Credit Disclosure Guide
This Credit Disclosure Report provides you with the key information that you need to know to make an informed and confident choice when engaging our products and services.
This Disclosure Report summarises our organisational goals and standards, our product offerings, any fees, charges or commissions that there are and what you can do should you have a complaint. Please ask if you need more information or clarification.
This Disclosure Report has been generated by:
Organisation: The Mortgage Approval Company Pty Ltd – ACR: 445412
Address: 7/50 Gibdon Street, Burnley VIC, 3000
Phone: 1300 855 670
Fax: 03 9827 6596
Mobile: 0418-998-696
Email Address: [email protected]
Website: www.preapprovemyloan.com.au
Australian Credit Licence: Ratesonline.com.au Pty Ltd (ACL# 384404)
Overview
The Mortgage Approval Company Pty Ltd and Richard Wyrill are authorised through the Australian Securities & Investment Commission (ASIC) in accordance with the National Consumer Credit Protection (NCCP) Act. Our mission is to ensure we offer our clients the best service and most appropriate products through our professionalism and attention to detail. Ultimately, our goal is to ensure clients are provided with a loan that meets their objectives.
You can be confident that our representatives act with care and diligence to ensure your requirements are consistently met. We guarantee to listen to your needs and your instructions, ensuring that there is collaborative agreement through each step of the finance application process.
Our relationships and alliances with likeminded quality organisations ensure we are positioned to offer the best quality service to our clients every time as well as offering complementary financial services where appropriate.
Our standards and Your Broker
Your broker holds the necessary experience and qualifications in accordance with the NCCP provisions, and as such, is required to meet specific competency standards relating to educational and professional development. You can be confident that your broker is also held accountable to not only their organisations high ethical standards / values, but also have a responsibility to maintain the regulatory standards that are set by both Commonwealth and State governments.
Responsibility for Conduct
Your broker will be either licensed, a representative of a licensee or authorised under a licensee. The licensee shares responsibility in ensuring that the most appropriate product is offered and explained thoroughly. Your broker is committed to providing financial services to you efficiently, honestly and fairly.
Suitability of Loans to your Financial Objectives
By law, before entering into a specific credit contract, we are obliged to conduct a Preliminary Credit Assessment to determine your loan suitability. In consultation with you, we will find out and discuss with you your financial situation, financial objectives and borrowing needs before we determine which loan product may suit your situation / requirements.
For the purposes of the Credit Assessment, we will need to ask you some questions in order to assess whether the loan is not unsuitable. The law requires us to:
- make reasonable inquiries about your requirements and objectives;
- make reasonable inquiries about your financial situation;
- take reasonable steps to verify your financial situation.
Even if you already have a particular lender or product in mind, we have a responsibility to ensure you are informed about similar product options and related finance information.
The Credit Assessment will be conducted once you choose to engage our services. The Assessment will involve collection and verification of financial information to determine the appropriate loan amount and the loan costs associated with entering a credit contract. This will ensure that your circumstances will be assessed appropriately and that the options suggested will not place you in financial hardship. Once completed, this Credit Assessment is only valid for 90 days. A copy of the Assessment will be available to you, on request.
Please note, we do not provide legal or financial advice unless specified in a separate contract. It is important you ensure you understand your legal obligations under the loan, and the financial consequences. If you have any doubts, you should obtain independent legal and financial advice before you enter the loan contract.
Lender and Products
Lenders available
We aim to provide you with information from a range of lenders and products / loans. Once you have chosen a loan that is suitable for you, we will help you obtain an approval.
Commonly used lenders
The list below documents the 6 most commonly used Lenders from the Financial institutions we are accredited with.
If less than 6 lenders are displayed below, this is a summary of the lenders that we are able to utilise for loan submission purposes.
Financial Institution
- ING Direct
- ANZ
- Suncorp
- AMP
- Choicelend
- National Australia Bank
Product selection
As part of our obligations in providing you with an informed choice and an appropriate product, your broker will be able to provide you with a Preliminary Credit Assessment (on request) once you engage our services in facilitating the loan application process. The Credit Assessment will display key financial information and loan information based on your requirements and objectives and your financial position.
More detailed Product summaries may be provided by your broker that highlights various key features and benefits of the product.
Product Comparison documents may also be provided, depending on your circumstances, that allow you to compare the features and benefits of each product and assess the suitability to your requirements.
Fees, Charges and Commission
Fees payable by you to third parties
When the credit application (loan) is submitted, you may need to pay the lender’s application fee, valuation fees, or other fees that are associated with the loan application process, even if the loan is ultimately unsuccessful.
A summary of these lender fees will be available in a Finance Broking Contract or Credit Proposal document which will be provided to you after a product has been assessed as being appropriate for your requirements.
Fees payable by you to the broker
If a fee is payable by you, this will be disclosed in a written fee agreement or Credit Quote that will be provided to you with this document. If a written fee agreement or Credit Quote is not supplied, this will indicate that we do not charge consumers
How are we paid?
Please take notice that the Broker may receive fees, commissions, or financial rewards from the nominated Financial Institution in connection with this loan and may also receive remuneration from referral sources.
Lenders pay commissions for arranging loans. The range of commissions is: Upfront*: – 0.50% (plus GST) to 0.70% (plus GST) of the loan amount – Trail**: – 0.15% (plus GST) per annum to 0.25% (plus GST) per annum of the loan balance.- *This is a percentage of the principal sum advanced on settlement. **This is a percentage of the amount outstanding each month payable throughout the term of the loan.
The commission / brokerage depends on the principal value of the loan and may vary from product to product. Any other remuneration received will be shown in the disclosure table in this document, or in a Finance Brokers Contract which will be provided to you after a product has been assessed as being appropriate for your requirements.
Fees payable by us to third parties
Where clients have been referred, we may remunerate the referrer accordingly. We may pay fees to call centre companies, real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts in accordance with usual business practice. These are not fees payable by you. Any specific material referral fee paid in relation to your referral will be disclosed in the credit proposal document we will give you before your loan application is lodged.
From time to time, we may also remunerate other parties through payments, rewards or benefits. These will be documented in the disclosure table in this document.
Your future starts
with a new home
Most of us have aspirations of moving somewhere bigger and better yet are often uncertain how we are going to get the home loan finance. PreApproveMyLoan is here to both pre-approve your loan and find the best new home loan that suits you. PreApproveMyLoan is here to help demystify and explain all aspects of home loans and loan products so you can make the right loan decision.
Complaints
Our reputation is built on matching the appropriate product(s) to the individual’s requirements. We go to great lengths to ensure satisfaction with our services and offerings. However, there may be instances from time to time, where clients may be dissatisfied with the outcomes of our consultation process. If you have a complaint about the service that we provide, the following steps or avenues for resolution are available to you.
Step 1
Most complaints arise from miscommunication and can usually be fixed quickly. So, please contact Richard Wyrill at PreApproveMyLoan.com.au first and tell him about your concerns.
Step 2
We pride ourselves on our reputation, and want to ensure that all concerns and complaints are fully documented, investigated and resolved in a timely manner. So, if the issue is not satisfactorily resolved within 1 working day by talking with Richard Wyrill, we will apply our internal complaints process to manage your complaint appropriately. In this instance, the complaint may be internally escalated to our Complaints Officer. You may also contact the Complaints Officer directly
Complaints Officer
Name:
Carly Crowe
Phone:
Email:
Address:
Level 5, 278 Collins St Melbourne VIC 3000
Step 3
Although we try hard to resolve a customer’s concern in the most considerate and direct manner, sometimes it may need to be referred to a dispute resolution scheme, which is external to our organisation. Therefore, if you are not completely satisfied after the above steps have been attempted, you still have other avenues available to resolve the dispute.
This external dispute resolution process is available to you, at no cost. Two EDR schemes may be listed below. This indicates that the Credit Representative and their authorising Licensee are both required to be members (independently) of an ASIC approved EDR scheme. Where a Credit Representatives EDR is displayed, please contact that EDR scheme in the first instance for complaint escalation.
EDR (Credit Representative)
Name:
AFCA
Phone:
Address:
GPO Box 3 Melbourne VIC 3001
EDR (Licensee)
Name:
AFCA
Phone:
Address:
GPO Box 3 Melbourne VIC 3001
Other benefits, interests and disclosures (if applicable)
Nature of benefit or interest
Applicability (Y/N)
Details of interest
Direct or indirect financial interest in a financial institution or mortgage manager Nature of benefit or interest
N
Direct or indirect interest in the company which owns the property you are purchasing
N
Referral fee received for the property being purchased.
N
Referral fee for any Wealth Management/Financial Planning, insurances made in conjunction with this transaction.
N
I am a participant in Choice’s Professional Development and Reward Program. If this loan settles it may contribute to meeting eligibility to receive a prize.
N
From time to time, Choice is able to negotiate volume bonuses with lenders. If that occurs, and this loan contributes to that bonus, I may receive a portion of that bonus.
N
From time to time, some lenders offer benefits based on the volume of loans that settle within a designated time period.
N
Some lenders may require me to submit a certain number of loans to them per month in order to retain my accreditation with them
Y
As part of my membership with Choice, we automatically participant in a incentive program. If I recommend a particular home loan to you which subsequently settles, it will contribute to meeting my eligibility to receive a reward or benefit.
Other benefit or interest.
N
Warning: We recommend that you consider the benefits disclosed above when you consider the appropriateness of the transaction and if necessary seek independent advice. By entering this contract you consent to the broker acting on your behalf in the transaction.
Other benefits, interests and disclosures (if applicable)
| Nature of benefit or interest | Applicability (Y/N) | Details of interest |
|---|---|---|
| Direct or indirect financial interest in a financial institution or mortgage managerNature of benefit or interest | N | |
| Direct or indirect interest in the company which owns the property you are purchasing | N | |
| Referral fee received for the property being purchased. | N | |
| Referral fee for any Wealth Management/Financial Planning, insurances made in conjunction with this transaction. | N | |
| I am a participant in AFG’s Professional Development and Reward Program. If this loan settles it will contribute to meeting eligibility to receive a prize. | N | |
| From time to time, AFG is able to negotiate volume bonuses with lenders. If that occurs, and this loan contributes to that bonus, I may receive a portion of that bonus. | N | |
| From time to time, some lenders offer benefits based on the volume of loans that settle within a designated time period. | N | |
| Some lenders may require me to submit a certain number of loans to them per month in order to retain my accreditation with them | Y | As part of my membership with AFG Ltd, we automatically participant in AFG Home Loans incentive program. If I recommend an AFG Home Loan to you which subsequently settles, it will contribute to meeting my eligibility to receive a reward or benefit. |
| Other benefit or interest. | N |
Warning: We recommend that you consider the benefits disclosed above when you consider the appropriateness of the transaction and if necessary seek independent advice. By entering this contract you consent to the broker acting on your behalf in the transaction.
Information on Your File and Privacy Protection
Once our services are engaged, we will maintain a record of your personal profile, which includes all details you have disclosed to us including your financial situation, objectives and needs as well as a record of our recommendations.
If you wish to examine your file, please ask us and we will make arrangements for you to do so.
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