Credit suitability and assessment
Before we can recommend any financial product to you, the law requires that we make an assessment of your current financial situation and objectives to ensure any credit product we may offer meets your needs. To do this, we will make reasonable enquiries and ask you to provide verifiable information directly or, where we deem it appropriate, we may obtain it from others whom we may contact. Some of these steps may be required by law.
Please note we will not allow you to enter into a credit contract or increase a credit limit on any existing credit contract if:
- it is likely you could not fulfil, or only do so with substantial hardship, your financial obligations to us under the contract; or
- you could only meet your financial obligations to us by selling your family’s main home; or
- the credit contract will not meet your requirements or objectives; or
- any regulation under the National Consumer Credit Protection Act 2009 (Cth) prohibits us from doing so.
Should you want a written copy of our assessment, free of any charge, you may ask us to provide it:
- before you either enter into a credit contract or we increase your credit limit on any existing credit contract you may have with us; or
- at any time up to seven (7) years from the date you signed the contract or obtained the credit limit increase on a particular credit contract with us.
The law imposes time limits on us giving you this information. We have seven (7) business days from when you make your request to supply it if your enquiry is made within two (2) years of the date you entered into the credit contract, otherwise we have twenty one (21) business days to do so. If we have bought your debt from your original credit provider, we have an additional eight (8) and four (4) days to comply.
Note: We are not obliged to give you a copy of the assessment where we do not provide you with the credit or increase the credit limit.
Business relationships are built through trust, openness, honesty, integrity, consistency and respect towards others. Sometimes, though, there may be differences of opinion, particularly when things don’t quite work out the way you intended when you took out the credit contract. We recognise communication is the key to solving these difficulties and the steps below will assist both of us quickly get our relationship back on track.
If you are dissatisfied with something we’ve done, we encourage you to phone us and explain your concern(s). We can usually resolve the matter(s) amicably, without delay.
If you’re still not happy with our response, you should contact our Internal Dispute Resolution (IDR) Manager, Sheldon Stuart by telephoning 0421 819 017 as soon as possible. We may ask that you put your complaint in writing to us so that we may investigate it further. You can email it to us on firstname.lastname@example.org.
Should you still be dissatisfied after using both of the above steps, you may contact our ASIC-approved External Dispute Resolution (EDR) provider. You can contact them at no cost by writing to P.O. Box A252, Sydney South NSW 1235 Australia ,telephoning 1800 138 422,faxing (02) 9273 8440,emailing email@example.com,or via their website, http://www.cio.org.au/.
Please note that you must have gone through our IDR process first before doing so. If you fail to do so, the matter will be referred back to us to resolve in the first instance.