CREDIT GUIDE
ABOUT THIS CREDIT GUIDE
This Credit Guide provides important information about us, the services we provide and the activities of the Credit Representative operating under our licence. It also contains:
- information about fees and charges that may be payable by you to us;
- commissions that we may receive when we are acting as a Credit Representative; and
- commissions that we may pay to third parties for introduction of business, and
- information about what you should do if you have a complaint or dispute regarding our services and activities.
We are required to provide this document 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:
- suggest or assist you in applying for a particular loan with a particular lender;
- suggest or assist you in applying for an increase to an existing loan with a particular lender; or
- suggest that you remain in an existing credit contract.
OUR COMMITMENT TO SERVICE
We are committed to assisting you find the right finance option based on the information provided by you. We have the essential qualifications, experience and competency required under the relevant legislation to give you the professional service needed in assessing your financial needs. You can be confident that we will deal with you in a fair and ethical manner and take the time to listen to your requirements and objectives. Once we have established your goals, we will investigate and assess a range of options from our extensive lender panel. Ultimately, our primary aim is to provide you with the finance which we believe is in your best interests..
SERVICES WE PROVIDE
We are authorised to arrange loans under the National Consumer Credit Protection Act 2009 (National Credit Act). The National Credit Act regulates the activity of lending, leasing and finance broking. In situations where you require other services or products that we are not directly authorised to provide, we may also be able to assist you by introducing you with other individuals or organisations that are positioned to offer the complementary products or services relevant to your needs.
Credit Guide and Privacy Policy 2026.1
OUR RESPONSIBLE LENDING OBLIGATIONS
Under the National Credit Act, we are obliged to ensure that any loan or principal increase to a loan we enter with you is suitable to your needs and objectives. To decide this, we will need to ask you some questions in order to assess whether the loan meets these requirements. The law requires us to:
- make reasonable inquiries about your requirements and objectives;
- make reasonable inquiries about your financial situation; and
- take reasonable steps to verify that financial situation.
Credit will be unsuitable if at the time of the assessment, it is likely that at the time the credit is
provided:
- you could not pay or could only pay with substantial hardship; or
- the credit will not meet your requirements and objectives.
For example, if you can only repay by selling your principal place of residence, it is presumed that the loan will cause substantial hardship unless the contrary is proved. In order for us to meet our obligations in providing credit assistance activities, it is important that we have all available, accurate, current and relevant information. If you are unable to provide all the information required to assess your personal and financial circumstances, we may not be in a position to make a recommendation to you. Additionally, if you supply us with incomplete or incorrect information that we rely on in making an assessment, we will be unable to make an appropriate assessment, and you may be in breach of your legal obligations to the lender. If we provide you with credit assistance, you may request a copy of our Preliminary Credit Assessment any time up to 7 years and we must provide you with a copy of the assessment within the following timeframes:
YOUR REQUEST IS MADE WE WILL GIVE YOU YOUR ASSESSMENT
Before the Credit Assistance Quote Date As soon as possible after we receive your request Up to 2 years after the Credit Assistance Quote Date Within 7 business days after we receive your request .Between 2 to 7 years after the Credit Assistance Quote Date Within 21 business days after we receive your request.The Credit Assistance Quote Date is the date the credit contract (i.e. the loan) is settled or the loan amount is increased.If we arrange a loan for you to purchase or refinance real estate, you must make your own enquiries about the value of the real estate and its potential for future growth. Although we may obtain a valuation, that is for our own use, and you should not rely on it.
ACTING IN YOUR BEST INTERESTS
When providing credit assistance, we are obliged to act in your best interests. This means that any products we recommend to you must be in your best interests, and the reasons for these recommendations will be documented, recorded, explained and provided to you. In order to ensure your best interests have been met, we will assess what product/s and what credit assistance will be in your best interests. This recommendation will include information about why this is in your best interests and how it is aligned to your needs and objectives. In the case of actual, potential, or perceived conflicts of interest, we will disclose these to you and prioritise your interests ahead of our own in all circumstances. This includes giving priority to your interests in situations where we know, or ought to reasonably know there is a conflict between the interests of you and the interest of ourselves or a third party.
FEES PAYABLE BY YOU TO US OR THE LICENSEE
If a fee is payable by you, this will be disclosed in a Credit Quote. The Credit Quote will outline any fees payable for providing credit assistance and the time that they are payable. If you do not receive a Credit Quote, this will indicate that no fees are payable.
FEES PAYABLE BY YOU TO THIRD PARTIES
you consent to us obtaining personal information, financial information and credit information about you by way of video or audio conferencing for the purpose of arranging credit, providing credit assistance and give your permission for that video or audio conference to be recorded for this purpose.
FEES PAYABLE BY US OR THE LICENSEE TO THIRD PARTIES
We may pay fees to call centre companies, real estate agents, accountants, or lawyers and others 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. On request you can obtain a reasonable estimate of the amount of the fee and how it is worked out. From time to time, we may also remunerate other parties through payments, rewards or benefits. If your Broker is a Credit Representative of the Licensee they may also remunerate third parties in a similar manner.
PAYMENTS RECEIVED BY US OR THE LICENSEE
We, and our Licensee or aggregator My Local Broker Pty Ltd (My Local Broker) may receive fees, commissions, or financial rewards from lenders in connection with any finance we arrange for you. These fees are not payable by you. The commission amount is based on the financed amount and can differ from product to product. On request, we can provide you with a reasonable estimate of these commissions and explain how they are calculated prior to submitting your loan. Specific details of any commission to be received will be included in the Credit Proposal Disclosure that we will provide you with when credit assistance is provided. Commissions are paid based on a percentage of the loan balance that is drawn down. This percentage is generally calculated net of any amounts you hold in an offset account. The way commissions are calculated and paid to us by lenders may vary. The percentage or value of commission will not influence our decision in the product selection process, as we must, by law, ensure that the loan we recommend is not only suitable for your situation and objectives, but also in your best interest. If your Broker is a Credit Representative of the Licensee they may receive a whole or part of the commissions received by the Licensee referred to above. This may be paid to us, directly or indirectly, from the Licensee. From time to time, your Broker may also receive a non-commission benefit by way of training, professional development, entertainment, gift, conference attendance, sponsorship, or entry into a competition run by a lender or my aggregator. This type of benefit is not payable by you. The nature of such arrangements are temporary, and the occurrence and amounts are often not readily ascertainable. However, if they are apparent as a result of assisting you with credit assistance, this will be disclosed to you.
OUR LENDER PANEL
As your Broker, we are able to offer choice across a number of products and have the opportunity to be accredited to arrange loans with the following lenders:
| AAA Financial Brighten Home Loans NAB | ||
|---|---|---|
| AAA Money Australia | Citibank | ORDE |
| All State Mortgages | Commonwealth Bank | Paramount Mortgages |
| AMP Bank | DPN Finance | Pepper Money |
| ANZ | Firstmac | P&N Bank (WA only) |
| Assetline Capital | funding.com.au | Qudos Bank |
| Australian Military Bank | Granite Home Loans | Rate Chaser |
| Auswide Bank | Great Southern Bank | RedZed |
| Bank Australia | Health Professionals Bank | Resi |
| Bank of China | Heartland Seniors Finance | Resimac |
| Bank of Melbourne | Heritage Bank | St. George Bank |
| Bank of Queensland | IMB Bank (VIC only) | IMB Bank (VIC only) |
| Bank of Sydney | ING | Suncorp Bank |
| BankSA | Keystart (WA only) | Teachers Mutual Bank |
| Bankwest | La Trobe Financial | Thinktank |
| BankVic | Liberty Financial | ubank |
| Bendigo Bank | MA Money | UniBank |
| Better Choice Home Loans | Macquarie Bank | Victorian Mortgage Group |
| Better Mortgage | ME Bank | Virgin Money |
| Beyond Bank Australia | Mortgage Ezy | Westpac |
| Bluebay Home Loans | MOVE Bank | WLTH |
| Bluestone Mortgages |
The lenders listed above are part of our aggregator’s – My Local Broker’s – panel, through which we submit loan applications. In order to submit loan applications to these lenders, we are required to be accredited with that lender. We are not accredited with each of the lenders listed above. If we are not accredited with a lender in the panel above, we can refer you to another My Local Broker broker who is accredited with thatlender. Please contact us for further information.
COMMONLY USED LENDERS BY THE LICENSEE
This section provides details of the 6 most commonly used lenders by the Licensee over the last nancial year. This is not intended to be a comprehensive list, as there are other lenders on the current panel that may be utilised. LICENSEE’S TOP 6 MOST COMMONLY USED LENDERS ANZ, Commonwealth Bank, Macquarie Bank, NAB, St George, Westpac
- The information above is generated based on a full nancial year, so in some circumstances a full year’s data may not be available. In these instances, the eld will be blank or there will be limited information, however you can request further details from your Broker.
COMMONLY USED LENDERS BY US
COMMONLY USED LENDERS BY US
This section provides details of the 6 most commonly used lenders by your Broker over the last
financial
year. This is not intended to be a comprehensive list, as there are other lenders on the current
panel that
may be utilised.
CREDIT REPRESENTATIVE’S TOP 6 MOST COMMONLY USED LENDERS
- The information above is generated based on a full nancial year, so in some circumstances a full year’s data may not be available. In these instances, the eld will be blank or there will be limited information, however you can request further details from your Broker.
NUMBER OF LENDERS USED
The total number of lenders I have settled loans with in the last completed nancial year: NUMBER OF LENDERS USED
- The information above is generated based on a full nancial year, so in some circumstances a full year’s data may not be available. In these instances, the eld will be blank or there will be limited information, however you can request further details from your Broker.
TIERED SERVICING ARRANGEMENTS
Your Broker may have access to tiered servicing arrangement with certain lenders. A tiered servicing arrangement provides non-monetary bene ts such as providing preferential service which can assist your Broker in achieving better outcomes for you. Examples include faster reviews by lender credit analysts and/or application turnaround times. The list of any tiered servicing arrangements they have is available on request. Where your Broker makes a recommendation to a lender with whom they have one of these arrangements, this will be disclosed to you in the Credit Proposal Disclosure we provide you. Access to these programs is not solely based on the volume of new or existing lending our clients have with each respective lender and does not entitle us to any additional commissions or payments outside of what we have disclosed to you, or any preferential client discounts.
REFERRERS, DISCLOSURES, BENEFITS AND SERVICES REFERRERS AND REFERRAL FEES
We may receive referrals from various sources, such as nancial planners, accountants, real estate agents, and other parties. If you were introduced or referred to us, we may pay the referrer a commission, fee, or other form of remuneration. Information about any commissions or fees paid to the referrer will be included in the Credit Proposal Disclosure we provide to you.
CONFLICTS OF INTERESTS AND RELATED PARTIES MULTIPLE ROLES
We may adopt other roles or functions connected to the credit assistance that is provided to you. While each business activity is distinct, we might receive remuneration when performing our role in the other business activities as a result of the credit assistance provided. If we are ever in a situation where a con ict of interest prevents us from appropriately conducting our credit assistance activities and acting in your best interests, we will refer you to another party who can provide the necessary services. Additional information about any relevant remuneration we may earn from our recommendations or other roles will be included in the Credit Proposal Disclosure we provide you.
SHAREHOLDING
We may hold shares or other securities, either directly or indirectly, in the lenders we recommend. Information about any material holdings will be included in the Credit Proposal Disclosure we provide to you. If a signi cant shareholding creates a con ict of interest that we cannot manage, we will refer you to another party who can provide the necessary credit assistance services.
OWNERSHIP STRUCTURES
While offering you credit assistance, we may refer you to other businesses such as accountancy practices, nancial planning practices, settlement agencies, real estate agencies, etc. If you accept those referrals, we may receive a direct or indirect remuneration or bene t. This remuneration or bene t may be the result of us having roles or relationships in those businesses (and their related entities) such as directorships, shareholder status or other bene ciary relationships. This will be disclosed to you at the time of the referral CONFLICTS OF INTERESTS AND RELATED PARTIESand there is no obligation to accept the services offered by the other business. If this potential con ict of interest prevents us from acting in your best interest for the purpose of credit assistance, we will avoid making a referral. Additional information about any relevant or material remuneration we may earn from our referrals will be included in the Credit Proposal Disclosure we provide you.
OUR INTERNAL DISPUTE RESOLUTION (IDR) SCHEME
We are committed to providing you with the best possible service. If at any time we have not met our obligations or you have a complaint about the service that we provide, please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly. If you have a complaint, the following steps are available to you. In the rst instance, please contact Razeb Hasan. We will acknowledge receipt of your complaint within 1 business day. If Razeb Hasan is unable to resolve the complaint to your satisfaction within 5 business days, we will escalate the complaint to the Complaints Of cer. You can also contact the Complaints Of cer directly as detailed below: COMPLAINTS OFFICER There will be situations where the Complaints Of cer is also your Broker. This will not have any impact on the capacity to deal with your complaint effectively or appropriately. We may ask for additional information to ensure your complaint is properly investigated. Within 30 calendar days from the date you lodged the complaint with us, we will write to you advising you the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete the investigation.
| Name | Compliance Officer |
| Address | Level 1, Building 1, 658 Church St, CREMORNE VIC 3121 |
| Phone Number | 1300 234 863 |
| compliance@mylocalbroker.com.au |
OUR EXTERNAL DISPUTE RESOLUTION (EDR) SCHEME
If you do not think we have resolved your complaint to your satisfaction, or you have not heard from us Name Compliance Officer Address Level 1, Building 1, 658 Church St, CREMORNE VIC 3121 Phone Number 1300 234 863 Email compliance@mylocalbroker.com.au within 30 calendar days, you may refer the matter to an EDR scheme. You may also refer the matter to an EDR scheme at any time, but if our IDR process is in still in progress, they may request that our IDR processes be complete before considering the matter further. The Australian Securities & Investment Commission (ASIC) EDR process is available to you, at no cost at the contact details below:
EDR (LICENSEE)
| Name | Compliance Officer |
| AFCA Member Number | Level 1, Building 1, 658 Church St, CREMORNE VIC 3121 |
| info@afca.org.au | |
| Phone Number | 1800 931 678 |
| Address | GPO Box 3, Melbourne VIC 3001, Australia |
REPAYMENT DIFFICULTIES
There may be situations where interest rates increase or you may experience changes to your financial situation that were not reasonable, foreseeable or anticipated. If you enter a situation where the repayments are becoming challenging, talk to us as we may be able to negotiate rate reductions through our network of contacts with the lenders. However, if a rate reduction is not successful and you are struggling to meet the repayments, lenders have hardship teams ready to help clients in tough times. You should call your lender to discuss your options with regards to hardship variations.
Options that may be available are:
- changing the term of your loan (extending the loan term);
- arranging a temporarily pause in your repayments;
- or arranging a temporarily reduction in your repayments.
Extending the loan term will result in additional interest being payable on the loan for that period, and this needs to be considered in your decision.
The hardship officer at each lender must consider your situation and you will need to explain why you are having difficulties making payments, how long you think your financial problems will continue and how much you can afford to repay. Your lender must write to you within 21 calendar days to let you know the outcome of your hardship request. If they ask you for more information, they must respond within 21 calendar days from when you provide it.
WHERE TO FIND HELP MANAGING DEBTS
Other options are also available if you are ever experiencing financial difficulty. We recommend contacting a financial counsellor who can help you make a plan to financial recovery. As an example, they may be able to assist you in talking to your utility providers’ hardship teams about paying electricity, gas, phone or water bills in instalments. This may provide a buffer to help you meet your loan repayments. If you are experiencing difficulties in managing your debt, the following financial counselling services are available to you, at no cost at the contact details below:
FINANCIAL COUNSELLING SERVICES
Name
Website https://ndh.org.au hhttps://sbdh.org.au
Phone Number 1800 007 007 1800 413 828
THINGS YOU SHOULD KNOW
We don’t provide legal, financial or taxation advice unless specified in a separate contract. It is important you understand your legal obligations under the credit contract, and the financial consequences. Before you accept your loan offer, make sure you read the credit contract carefully to understand full details of the loan. If you have any doubts, you should obtain independent legal and financial advice before you enter any credit contract. As a duty of care, we recommend that you seek professional advice in regards to insurance products such as life cover, total and permanent disability (TPD) insurance, trauma insurance and income protection insurance. It is the responsibility of the applicant/s to maintain loan repayments and we strongly recommend that you seek insurance advice with regards to risk management and financial planning. We will inform you of any potential conflict of interest or relationship that could reasonably be expected to influence our recommendation. You should ensure that you have approved finance before entering a binding contract to purchase. We don’t make any promises about the value of any property you finance with us or its future prospects. You should always rely on your own enquiries. We represent lenders and have obligations to them, in particular not to provide any information we know is misleading or deceptive. We also have obligations under the law to report any fraud, forgery, or other illegal activities. Before using our services, it is important that you understand that we have these obligations to lenders and under the law.
QUESTIONS?
If you have any questions about this Credit Guide or anything else about our services, just ask at any time. We’re here to assist you.