Credit Guide
What is a credit quote?
A Credit Quote sets out important information about the credit assistance and other services that we provide as a broker. We are required to provide this Credit Quote to you, and receive your signed acceptance, before we provide any credit assistance to you.
What is credit assistance?
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.
What are the fees and charges for providing me with credit assistance?
You have requested that we provide you with the credit assistance and other services. The maximum fee payable to Rostron Mortgages for this service $990 (including GST) which is only payable on settlement of the loan. The maximum fees and charges that will be payable by the licensee to another person on your behalf is $0. Depending on the loan, this may be included as part of the loan package so it isn’t an upfront cash fee. The actual amount will be confirmed in the credit proposal we present to you prior to your acceptance of the credit we have obtained.
Where can I find out additional information regarding this quote?
Should you have any questions about the information contained in this Credit Quote, please contact our office on 1300 70 70 39.
What do I do if I am ready to receive credit assistance?
To receive credit assistance, you simply need to sign below. In doing this you are acknowledging and accepting the maximum fees, charges and commission associated with us providing you with credit assistance.
Once you have signed this quote we will conduct a preliminary assessment. This will enable us to determine if there is a suitable loan for you. If there is a suitable loan for you we will prepare a credit proposal for you to review prior to completing any transaction. The credit proposal will contain information on the finalised fees, charges and commissions payable for the credit assistance.
What is a credit guide?
A Credit Guide sets out important information about the services that we provide as a licensee broker, any fees and commission payable to us, our responsible lending obligations and our internal and external dispute resolution procedures and how you can access them. 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.
Which credit providers do we utilise when providing credit assistance?
We source credit products from a limited number of banks, lenders and other credit providers. There is a list at the bottom of this document that outlines the lenders, banks and credit providers that we can write loans with.
What information is required to receive credit assistance?
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.
We may also request documentation in order to verify the information contained in the preliminary assessment, such as pay slips, letter of employment and bank statements.
What information is kept on my credit file and can I examine my file?
We maintain a record of your personal profile including details gathered as part of our preliminary assessment. You are entitled to request a copy of our Preliminary Assessment, and we must give you a copy if requested. There is no charge for requesting or receiving 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 21 business days.
We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information.
Are commissions, fees or other benefits paid to Rostron Mortgages by the credit provider?
When we provide you with credit assistance, we (or our directors, employees and authorised credit representatives) receive commissions from the credit providers involved. When we provide credit assistance to you we may receive upfront commissions and additional commission depending on the total volume of the business we place with the credit provider. We can provide, on request, a reasonable estimate of the commission, fees and benefits and how they are calculated.
Are commissions paid by Rostron Mortgages to other parties?
We may pay a referral fee to people or organisations that refer clients to us who receive credit assistance from Rostron Mortgages. All amounts paid to the referrer are from Rostron Mortgages’ share of the commission and benefits. You won’t pay any additional amount if we pay a referral fee. A referral fee is only paid to the referrer by Rostron Mortgages on settlement of a loan. We can provide, on request, a reasonable estimate of the commission and how it is calculated.
What is a suitability assessment?
By law, we must not provide you with credit assistance if the credit contract is unsuitable for you. If unsuitable, we cannot:
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.
When is a credit contract 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
2. 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
3. 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.
What should I do if I have a complaint about the Credit Licensee?
If you have a complaint or concern about the service provided to you by the licensee, please contact their Complaints Resolution Manager. As part of the Internal Dispute Resolution policy they will investigate the matter and endeavour to address it as quickly as possible.
Complaints Resolution Manager Rostron Mortgages Pty Ltd
825 Oxley Road, Corinda, QLD, 4075 Phone: 1300 70 70 39
Fax: 07 3102 9102
Our aim is to completely resolve any issues you raise. If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with you can refer your complaint to an independent External Dispute Resolution Scheme. We belong to the following external, independent dispute resolution scheme, which can be contacted as follows:
Credit Ombudsman Service Ltd
Case Management Team – Rostron Mortgages
PO Box 727
Indooroopilly, QLD, 4069
Phone: 0438 774 923
Fax: 07 3102 9102
A copy of Rostron Mortgages’ dispute resolution policy is available at www.rostronmortgages.com.au or by request of Rostron Mortgages.
ACCESS AND CORRECTION
If you would like to know more about:
1. Personal information that we hold about you; or
2. Our personal information handling practices; or
3. Gaining access to the personal information which we hold about you; or
4. Our handing of personal information about you, please contact our Privacy Officer on the details provided to the bottom on this form.
5. We can also provide you with a copy of this information for which a fee may be payable. You should let us know if you think any information we hold about you is inaccurate so that we may correct it.
Privacy Information Request
Rostron Mortgages Pty Ltd
825 Oxley Road, Corinda, QLD, 4075 Phone: 1300 70 70 39
Fax: 07 3102 9102 www.rostronmortgages.com.au