|Licensee Details||Authorised Credit Representative Details|
|Inovayt Pty Ltd|
201/55 Walsh Street,
West Melbourne VIC 3003
Phone: 1300 354 355
ABN: 66 436 186 531 ACN: 126 141 982
Licensed Credit Provider Number: 391333
|Inovayt Pty Ltd|
201/55 Walsh Street,
West Melbourne VIC 3003
Phone: 1300 354 355
Mobile: 0427 555 798
Authorised Credit Representative
Credit Guide v2.0.4
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.
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: ANZ, Macquarie Bank, Bank of Melbourne, Bankwest, NAB & Commonwealth Bank.
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. Commissions are paid based on a percentage of the loan balance that is drawn down which in most cases will be net of any amounts you hold in an offset account. The way commissions are calculated and paid to us by lenders may vary. By following the responsible lending requirements, we will ensure the loan recommended to you is not unsuitable for your situation and objectives.
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. From time to time, we may also remunerate other parties through payments, rewards or benefits.
Tiered Servicing Arrangements
Through your broker’s relationships with lenders, they may have access to tiered servicing arrangements. The benefits of this access to these arrangements can include faster processing, better information or greater levels of assistance provided for obtaining loan approval. Your broker will advise you of any tiered service arrangements that are in place with a particular lender that they have proposed at the time recommendations are made.
Access to this program is not based solely on the volume of new or existing lending your broker’s customers have with each respective lender and does not entitle them to any additional commissions outside of what they have disclosed to you, any additional payments or preferential customer discounts.
Other disclosures, benefits or interests
Your broker is prohibited from accepting gifts or inducements over $350. Any benefits given to your broker greater than $100 and less than $350 will be recorded in a Gifts Register. A copy of your broker’s register is available to inspect on request. If you wish to inspect the register, please contact your broker.
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.
- Contact your broker to discuss your complaint. Most complaints or disputes arise from miscommunication and can usually be resolved amicably without delay.
- If your complaint is not satisfactorily resolved, please put your complaint in writing and send it to:
Inovayt, Att: The Complaints Officer- Nick Reilly
201/55 Walsh Street, West Melbourne 3003
Alternatively, you can phone: 1300354355 or email: email@example.com
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 an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Telephone: 1800 931 678 (free call)
In writing to Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
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.
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.
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.