Credit Guide

Licensee Details Authorised Credit Representative Details
Inovayt Pty Ltd
Suite 37, 204-218 Dryburgh Street,
North Melbourne VIC  3051
Phone: 1300 354 355
Email: info@inovayt.com.au
ABN: 66 436 186 531    ACN: 126 141 982
Licensed Credit Provider Number: 391333
Number: 466720
Inovayt Pty Ltd
Suite 37, 204-218 Dryburgh Street,
North Melbourne VIC  3051
Phone: 1300 354 355
Email: info@inovayt.com.au
Mobile: 0427 555 798
Authorised Credit Representative

 

Overview

The purpose of this Guide is to convey important information which you need to know before receiving any financial or credit services from us. 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.

 

Our services

Why people choose Inovayt:

  • We are an Accredited Service Provider
  • We help you to choose a loan or lease which is suitable for your purposes.
  • We provide you with information on a broad range of financiers and products. Once you have chosen a loan or lease that  is suitable for you, we will help you to obtain an approval.
  • If you have already chosen a financier, we will assist you to obtain an approval.
  • We are an MFAA industry association member

 

Our panel lenders

We source finance from a panel of financiers. The following financiers are the six financiers with whom we conduct the most business: Commonwealth Bank, ANZ, Bankwest, Macquarie Bank, Bank of Melbourne, Westpac.

 

Suitability of loans

It is our duty to have a complete knowledge of your current financial situation, financial objective and borrowing needs before we can recommend a suitable loan package that would meet your requirements. Our views will be presented to you in our Proposal Disclosure Document & Quote.

 

We will need information from you

Under the NCCP Act, we are obliged to ensure that any loan or principle 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 the consumer’s financial situation, and their requirements and objectives
  • Take reasonable steps to verify the consumer’s financial situation

Credit will be unsuitable if at the time of the assessment when the credit is provided, you could not pay or could only pay with substantial hardship; then the credit will not meet your requirements and objectives. For example, if you can only repay by selling your principle 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. If we proceed on incomplete or incorrect information you may be in breach of your legal obligations to the lender.

You as the consumer can request for a written copy of the preliminary assessment or final assessment (as relevant) 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.

 

Fees payable by you

In some cases we will charge a fee for the service provided.  If a fee is payable by you, this will be disclosed in a Credit Quote that will be provided to you. You may obtain information about how these fees and charges are worked out and a reasonable estimate of those fees.

 

Fees payable by you to third parties

When the credit application (loan) is submitted, you may need to pay the lender’s application fee, valuation fees, or other fees that are associated with the loan application process, even if the loan is ultimately unsuccessful. 

 

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 the information about a reasonable estimate of those commissions and how the commission is worked out. At times we may receive a volume bonus from the lenders and lessors who provide finance for you depending on the total volume of business we arrange with them.

 

Commission payable by us

It is pointed out that a share of any commission earned by Inovayt may be passed on to a Third Party who has introduced a client to us for assistance in financial borrowings. For example, we may pay fees to call centre companies, real estate agents, accountants, or builders for referring you to us. These are not fees payable by you. This payment to a “Referrer” is at the sole discretion of Inovayt. All fees and charges will be detailed to you verbally and confirmed in writing in the Proposal Disclosure that accompanies this Credit Guide. You may obtain from us the information about a reasonable estimate of those commissions and how the commission is worked out.

 

Our internal dispute resolution scheme

We hope you are delighted with our services, but if you have any complaints about the services we provide, the following options for resolution are available.

  1. Contact your broker to discuss your complaint. Most complaints or disputes arise from miscommunication and can usually be resolved amicably without delay.
  2. If your complaint is not satisfactorily resolved, please put your complaint in writing and send it to:
    Inovayt, Att: The Complaints Officer- Nick Reilly
    Suite 37, 204-218 Dryburgh Street, North Melbourne VIC 3051
    Alternatively you can phone: 1300354355 or email:  info@inovayt.com.au

We will endeavour to resolve your complaint quickly and fairly, we hope in this we way we will stop any unnecessary and inappropriate escalation of minor complaints.

 

Our external dispute resolution scheme

If you do not get a satisfactory outcome or your complaint is not resolved, you may be able to refer the complaint to an ASIC Approved External Dispute Resolution Scheme. Our external dispute resolution provider is the Credit Ombudsman Service Ltd. This service is provided to you free of charge.

Write to: Case Management Team, c/- COSL, PO Box A252, Sydney South NSW 1235

Call toll free for consumers 1800 138 422.

You can obtain further details about our dispute resolution procedures and obtain details of our privacy policy on request.

 

Things you should know

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.

You should ensure that you have approved finance before entering a binding contract to purchase.

We don’t provide legal or financial advice.  It is important you understand your legal obligations under the loan, and the financial consequences.  If you have any doubts, you should obtain independent legal and financial advice before you enter any loan contract.

We represent lenders and have legal 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 and under the law.

 

Credit representative

We have appointed a number of credit representatives to provide services, your credit representative’s details are listed at the top of this document. Regardless of your credit representative the dispute resolution options provided in this document do not alter.

The credit representative may receive the whole or part of the commissions and fees referred to above directly or indirectly from us as the licensee. You can obtain information from the credit representative about a reasonable estimate of those commissions and how the commission is worked out.

The six financiers listed above are based on usage by us as the licensee not the credit representative.

In some cases the credit representative will charge a fee for the service provided. If a fee is payable by you, this will be disclosed in a Credit Quote that will be provided to you. You may obtain information about how these fees and charges are worked out and a reasonable estimate of those fees.

 

Questions

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.

Contact us for finance solutions as individual as you.