loan-o Credit Guide

What “credit assistance” means

We provide credit assistance when we:

• suggest or assist you to apply for a particular credit contract,
• suggest or assist you to increase the limit of a credit contract, or
• suggest you remain in a particular credit contract.

Engagement and conditions

You engage us to arrange a loan on your behalf. We act as an independent contractor to assist you to obtain and negotiate a loan.

Fees payable by you

We may charge a brokerage fee for our services. If a fee applies, we will give you a Credit Quote before any application is lodged. Any fee is only payable if your loan settles. Our current Credit Quote allows for a fee up to $2,000 (incl. GST), disclosed and agreed by you before you proceed. Lender fees may also apply.

How we are paid

We are paid commissions by credit providers for introducing customers. Commission is typically based on the loan size and product and is paid after settlement, either directly by the lender or via our aggregator. Commission ranges may be 0% to 8%, and we may also receive volume bonus amounts if certain targets with a provider are met. If you request an estimate for a specific lender and product, we will provide it.

Referrers and referral fees

If a third party (for example, accountant, dealer or equipment supplier) referred you to us, we may pay them a referral fee. We disclose the fee or a reasonable estimate in our proposal disclosure, or you can ask us for details.

Our responsible lending obligations

Before we recommend or arrange a product, we must complete a Preliminary Assessment to ensure the credit product is not unsuitable for you. We consider your requirements and objectives, your financial situation, and your ability to repay, and we take reasonable steps to verify key information. You can request a copy of our Preliminary Assessment:

• within two years of the assessment, we provide it within 7 business days;
• between two and seven years, within 21 business days.

There is no charge for this.

Credit providers we deal with

We source products from a range of banks and lenders. Our current panel includes the providers listed in Schedule 1 of the master guide, such as ANZ, NAB, Westpac, Judo Bank, Pepper Asset Finance, Plenti, Prospa, ScotPac, Moneytech, Angle Finance, Metro Finance, Liberty, Vestone Capital and others. The schedule in the master document contains the full, current list.

Credit Reporting Bodies (CRBs)

With your consent, we may obtain your credit report and exchange information with CRBs to assess your application or guarantor suitability. CRBs include Equifax, illion, Experian and others listed in the master guide schedules. Your rights include accessing and correcting your file, opting out of pre-screened offers, and placing a ban if you suspect fraud.

Dispute resolution and complaints

Internal resolution: Contact our disputes officer using the contact details above. We aim to resolve concerns quickly and fairly.

External resolution: If we cannot resolve the matter or you have not received a response within 30 days, you can escalate to the Australian Financial Complaints Authority (AFCA), a free and independent service.

AFCA: 1800 931 678 or [email protected]

Important documents you will receive

Depending on your journey, you may receive:

• this Credit Guide,
• a Credit Quote setting out any fee payable by you, and
• a Proposal Disclosure Document confirming commissions and key product details before you agree.

Need more information

Ask us at any time for details about our panel, estimates of commission for a particular loan, or copies of our disclosures. We are here to help.