Credit Guide

ABOUT US (‘we, us, our’)

Licensee
Capital United Pty Ltd ABN 851 235 113 39
Australian Credit Licence Number: 394566
Level 6, 74 Pirie Street, Adelaide SA 5000
P: +61 8 7231 8700
W: www.capitalunited.com.au

Broker Group
Finance & Systems Technology Pty Ltd ACN 092 660 912(‘broker group’)
Credit Representative of BLSSA Pty Ltd ACN 117 651 760 (‘BLSSA’)
Australian Credit Licence Number: 391237
Level 10, 101 Collins Street, Melbourne VIC 3000
P: +61 3 8616 1000
F: +61 3 8616 1677

This document provides you with information relating to our activities and those of our credit representatives. It contains information about various fees and charges that may be payable by you to us, as well as about certain commission we may receive or we pay to certain third parties. It also contains information about what you should do if you have a complaint or dispute in connection with our services.

WHAT IS CREDIT ASSISTANCE?
We give you credit assistance when:
• We assist you to apply for a particular loan or lease;
• We suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
• We suggest you remain in your current loan or lease.

THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE
Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:
• The loan or lease or increase will meet your requirements and objectives; and
• You can meet the proposed repayments.

We won’t be able to give you credit assistance if our assessment shows that:
• The loan or lease won’t meet your requirements or objectives; or
• You won’t be able to meet the proposed repayments without substantial hardship.

GETTING A COPY OF OUR ASSESSMENT
If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to 7 years after we provide you with a credit assistance quote. To request a copy please contact us. We will provide you with a copy:
• Within 7 business days after the day we receive your request – provided you make the request within 2 years of the date of our credit assistance quote; or
• Otherwise, within 21 business days after the day we receive your request.

INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES
We are authorised to engage in credit activities including providing credit assistance and acting as an intermediary.

Subject to meeting credit criteria, we are able to assist you to obtain loans and leases for you from a broad range of lenders and lessors through our Broker Group and our direct accreditations with lenders outside our Broker Group.

The following are the Top 6 residential lenders and % of business written in the previous financial year: 

  • Westpac 50%
  • La Trobe 6%
  • Macquarie 20%
  • Bank SA 4%
  • Australian Unity 7%
  • Adelaide Bank 4%

The following are the lenders and lessors with whom we generally conduct the most business:

  • Adelaide Bank;
  • ANZ;
  • Australian Unity;
  • Bank SA;
  • Bankwest;
  • Beyond Bank;
  • Bluestone Mortgages;
  • Commonwealth Bank;
  • Citibank;
  • FastLend;
  • Resimac;
  • ING Direct;
  • La Trobe Financial;
  • Liberty;
  • Macquarie;
  • ME Bank;
  • Medfin;
  • National Australia Bank;
  • Pepper Money;
  • Police Credit Union
  • St George;
  • Suncorp;
  • Victorian Mortgage Group;
  • Westpac;
  • National Australia Bank.

OWNERSHIP

We obtain mortgage aggregation services from the Broker Group. The Broker Group is a member of the National Australia Bank Group. The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, and assistance with regulatory and compliance obligations. In consideration of these services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to the Broker Group panel of lenders including NAB Group and Broker Group branded products.

Our business is owned and managed independently from the Broker Group and National Australia Bank Limited (NAB). 

FEES AND CHARGES

Fees Payable for the Provision of Credit Assistance

We may charge a fee for providing credit assistance or associated with provided credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.

Fees Payable in Relation to Acting as a Credit Representative

We may receive remuneration from the Broker Group or from a principal with whom we contract.

Other Fees and Charges

You may have to pay other fees and charges (such as an application fee, valuation fee and other) to the lender, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.

COMMISSIONS

Commissions we receive from our Broker Group

The Broker Group receives commissions from lenders and lessors and pays us a commission in relation to loan contracts or leases for which we provide credit assistance. The total amount of commission we may receive in relation to your loan or lease may vary depending on the lender or lessor, the term, the features, the amount of the loan or lease you ultimately choose and the amount and timing of the repayments that you make.

Loan Contracts such as Home Loans, Investment Property Loans and Personal Loans

Upfront commission payable by lenders in relation to loans is generally calculated as a percentage of the loan amount and is generally in the rate of 0.50% and 0.70% of the loan amount. It is usually paid after settlement of the loan.

Trail commission payable by lenders in relation to loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the rage of 0.10% per annum and 0.25% per annum of the outstanding loan amount.

Leases

Upfront commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of 0.25% and 0.60% of the lease amount. It is usually paid after settlement of the lease. Trail commission is generally not payable in relation to leases.

Further details of the commission earned by us will be included in the credit proposal disclosure document we will provide to you at the same time as we provide you with credit assistance. You can request information from us about: the fees that we are likely to receive; how those fees are calculated; and our reasonable estimate of the fees or commission that will be payable.

Volume Bonus Arrangements
We and our Broker Group do not receive any volume-based benefit for residential home loan products. However, from time to time we or the Broker Group may receive a benefit, directly by way of cash bonus or additional commission or indirectly by way of training, professional develo9pment days or sponsorship, if we or the Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.

Commissions Payable by Us
If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee. More detail about those payments will be set out in the credit proposal disclosure document we will give to you before we provide you with credit assistance. We may obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people.

Further information about referral commissions, including our reasonable estimate of the amount of any commission payable and how it is calculated is available from us on request and will be included in the credit proposal disclosure we will supply to you when we provide you with our credit assistance.

DISPUTES OR COMPLAINTS

We are committed to providing our clients with the best possible service. If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly.

How to make a Complaint and the Complaints Process
If you have a complaint, we request you follow these steps:
1. In the first instance, please contact your credit assistance provider.
2. If you complaint has not been resolved to your satisfaction within 5 business days, please contact our complaints officer as detailed below:
P: +61 8 7231 8700
E: TomW@capitalunited.com.au
M: Capital United Complaints, L6 74 Pirie Street, Adelaide SA 5000
3. We may ask for additional information and request you to put your complaint in writing to ensure your issue is properly investigated.
4. In cases where your complaint will take longer to resolve, we will update you progressively.

Complaints about Third Party Products or Services
If your complaint relates to a product or serviced acquired through a third party (for example, a lender) we may ask you to contact the relevant third party. They will deal with your complaint under their complaints resolution process.

If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details.

Keeping you Informed
Our Complaints Officer will acknowledge receipt of your complaint within five business days. If unable to resolve the complaint/dispute to your satisfaction within 5 business days, they will write to you advising the procedures we will follow in investigating and handling your complaint.

Within 45 calendar days from the date you lodged the complaint with us, we will write to you advising you of the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete the investigation.

External Dispute Resolution Scheme
If you do not think we have resolved your complaint to your satisfaction, you may take the matter (free of charge) to the Australian Financial Complaints Authority, or AFCA. You may refer the matter to the External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further. AFCA provides fair and independent financial services compliant resolution that is free to consumers, they can be contacted as below:

P: 1800 931 678 (free call)

W: www.afca.org.au

E: info@afca.org.au

In writing: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

OTHER DISCLOSURES
Broker Benefits Disclosures
In line with industry reforms. I am required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts.

Tiered Servicing Disclosures
We have access to service programs available from some residential home loan provides. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commission or to preferential customer discounts.