Loan WA is an award winning finance broker for YOUR CAR LOAN

Licensee Credit Guide

This document provides information about the services we provide.

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

Credit Licensee: Loan WA Pty Ltd
Australian Company Number: 26134790373
Australian Credit Licence Number: 461359
Address: Unit 213/396 Scarborough Beach Road, Osborne Park
Phone: 08 9208 1700
Email: [email protected]

Services we provide

As your mortgage brokers, we will act as your lending experts; making sure you understand the loan repayments, loan features, fees and charges of your loan.

Saving you time and money, we can search hundreds of loan products from a panel bank and nonbank lenders, comparing fees, charges and loan features to best suit your lifestyle.

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.

ANZ Bank
Macquarie Bank
Westpac
RACV
Latitude Financial
Now Finance

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.

We must provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we assist you. We are only required to give you a copy of the credit assessment 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

We will charge a fee for the credit services provided up to $990. 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 obtain from us more information about how these fees and charges are worked out. You may also be required to pay the lender’s application fee, valuation fee, government charges and other transaction fees.

Commissions received by us

We may receive commissions from the lenders and lessors who provide finance for you as our customers. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commissions are worked out.

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 are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how the commission is worked out.

Our internal dispute resolution scheme

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, you have the option of either contacting us or lodging the complaint directly with our External Dispute Resolutions Scheme indicated below.

You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing.

When we receive a complaint, we will attempt to resolve it promptly. We hope that in this way we will stop any unnecessary and inappropriate escalation of minor complaints.

We will observe the following principles in handling your complaint:

there is no requirement for face-to-face contact between you and us, although it may be
useful for us to come to a satisfactory resolution;
we expect that both parties will make a genuine attempt to resolve a complaint promptly;
we expect that both parties will provide all essential and relevant information, documents,
written statements and any other materials that may properly and reasonably be believed to
assist in resolving the complaint;
we expect that both parties will comply with all reasonable requests from the other party to
provide information within a reasonable time frame.

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 an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is COSL (Credit Ombudsman Services Limited).

Free call: 1800 138 422
Phone: 02 9273 8400
Fax: 02 9273 8440
Email: [email protected]
Website: www.cosl.com.au
Mail: Case Management Team
C-/Credit Ombudsman Service
PO Box A252
Sydney South NSW 1235

External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.

More information

If you have any questions about this credit guide or anything else about our services, just ask at any time. We’re here to help you.

Loan WA is an award winning finance broker for YOUR CAR LOAN

Licensee Credit Guide