Finance Credit Guide - Amazon S3 · 2018-11-01 · Finance Credit Guide 4 A Complete Package and...

November 2018 - Version 15

Finance Credit Guide

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November 2018

June 2015 - Version 11

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This Credit Guide is an important document which we are required to give you under the requirements of our Australian Credit Licence. It provides you with information about Perks Banking and Finance to help you decide whether to use the services we provide. This Credit Guide acknowledges your right to ask about our services and explains the types of products and services we offer. It also explains how we are remunerated for the provision of these products and services, details of our internal and external complaints handling procedures and how you can access them are also provided.

Perks Banking and Finance is an Australian Credit Licensee under the National Consumer Credit Protection Act 2009 (Cth) and is also a member of the Mortgage and Finance Association of Australia (MFAA).

If you choose to use our services you will also receive from us a Credit Proposal Document.

The Credit Proposal Document provides estimates on specific details of commissions, fees and charges that are payable to us, other credit providers and third parties (e.g. referral party).

Perks Banking and Finance is responsible for the services provided to you by a representative of Perks Finance.

Perks Finance Pty Limited Australian Credit Licence No. 378241

Perks Banking and Finance Credit

Guide

Welcome to Perks



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Who is Perks Banking and Finance?

Established in 2002, Perks Banking and Finance is a group of qualified finance representatives with over 50 years of combined finance experience.

We’ll help you obtain a loan or lease to meet your needs, your situation and your future plans, whilst strategically helping to protect your valuable assets, evaluate the amount of security you provide and maximise flexibility whilst maintaining the certainty you desire. We will assess the most competitive rates and terms and conditions and will seek to minimise any fees and charges and other costs.

We will make light work of getting the loan or lease that you need. We carry out the research to source the most appropriate loan or lease to meet your financial requirements, undertake all the negotiations with the lender/lessor, and prepare your finance submission so you get the loan or lease that works for you.

Why are we different?

Perks Banking and Finance is not obligated to any bank or other financial institution or lessor. As such, we are free to recommend products that we feel best suit out clients’ needs.

Perks Banking and Finance is a full member of the MFAA. As a member of this organisation, we are committed to strict industry and ethical practices and hence we provide exceptional service to our clients.



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A Complete Package and Skill Set to Cater to Your Needs

At Perks, we are the financial services experts who people turn to. With a truly integrated approach to all aspects of your business and financial life, we can take care of you at whatever stage you are in.

Within the one firm we offer a complete range of professional advice for businesses and their owners including, accounting and auditing, wealth management, personal insurance, business advisory and banking and finance services. The advantage of this approach? Greater results through continuity of advice.



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What are our authorisations?

We are authorised to engage in credit activities other than as a credit provider or lessor. This means that we cannot provide loans or leases ourselves but we help you to obtain loans or leases from licensed financial institutions.

The Credit Services we are licensed to offer include the following:

Loan Options:

• Variable Rate Loans

• Fixed Rate Loans

• Interest Only Loans

• Reverse Mortgages

• Professional Package Loans

• Split Loans

• Lines of Credit

• Offset Savings Account

• Bridging Finance

• Lease facilities



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We source finance on your behalf from a variety of different banks and lenders. We have listed below some of the major institutions that we regularly deal with.

Residential Finance:

Consumer Leases:

Other Lender Partners:



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Who is your Representative?

Your representative is representing Perks Banking and Finance and as such has to meet training, professional qualifications and competency standards as part of the various finance and broking industry requirements. Perks Banking and Finance representatives are regularly undertaking training and courses to maintain the required level of professionalism.

Bruce Debenham, Steve Martin and Maryann Stanton are all representatives of Perks Banking and Finance.

Bruce DebenhamDirector

[email protected] 8273 92230488 294 560

Bruce is the Director of Perks Banking and Finance, our business division dedicated to providing banking and finance solutions.Bruce is a seasoned finance professional with over twenty years’ experience in banking, risk and management consulting. Bruce has held senior leadership positions in various Banks and has worked for two well-known accounting practices. His experience spans various industries including property development, manufacturing, agribusiness, healthcare, retail and transport.Over the course of his career, Bruce has been able to apply his vast and varied experience and skills to provide financial and risk based solutions to his clients. Focusing and understanding his clients’ problems allows for all-encompassing solutions to solve and provide for their needs.

Steve MartinRelationship Manager

[email protected] 8273 92410490 081 703

Steve commenced with Perks Finance in 2015 after more than 15 years in the banking and finance industry with a number of the ‘big 4 banks’. With experience in commercial banking, Steve’s focus will be assisting SME clients obtain new loans or simply review their existing facilities. With previous experience in Self Managed Super Fund lending, Steve has also been able to assist many clients obtain funding to purchase property within their SMSFs. Steve is highly focused on our clients’ requirements, providing them with the highest level of service with minimum fuss.

Maryann StantonBanking & Finance Adviser

[email protected] 8273 9226

Maryann has been in the financial sector since 1990 and has gained valuable experience in finance, insurance & financial planning.Her experience in all facets of equipment finance/leasing has played a strong role in the continued development and growth for Perks Finance since she joined the Perks team in 2005. Maryann will negotiate with financiers and liaise with suppliers and accountants to provide the best financial result for her clients.



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Who Is Your Representative (cont’d)?

To the extent that we authorise a Perks Banking and Finance representative to do so, the representative can help you to apply for the products referred to in this Credit Guide and can also give you advice in relation to them.

If a Perks Banking and Finance representative is unable to provide you with a service or product that you are interested in, the representative may refer you to another representative who can.

Your representative acts on behalf of Perks Banking and Finance who is responsible for any product or recommendation that is provided to you.

These representatives are monitored and supervised by Perks Banking and Finance to ensure:

• compliance with credit legislation and conditions of their authorisation;• that clients are not disadvantaged by any conflicts of interest that arise wholly or partly in relation to credit activities; and• that credit activities are engaged in efficiently, honestly and fairly.



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Suitability of Recommendations

Before we can recommend a suitable loan package or consumer lease that will meet your requirements we must have a complete knowledge of your current financial situation, financial objectives and borrowing needs. As a credit licensee we are required to:

• Make reasonable inquiries about your financial situation, and your requirements and objectives;• Take reasonable steps to verify your financial situation; and• Make a preliminary assessment (for providing credit assistance) or final assessment (if a credit provider) about whether

the credit contract or consumer lease is ‘not unsuitable’ based on the inquiries and information obtained in the first two steps.

If we have provided you with credit assistance you can request a written copy of the preliminary assessment within 7 years of the date credit assistance is provided to you, at no charge.

We cannot suggest or assist you in obtaining a credit contract or consumer lease if we have assessed the credit contract as unsuitable. A credit contract or consumer lease may be deemed unsuitable if:

• You will not be able to maintain the credit contract or consumer lease without substantial financial hardship; • The credit contract or consumer lease does not meet your requirements or objectives; or• You will not be able to comply with your financial obligations under the contract or lease.

In view of the above, it is vital that all the information you provide to us is up to date, complete and accurate.

What do we expect from you?

We expect you to provide us with accurate information that we request so that we can provide you with advice specific to your requirements.

We expect you to use our advice to enable you to make informed financial decisions.

We expect that, where appropriate, you will inform us of any changes that may influence our advice and/or your future objectives.

How are we paid for the services we provide?

Our income is generally solely derived by a commission payment from a lender. If we charge you a fee for the service we provide, this will be discolsed to you upfront in the credit quote we provide you.

Perks Banking and Finance initially receives all commission amounts and may share these amounts with its representative.

A share of any commission earned by Perks Banking and Finance may be passed on to a Third Party who has introduced a client to us for assistance in financial borrowings. This payment to a “Referrer” is at the sole discretion of Perks Banking and Finance and will be disclosed where relevant. You may request us to provide you with a reasonable estimate of the amount of commission payable to Third Parties and how it is worked out.



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Commissions we receive

Perks Banking and Finance receives commissions from lenders and lessors 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, lease or finance facility may vary depending on the lender or lessor, the term, the features, the amount of the loan, lease or finance facility you ultimately choose and the amount and timing of the repayments that you make.

What commissions, fees or other benefits are received?

Loan Contracts

The upfront commission for lending products can range between 0% and 1.0% depending on the credit provider, while ongoing or trail commissions may range between 0% and 0.385%.

For example, for a loan of $100,000 with a credit provider paying 0.60% initial commission and 0.20% trail commission, the upfront commission would be $600 and thereafter $200 per year*.

Leases

The 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% and 3% of the lease amount. It is usually paid after settlement of the lease.

Trail commission is generally not payable in relation to leases.

You can request information from us about the commissions that we are likely to receive, including a reasonable estimate of the commissions that we will receive and how this commission is calculated.

Your representative may qualify for other benefits such as prizes, awards, hospitality events (eg. tennis, football, etc).

Perks Banking and Finance may from time to time receive a benefit from preferred credit providers by way of sponsorship of educational seminars, conferences or training days. Details of benefits above $300 are maintained by Perks Banking and Finance.

* These commission amounts may vary for other funding requirements



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Do any relationships exist which might influence the service or advice I receive?

We do not hold any benefits, interests or associations with any of the credit providers. We are completely independent of all the credit providers we use on your behalf.

What personal information do you maintain in my file?

We are an APP entity and credit provider for the purposes of the Privacy Act 1988 (Cth) (Privacy Act). We are committed to complying with the Australian Privacy Principles established under the Privacy Act when collecting, holding or disclosing personal, sensitive or credit information. Our Privacy Policy contains detailed information about how, why and when personal and credit information is collected, held, used and disclosed by us, including:

• the purpose for which we collect your personal or credit information• the consequences if you don’t provide your personal or credit information to us;• the third parties to which we disclose your personal or credit information;• how to access and seek correction of your personal or credit information;• how to complain about a breach of our obligations in respect of your personal or credit information and how we will

deal with such a complaint;• whether your personal or credit information is likely to be disclosed by us to overseas entities and in which countries

these entities reside;• information about credit reporting; and• matters associated with credit reporting that must be notified to you in accordance with the Privacy Act.

Our Privacy Policy is available at www.perks.com.au. You may request a copy of the Privacy Policy in hard copy.

We may disclose your personal and credit information to credit reporting bodies, such as Equifax, for the purposes of undertaking a consumer or commercial credit check in relation to an application made by you.

You may contact Equifax using the details set out below:

• Phone: 13 8332• Postal address: GPO Box 964, NORTH SYDNEY NSW 2059

Equifax may include any of your personal or credit information, disclosed to it by us, in reports provided to other credit providers to assist other credit providers to assess your credit worthiness.

You may access a copy of Equifax’s policy about its management of credit information on its website at: www.equifax.com.au/credit-reporting-policy

You have the right to make a request to Equifax not to use or disclose your credit reporting information:

• for the purposes of pre-screening of direct marketing by a credit provider; or• if you believe on reasonable grounds that you have been, or are likely to be, a victim of fraud.

In addition to the disclosures of personal and credit information set out in our Privacy Policy, we may disclose your personal and credit information to:

• Our mortgage aggregator, FAST, for the purpose of submitting loan or lease applications to lenders on their lender panel. FAST will handle any personal or credit information disclosed to it in accordance with its privacy policy which is available at www.fastgroup.com.au/borrower-privacy-statement.

• Our panel lenders, for the purpose of submitting loan or lease applications. The panel lender will handle any personal or credit information disclosed to it in accordance with its privacy policy, available on its website.

We will respect and protect the confidentiality of any confidential information that we obtain from you. Such confidential information will not be disclosed to other parties except as required or allowed for by law or with your express permission.



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Who owns the information in my file?

All original documents obtained from you arising from our engagement to provide credit services shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records.

Our engagement will result in the production of working papers and other documentation. Ownership of these documents will vest in us.

We have a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. We also have established a dispute resolution processes.

What should I do if I have a complaint?

We are committed to providing quality advice to our clients. This commitment extends to providing accessible complaint resolution mechanisms for our clients. Our complaint procedure is free of charge. If you have any complaint about the service provided to you, you should take the following steps:

1. Contact your representative about your complaint.

2. If your complaint is not satisfactorily resolved within 7 days please contact the CEO at Perks on(08) 8273 9300 or put your complaint in writing and send it to us at:

Perks Finance Pty Limited 180 Greenhill Road Parkside SA 5063 P: 08 8273 9300E: [email protected] W: www.perks.com.au

We will acknowledge receipt of your complaint immediately when you are speaking to one of our employees or, in all other cases, as soon as reasonably possible. We will try and resolve your complaint quickly and fairly.

3. If we cannot reach a satisfactory resolution within 45 days, you can raise your concerns with the Australian Financial Complaints Authority (AFCA). AFCA can be contacted at

Australian Financial Complaints AuthorityGPO Box 3 Melbourne, VIC, 3001 P: 1800 931 678 (free call)E: [email protected] W: www.afca.org.au

Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.

4. Where the complaint is made in relation to hardship applications or default notices, we may assist you in escalating the complaint with the credit providers, who have 21 days to resolve the complaint internally, before forwarding the complaint to AFCA.

5. The Australian Securities and Investments Commission (ASIC) also has a freecall infoline on 1300 300 630 which you may use to make a complaint or obtain information about your rights.



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Things You Should Know

• You should ensure that you have approved finance 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, we suggest that you obtain independent legal and financial advice before you enter into a loan contract.

• We do not make any promises about the value of any property you finance with us or its future prospects. 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 any loan contract.

• We represent lenders and have obligations to them, in particular not to 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 under the law.

• Perks Banking and Finance is required to have adequate arrangements to ensure you are not disadvantaged by any conflict of interest.



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Adelaide180 Greenhill Road

Parkside SA 5063ph +61 8 8273 9300fax +61 8 8274 1466

Alice SpringsAlice Springs

Business CentreSuites 3-4

8 Gregory TerraceAlice Springs NT 0870

PO Box 3063Alice Springs NT 0871

ph +61 8 8953 4400fax +61 8 8953 4599

DarwinSuite 5 3rd Floor

CML Building 59 Smith Street

Darwin NT 0800GPO Box 3063

Darwin NT 0801ph +61 8 8941 8600fax +61 8 8941 9600

[email protected]

Australian Credit Licence No: 378241

Finance Credit Guide - Amazon S3 · 2018-11-01 · Finance Credit Guide 4 A Complete Package and...

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