This provides information about the services we provide. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
We will provide you with information on a broad range of financiers and products. Once you have chosen a loan or lease that is suitable for you, we will help you to obtain an approval.
We source finance from a panel of financiers. The financiers named below are the six financiers with whom we conduct the most business.
Under the NCCP Act, we are obliged to ensure that any loan or principal increase to a loan we help you to obtain or any lease we help you to enter is not unsuitable for you. To decide this, we may need to ask you some questions to assess whether the loan or lease is not unsuitable. The law requires us to:
Credit will be unsuitable if at the time of the assessment, it is likely that at the time the credit is provided:
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. For this reason, we must ask you to provide a significant amount of information. It is therefore very important that the information you provide us is accurate.
It is important that the information you provide us is complete and accurate, as if we proceed on incomplete or incorrect information, you may be in breach of your legal obligations to the lender.
We must provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we assist you. We are only required to give you a copy of the credit assessment if we give you credit assistance.
We do not charge you for our services because we are paid commission by the financier. However, you may need to pay the financier’s application fee, valuation fees, and other fees.
We may receive commissions from the lenders and lessors who provide finance for you as our customers. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commission is worked out.
We have a volume bonus arrangement in place with Westpac and the Commonwealth Bank of Australia under which those financiers may pay us additional commission depending on the total volume of business we arrange with them.
We source referrals from a broad range of sources. For example, 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 and accord with usual business practice.
These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how the commission is worked out.
We hope you are delighted with our services, but if you have any complaints you should notify us by contacting eChoice’s Dispute Resolution Manager by:
Or by speaking to any representative of our business who will refer you to eChoice’s Dispute Resolution Manager.
You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing.
When we receive a complaint, we will attempt to resolve it promptly. We hope that in this way we will stop any unnecessary and inappropriate escalation of minor complaints.
If you are not satisfied with our response, you may lodge a complaint with the Australian Financial Complaints Authority:
If we arrange a loan for you to purchase or refinance real estate, you should 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.
You should ensure that you have approved finance before entering a binding contract to purchase.
We don’t provide legal or financial advice unless specified in a separate contract. It is important that you understand your legal obligations under the loan, and the financial consequences.
Before you accept your loan offer, make sure you read the credit contract/loan agreement 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 loan contract.
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.
If you have any questions about this Credit Guide or anything else about our services, just ask at any time. We’re here to help you.