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Credit Guide

This is the Credit Guide of Premium Broker Pty Ltd ABN 40 105 746 692, Australian Credit Licence 392625. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009.

 

About this Credit Guide

This Credit Guide is designed to assist you in deciding whether to use the services we offer.

 

Services we provide

We will provide you with information on a range of lenders and products. Once you have chosen a loan or lease that is suitable for you, we will help you to obtain an approval.

 

Our Associations and Relationships

Premium Broker Pty Ltd is accredited with Vow Financial Pty Limited, which is a wholly owned subsidiary of Yellow Brick Road Group Limited. We source finance from a panel of lenders. The lenders named below are the six lenders with whom we conduct the most business:

ANZ, CBA ING, NAB, Westpac, St George.

 

Our Responsible Lending Obligations

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 enter, is not unsuitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable. The law requires to:

  • make reasonable enquiries about your requirements and objectives;

  • make reasonable enquiries about your financial situation; and

  • take reasonable steps to verify that financial situation.

 

Credit will be unsuitable for you if at the time of the assessment, it is likely that at the time the credit is to be provided:

  • you could not pay or could only pay with substantial hardship; or

  • the credit will not meet your requirements or 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. For this reason, we must ask you to provide a significant amount of information. It is important that the information you provide is accurate, complete and up-to-date. If we proceed on incomplete or incorrect information, you may be in breach of your legal obligations to the lender.

We will provide you with a copy of our preliminary assessment of your application if you ask for it within seven years. This requirement is only triggered if we give you credit assistance.

 

Our Fees and Charges

Generally, no fees or charges are payable by you to us for our credit assistance. In some instances, a fee for service may be required. Details of these fees will be set out in a Credit Quote & Proposal.

However, you may be charged a lender’s application fee, valuation fees and other fees associated with the loan.

These fees are not charged by us and will be disclosed to you prior to submission of the credit application. Please note, however, that if a valuation is conducted and you ultimately choose not to proceed with the loan, you may be liable for the valuation fees.

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Commissions

We may receive commissions from the lenders and lessors who provide finance for you as our customers. These fees are not payable by you. You may obtain information relating to reasonable estimates of those commissions and how they are calculated.

When we provide you credit assistance, you may obtain from us a reasonable estimate of the commission likely to be received, directly or indirectly by Premium Broker Pty Ltd and its credit representatives.

We may from time to time receive financial or non-financial benefits from YBR Aggregation Pty Limited Premium Broker Pty Ltd, lenders, lessors or others. Some or all of the commission received by YBR Aggregation Pty Limited may be paid to the Credit Representatives.

 

Loyalty Bonuses

Premium Broker Pty Ltd may pay Loyalty Bonuses and or Commissions to our credit representatives for referring to our Diversification Partners such as Leasing or Conveyancing. Loyalty Bonuses and Commissions may vary between 20% and 25% of professional fees charged by the Diversification Partner. These fees are not payable by you.

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Referral Fees

We may pay a referral fee (i.e. commission) for third party referrals. An example of a referrer would be a real estate agent or solicitor. This fee is not payable by you. This fee will be disclosed in the Credit Quote & Proposal Disclosure Document. You may on request obtain a reasonable estimate of the amount of commission and how it is calculated.

Premium Broker Pty Ltd and your representative may also receive a benefit for referring you to other specialist service providers.

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Referral Agents

If you were referred to Premium Broker Pty Ltd (or an accredited representative) by a referrer, then you need to know that the National Consumer Credit Protection Regulations contain provision for referrers to be exempt from licensing requirements provided that certain criteria pertaining to the collection and provision of consumer details to registered and or licensed persons are met.

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A Referral Agent

  • will only engage in credit activities incidentally to another business they are carrying on.

  • will not charge a fee to the consumer for the referral.

  • will only inform the consumer that they able to arrange loans and leases.

  • will not recommend any particular product, nor provide any advice concerning loans or leases.

  • will inform the consumer of any commissions or other benefits you may receive. Premium Broker Pty Ltd will also provide this information within our Credit Proposal & Quote.

  • will obtain the consent of the consumer to pass on their name, contact details and a short description of the purpose for which they may want the credit or lease.

  • will pass the consumer’s contact details to us within five business days of informing the consumer that we are able to arrange loans and leases.

  • Will agreed to indemnify Premium Broker Pty Ltd to the maximum extent permitted by law from and against all Liabilities which arise from or are causally connected with any (and all) acts, omissions, defaults, representations or statements whether negligent, reckless, innocent or otherwise, directly or indirectly related to or arising as a consequence of the supply of the Services outlined in this credit guide.

 

Our Dispute Resolution Procedures

We will try to deal with your complaint within 30 days. If you are unhappy with our services or want more information about our internal dispute resolution procedure, please contact us.

 

Internal Dispute Resolution

Premium Broker Pty Ltd (Complaints Manager)

Telephone              02 9468 9600

Email                      complaints@premiumbroker.com.au

Post                        549 Willoughby Rd Willoughby NSW 2068

Website                  www.premiumbroker.com.au

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External Dispute Resolution

If you are unhappy with any decision or the handling of a complaint by us, you can refer your complaint to one of our external dispute resolution providers below. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.

 

Australian Financial Complaints Authority (AFCA)

Telephone              1800 138 422

Website                  www.afca.org.au

Email                      info@afca.org.au

Fax                         1800 931 678

Post                        GPO Box 3 Melbourne VIC 3001

 

Things you should know

You should ensure that you have approved finance, in writing from the lender, before entering a binding contract to purchase.

It is important you understand your legal obligations under the loan, and the financial consequences. If you have any concerns, you should obtain independent legal and financial advice before you enter into a loan contract.

We do not make any promises about the value or future prospects of any property you finance with us. You should always rely on your own enquiries.

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 into any loan contract.

We represent lenders and have obligations to them, and in particular, to not 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.

Premium Broker Pty Ltd is required to have adequate arrangements in place to ensure you are not disadvantaged by any conflict of interest.

Privacy

Premium Broker Pty Limited ABN 40 105 746 692, Australian Credit Licence 392625 and our related businesses, authorised representatives and credit representatives (‘we’, ‘us’, ‘our’) are collecting personal and financial information about you.

 

Personal Information

We collect personal information to provide you with the services that you have requested, manage our relationship with you, for the purposes of assessing your application for finance and managing of that finance. We may also collect your personal information for the purposes of direct marketing and managing our relationship with you. From time to time we may offer you other products and services.

 

The information you provide will be held by us. You appoint us as your agent to act as an “access seeker” to obtain your credit information from any credit reporting body on your behalf and for the purposes of assisting you with your finance application. You authorise us to disclose any credit information we obtain to prospective financiers regarding you finance application. We may use your credit information and any other information you provide to arrange or provide finance and other services.

 

Exchange of Information

We may exchange the information with the following types of entities, some of which may be located overseas:

•     Prospective funders/ lenders, mortgage managers, aggregators or other intermediaries and related parties in relation to your finance requirements.

•     Other related and unrelated organisations that are involved in managing or administering your finance such as third-party suppliers, printing and postal services, call centers;

•     Staff, Employees and contractors of {organization.name} and extending to the employees of companies who supply our Mortgage Broker Software. Staff may reside in both in Australia and overseas

•     Anybody who represents you, such as finance brokers, financial planners, lawyers and accountants;

•     Any industry body, tribunal, court or otherwise in connection with any complaint or audit regarding our service;

•     Where we are required to do so by law;

•     Anyone, where you have provided us with consent;

•     Your employer, referees or identity verification services;

•     Any organization providing online verification of your identity;

•     Any person or business considering acquiring an interest in our business or assets.

 

Consent

You consent to the release of personal information relating to your investment(s) and/or insurance policies to our agents upon request. You may gain access to the personal information that we hold about you by contacting us. By signing this consent, you agree that we may collect, use and disclose your information also as specified below:

•     You agree that we may collect and use and disclose your information as specified above.

•     Consent to provide your personal information to a Credit Reporting Body (CRB).

•     We can act as your agent to obtain a report or information about you consumer or commercial credit worthiness from a CRB.

•     We may disclose personal information such as your name, date of birth and address to the CRB to obtain an assessment of whether that personal information matches information held by it.

If you do not provide the information, we may be unable to assist in arranging finance or providing other services

 

Client Acknowledgment
By accepting the services of Premium Broker, our clients declare that;

•     that the information provided is true and accurate.

•     have read the above information and understand the reasons for the collection of my/ our personal information and the ways in which the information may be used and disclosed, and agree to that use and disclosure.

•     have read and understand that the information that has been provided will be shared with related and unrelated businesses as per the company’s privacy policy.

•     agree Premium Broker Pty Limited may receive correspondence via email and relevant marketing information from Premium Broker Pty Limited. They have the option of advising Premium Broker Pty Limited they do not want to receive marketing information.

•     understand that the parties may cancel or refuse service(s) if information is found to be false or misleading.

•     are aware that Premium Broker Pty Limited can access my/our personal information upon request and if necessary, correct the inaccurate information.

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