home Loans (ABN 43 761 097 839) 1198 Grand Junction Road
HOPE VALLEY SA 5090
E: enquiries@tcgb.com.au
P: (08)8263 7799
Australian Credit Licence: 383875

This Credit Guide sets out important information about the services that we provide as a broker.

We are required to provide this Credit Guide to you as soon as practicable after it becomes apparent that we are likely to provide credit assistance to you. We provide “credit assistance” when we:

  1. suggest or assist you to apply for a particular credit contract with a particular credit provider; or
  2. suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
  3. suggest you remain in a particular credit contract with a particular credit provider.

Fees and charges that are payable by you in relation to our credit assistance

Our Top 6 credit providers

We source credit products from a range of banks, lenders and other credit providers. However, at present, we write the most loans with the following banks, lenders and other credit providers:

  1. NAB / Homeside
  2. ANZ
  3. Commonwealth Bank
  4. Bank SA
  5. Bank West
  6. Westpac

Commissions we receive

When we provide you with credit assistance, we (or our directors, employees and authorised credit representatives) receive commissions from the credit providers involved. We may receive the following commissions when we provide credit assistance to you:

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Type of commissions:

Upfront and trailing

Reasonable estimate of the amounts or range of amounts:

Upfront ranging from .5 to .7% and trail 00.0 to .035%

Method of calculation

Upfront percentage of loan amount and trail percentage of outstanding loan balance

 

Preliminary Assessment

Before we provide you with credit assistance, we are required to complete a “Preliminary Assessment”. This preliminary assessment makes enquiries about:

  • your requirements and objectives for seeking a credit product;
  • your financial and relevant personal situation; and
  • your repayment capacity.You are entitled to request a copy of our Preliminary Assessment, and we must give you a copy if you so request. If you request a copy of the Preliminary Assessment:
  • At any time during the first 2 years we must provide it within 7 business days; or
  • between 2 years and 7 years after it was conducted we must provide it within 21business days.
    There is no charge for requesting or receiving a copy of the Preliminary Assessment.
    Unsuitable Credit Contracts

By law, we must not:

  1. suggest or assist you to apply for a particular credit contract with a particular credit provider; or
  2. suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider, or
  3. suggest that you remain in your particular credit contract with your particular credit provider;

if that contract is “unsuitable”.

A credit contract will be “unsuitable” if:

1. it is likely that you will be unable to comply with the financial obligations under the credit contract; or

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2 NCCP – Credit Guide – Credit Contract – Top 6 Credit Providers

  1. it is likely that you could only comply with the financial obligations with substantial hardship (such as having to sell your principal place of residence); or
  2. it is likely that the credit contract will not meet your stated requirements or objectives.

We want to ensure that the credit products you select with us are not unsuitable for your needs. Because of this, it is important that you openly and honestly discuss with us your requirements, objectives, preferences, financial situation and repayment capacity.

 

Dispute resolution and complaints

Within our business, we follow specific procedures to try to resolve any complaints that you may have.

Internal Dispute Resolution Scheme

A complaint or concern can be directly raised with our company in accordance with our internal dispute resolution procedures. A copy of our internal dispute resolution policy, including our commitments for response times, is available at www.connectedhomeloans.com.au or by request to us.

You can submit a complaint or concern directly to us as follows:

Richard Arthur – Director
08 8263 7799 or richard@connectedhomeloans.com.au

External Dispute Resolution Scheme

We wish to advise you that Finance D.R. Pty Ltd trading as Connected Home Loans is a member of the Credit Ombudsman Service Limited, member number 412 701, and their contact details are as follows:

Credit Ombudsman Service

ABN 59 104 961 882
Level 7, 287 Elizabeth St Sydney NSW 2000 PO Box A252 Sydney South NSW 1235 P1300780808/F0292612798
E info@creditombudsman.com.au
W www.creditombudsman.com.au

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