Credit Guide
This document provides information about the services we provide. It is designed to assist you in deciding whether to use the services we offer.
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.
Licensee details
Minett Investments Pty Ltd ABN 67 229 977 626 trading as Mortgage Interchange
| Australian Credit Licence | 398706 |
|---|---|
| Business Address | PO Box 204, Chevron Island 4217 |
| Phone | 0416 048 650 |
| phillip@mortgageinterchange.com.au |
About Us
Mortgage Interchange is a boutique mortgage broking business. We assist clients with various credit products including home loans, loans for self managed superannuation funds, investment loans and consumer leases.
Mortgage Interchange is a Full Member of the Mortgage & Finance Association of Australia (MFAA). This means Mortgage Interchange has recognised and proven qualifications and expertise in the mortgage industry and is bound by a code of ethics to ensure the highest levels of service, integrity and professionalism.
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 panel lenders
We source finance from a panel of financiers. The financiers named below are the six financiers with which we conduct the most business.
- Bankwest
- MyState Bank
- Commonwealth Bank
- NAB
- ING Direct
- Suncorp
We will need information from you
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 in order to assess whether the loan or lease is not unsuitable. The law requires us to:
- make reasonable inquiries about your requirements and objectives;
- make reasonable inquiries about your financial situation;
- take reasonable steps to verify that financial situation.
Credit will be unsuitable if at the time of the assessment, it is likely that:
- you could not pay or could only pay with substantial hardship;
- 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. 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, complete and up-to-date.
We will provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we provided assistance to you. This requirement is only triggered if we give you credit assistance.
If we arrange a loan for you to purchase or refinance real estate, remember 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.
Fees payable by you
Our initial consultation is complimentary. We have a 99% success rate in obtaining finance approvals for our clients. If we don’t believe we can assist, or save you money by refinancing, we’ll tell you up-front and no fees are payable.
Loans for residential property purchase:
We reserve the right to charge an ‘engagement fee’ of $395.00 inclusive of GST if you’d like to engage us to seek pre-purchase approval. We are happy to refund the fee if and when the application proceeds to settlement. We will help you identify the most suitable product from our extensive panel of lenders and apply for finance on your behalf.
Loans for Self-Managed Superannuation Funds (SMSF):
An ‘engagement fee’ of $1,650.00 inclusive of GST applies if you’d like to engage us to help you identify the most suitable product from our extensive panel of lenders and apply for finance on your behalf.
More details about the fees payable by you will be set out in a quote which will be given to you before a finance application is lodged. 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.
Commissions received by us
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 from us information about a reasonable estimate of those commissions and how they are calculated.
Other Commissions received from third parties
Our broking activities are separate from and not influenced by any other business activity which includes, but not limited to, commissions from investment property advisers, real estate agents, insurers, solicitors, conveyancers and/or financial planners.
Commissions payable by us
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 fees are not payable by you. You may, on request, obtain a reasonable estimate of those commissions and how they are calculated.
OUR DISPUTE RESOLUTION PROCEDURES
We believe that it is essential for our customers to be able to identify and deal with a broker who has the ability, authority and proper training to hear and respond appropriately to any complaints or disputes. We are committed to the effective handling of complaints and timely resolution of disputes.
Receiving complaints and the complaint process
If you have a complaint or a dispute, we will endeavour to resolve your complaint quickly and fairly. You have the option of either contacting us or lodging the complaint directly with our mortgage aggregator, Vow Financial.
You can lodge complaints with Vow Head Office, by contacting the Complaints Manager on the following:
| Telephone: | (02) 8226 8327 |
|---|---|
| Email: | complaints@vow.com.au |
| Address: | PO Box H265, Australia Square, NSW 1215 |
| Website: | www.vow.com.au |
If your complaint has not been resolved to your satisfaction, you may contact the Australian Financial Complaints Authority (AFCA), which is an independent dispute resolution scheme for financial services complaints.
For complaints, you can contact the Australian Financial Complaints Authority (AFCA) on the following:
| Telephone: | 1800 931 678 |
|---|---|
| Email: | info@afca.org.au |
| Post: | GPO Box 3 Melbourne, VIC, 3001 |
| Website: | www.afca.org.au |
Timeframes for response
If your request cannot be resolved immediately, we will respond to your request within two (2) business days of receipt of the complaint. We will keep you informed of the progress of the investigation.
Our external dispute resolution scheme
If we do not reach agreement on your complaint, you may refer the complaint to the Australian Financial Complaints Authority. Contact details are:
| Free call: | 1800 931 678 |
|---|---|
| Email: | info@acfa.org.au |
| Website: | www.acfa.org.au |
| Mail: | Australian Financial Complaints Authority 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.
We are required to have adequate arrangements in place to ensure you are not disadvantaged by any conflict of interest.
Privacy Policy
Minett Investments Pty Ltd (ABN 67 229 977 626) trading as Mortgage Interchange (Australian Credit Licence 398706) collects personal and financial information about you.
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 in connection with your finance application.
- We may use your credit information and any other information you provide to arrange or provide finance and other services.
- We may exchange the information with the following types of entities, some of which may be located overseas.
- Prospective funders/ lenders, mortgage managers 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 centres;
- 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 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; and
- Any person or business considering acquiring an interest in our business or assets.
- 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. A copy of our full privacy policy can be obtained from our website, by visiting www.mortgageinterchange.com.au.
Our privacy policy contains information about how you may access or seek correction of the information we hold about you, how we manage that information and our complaints process.