INTRODUCTION
This page provides you with information relating to our organisation and our business activities. It contains information about various fees and charges that may be payable by you to us, as well as certain commissions we may receive from a licensee, broker group, aggregator or lender when we are acting as a credit licensee, 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 as a credit licensee.
We hold the necessary mortgage broking experience and qualifications in accordance with the National Consumer Credit Protection Act, 2009, to provide you with credit assistance. We are required to meet specific competency standards relating to educational and professional development. You can be confident that we are held accountable to not only our organisation’s high ethical standards / values, but also have a responsibility to maintain the regulatory standards that are set by both Commonwealth and State governments.
Our mission is to ensure we offer our clients the best service and most appropriate loan products to suit their individual needs and objectives through our knowledge of the industry and many years of experience. Ultimately, our goal is to ensure applicants are provided with a credit that’s not unsuitable for them. We guarantee to listen to your needs and your instructions, ensuring that there is a collaborative agreement through each step of the finance application process. Our relationships and alliances with like-minded quality organisations ensure we are positioned to offer the best quality service, as well as offering complementary financial services where appropriate.
Key Information
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- Licensee’s Name: Sef Nowrozi T/A Prospect Finance Group/ Prospect Home Loans
- ABN: 23 771 450 619
- Licensee’s Address: LXD Business Centre – Chadstone Tower 1 – Level 8, 1341 Dandenong Road, Chadstone, Vic 3148
- Licensee’s Phone Number: 0447 481 846 Office Number: 03 9964 5383
- Licensee Email Address: Admin@prospectfinancegroup.com.au
- Australian Credit Licence Number: 531593
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WHAT IS CREDIT ASSISTANCE?
We give you credit assistance when:
- we assist you in applying 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.
- we give advice on your overall credit/finance situation
- we give advice on credit options if you get into financial difficulty
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 not unsuitable for you. To do this, we need to make reasonable inquiries and verify that:
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- 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:
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- you won’t be able to meet the proposed repayments without substantial hardship; or
- the loan or lease won’t meet your requirements or objectives.
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:
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- 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.
OUR CREDIT SERVICE AND PARTNERS
We are a credit licensee operating under Prospect Finance Group/Prospect Home Loans. We are licenced to engage in credit activities, including providing credit assistance.
Subject to meeting credit criteria, we are able to assist you in obtaining loans and leases from a broad range of lenders and lessors through our broker group/aggregator, as well as direct lender relationships.
We have access to and utilise, where appropriate, a large number of other lenders/funders to meet our client’s needs.
OUR LENDER PANEL
We have access to a broad range of lenders and may recommend products from a panel of lenders. We do not have access to all lenders or products available in the market.
ASSESSMENT OF SUITABILITY
Before providing credit assistance, we are required to assess whether the credit contract is not unsuitable for you.
This involves:
- Understanding your requirements and objectives
- Assessing your financial situation
- Verifying your income and expenses
A loan will be considered unsuitable if:
- You cannot meet repayments without substantial hardship; or
- It does not meet your requirements or objectives
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.
FEES PAYABLE BY YOU
We may charge a fee for providing credit assistance. More details about those fees, if they apply, will be set out below or in our Service Agreement (Quote) that we will give to you before we provide you with credit assistance and will also be discussed with you prior to commencing credit assistance.
On most occasions, our service to you, the customer, is free. However, during the course of the application and/or loan, circumstances may arise that incur costs either due to complexities of the application or costs originating from the banks/lenders themselves.
These may include,-
- A service/processing fee may apply as we might incur costs like Credit Report access, plus a variety of other admin charges.
FEES PAYABLE BY YOU TO THIRD PARTIES
When the application for your loan is submitted, you may be required to pay other fees and charges (such as an application fee, valuation fees and other fees) to the lender, lessor, the Government or other parties. This is outlined to you by the Lender, and you should review the disclosure documents and your loan contract for further details of any such fees and charges.
COMMISSIONS AND REMUNERATION
We may receive commissions from lenders when we arrange a loan for you. These commissions are paid by the lender and do not increase the cost of your loan.
Typical commission ranges are:
- Upfront commission: approximately 0.50% – 0.70% of the loan amount
- Trail commission: approximately 0.10% – 0.30% per annum of the loan balance
You can request detailed information about commissions at any time.
CONFLICT OF INTEREST
Commissions and other benefits we receive may create a conflict of interest.
We manage these conflicts by:
- Complying with our Best Interests Duty.
- Prioritising your interests over our own.
- Recommending products based on suitability, not remuneration
REFERRALS AND THIRD-PARTY PAYMENTS
We may pay a referral fee or commission to third parties who refer you to us. We may also receive referrals from professionals such as real estate agents, accountants, or financial planners. You may request information about any referral arrangements.
FEES PAYABLE TO THIRD PARTIES
You may need to pay fees to third parties, including:
- Lender fees
- Valuation fees
- Government charges (e.g. stamp duty)
These will be disclosed in your loan documentation.
OUR INTERNAL DISPUTE RESOLUTION
We always strive to provide the best possible service and provide you with the finance that suits your needs. However, we appreciate that from time to time, applicants may not be satisfied with the process or the solution. If this occurs, and you have a complaint about the service we provide, we have a resolution process in place to address your concerns. You can lodge your complaint through several channels. You may do this verbally or in writing. If you choose to lodge the complaint by email or mail, please make sure you include as much information as you can. You should explain the details of your complaint as clearly as you can.
- Please contact our complaints officer using the following contact details:
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- Name: Prospect Finance Group Pty Ltd
- Telephone: 03 9964 5383
- Mobile: 0447 481 846
- Email: Admin@prospectfinancegroup.com.au
- Office: LXD Business Centre – Chadstone Tower 1, Level 8, 1341 Dandenong Rd, Chadstone, Vic 3148
- We may ask for additional information and request that you put your complaint in writing to ensure your issue is properly investigated.
- In cases where your complaint will take longer to resolve, we will update you progressively.
KEEPING YOU INFORMED
Our complaints area will acknowledge receipt of your complaint as soon as practicable (ideally within 1 day). If unable to resolve the complaint/dispute to your satisfaction within 1 business day, we will write to you advising the procedures we will follow in investigating and handling your complaint.
Within 30 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 that more time is needed to complete the investigation.
We may ask for additional information and request that you put your complaint in writing to ensure your issue is properly investigated.
In cases where your complaint will take longer to resolve, we will update you progressively.
OUR EXTERNAL DISPUTE RESOLUTION
If you do not think we have resolved your complaint to your satisfaction, you may take the matter, free of charge, to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be completed before considering the matter further.
Our external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:
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- Australian Financial Complaints Authority (AFCA)
- Telephone: 1800 931 678
- Mail: Australian Financial Complaints Authority Limited, GPO Box 3, Melbourne, VIC 3001
- Fax: (03) 9613 6399
Any compliments, comments, and feedback can be sent to our primary contact details, too.
PRIVACY AND CREDIT REPORTING
We collect personal information to provide credit assistance and may disclose it to lenders and credit reporting bodies such as Equifax, Illion, and Experian.
Our Privacy Policy is available on our website at www.prospectfinancegroup.com.au
Questions
If you have any questions about this credit guide or any other aspects of our services, please do not hesitate to ask.