Licensee Information

Broker Group

This document provides you with information relating to our activities. It contains information about various fees and charges that may be payable by you to us, as well as about certain commissions we may receive or we pay to certain third parties. It also contains information about what you should do if you have a complaint or dispute in connection with our services.

Credit Guide

WHAT IS CREDIT ASSISTANCE?

We give you credit assistance when:

• we assist you to apply for a particular loan or lease;
• we suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
• we suggest you remain in your current loan or lease.

THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE

Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:

• the loan or lease or increase will meet your requirements and objectives; and
• you can meet the proposed repayments.

We won’t be able to give you credit assistance if our assessment shows that:

• you won’t be able to meet the proposed repayments without substantial hardship; or
• the loan or lease won’t meet your requirements or objectives.

GETTING A COPY OF OUR ASSESSMENT

If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to 7 years after we provide you with a credit assistance quote. To request a copy please contact us. We will provide you with a copy:

• within 7 business days after the day we receive your request – provided you make the request within 2 years of the date of our credit assistance quote; or
• otherwise, within 21 business days after the day we receive your request.

INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES

We are authorised to engage in credit activities including providing credit assistance and acting as an intermediary.

Subject to meeting credit criteria, we are able to assist you to obtain loans and leases for you from a broad range of lenders and lessors through our broker group.

The following are the Top 6 residential lenders and % of business written in the previous financial year:

Lender	% of all loans submitted to lender
Westpac	37%
ANZ	14%
NAB	8%
Bankwest	5%
Adelaide Bank	2%
CBA	2%
Other lenders	32%

The following is a list of all the lenders with which I have accreditation:

Adelaide Bank	Fastlend	Macquarie Bank
AMP Bank	Citibank	ME Bank
ANZ Bank	Commonwealth Bank	Mortgage Mart
Australian Financial	Credit Union SA	My State
Australian First Mortgage	First Mac	National Australia Bank
Auswide Bank	Heritage Bank	P & N Bank
Bank First	Resimac	Pepper Money
Bank of Melbourne	Homestart Finance	St George Bank
Bank SA	ING Bank	Suncorp
Bankwest	Keystart	Virgin Money
Better Choice	La Trobe	Westpac Bank
Beyond Bank	Liberty Financial	Heartland Seniors Finance
Bluestone	86 400	Ord Financial

OWNERSHIP

We obtain mortgage aggregation services from the Broker Group. The Broker Group is a member of Loan Market Group Pty Ltd (LMG). The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, and assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group, or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to Broker Group panel of lenders included the Broker Group branded products.

Our business is owned and managed independently from the Broker Group

TRANSFER OF INFORMATION OVERSEAS

We may disclose personal information to our related entities, third party suppliers and service providers located overseas for some of the purposes listed above. We take reasonable steps to ensure that the overseas recipients of your personal information do not breach the privacy obligations relating to your personal information. Further, we will only transfer personal information we have collected about you overseas, if permitted to do so under the Australian Privacy Principles.

We may disclose your personal information to entities located outside of Australia, may include the following:

● our data hosting and other IT service providers, located in various countries; and

● other third parties located in various foreign countries, the Philippines.

Your personal information may also be stored in the cloud in an overseas country. As electronic or networked storage can be accessed from various countries via an internet connection, it is not always practicable to know in which country your information may be held.

If a disclosure is made in an overseas country, while they will often be subject to confidentiality or privacy obligations, they will not always follow the requirements of Australian privacy law

Darrell Anthony Rice is a Director of Prowest Business Management Pty Ltd (ABN 72 627 264 537 as well as a Director/Trustee of Crossbow Corporation as trustee for the Rocky Bay Family Trust trading as “Prowest Financial Solutions” . This relationship is capable of producing a conflict of interests to the party of the transaction and the Broker.

Explanation of potential conflict – Darrell Anthony Rice may receive a financial benefit by way of profit distribution from Prowest Business Management Pty Ltd. This would be the case if the party to the transaction use both services.

FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE

We may charge a fee for providing credit assistance or associated with providing credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.

FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE

We may receive remuneration from the Broker Group or from a principal with whom we contract.

OTHER FEES AND CHARGES

You may have to pay other fees and charges (such as an application fees, valuation fees and other fees) to the lender, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.

COMMISSIONS WE RECEIVE FROM OUR LICENSEE

The Broker Group receives commissions from lenders and lessors and pays us commission 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 or lease may vary depending on the lender or lessor, the term, the features, the amount of the loan or lease you ultimately choose and the amount and timing of the repayments that you make.

Loan Contracts such as Home Loans, Investment Property Loans

Upfront commission payable by lenders in relation to home loans and investment property loans is calculated as a percentage of the loan amount and is generally in the range of 0.5% and 0.6% of the loan amount. It is usually paid after settlement of the loan.
Trail commission payable by lenders in relation to home loans and investment property loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0.1% per annum and 0.3% per annum of the outstanding loan amount.

Personal Loans

Upfront commission payable by lenders in relation to personal loans is calculated as a percentage of the loan amount and is generally in the range of 0% and 0.15%of the loan amount. It is usually paid after settlement of the loan.

Trail commission payable by lenders in relation to personal loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0% per annum per annum of the outstanding loan amount.

Leases

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 1% 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.

Further details of the commission earned by us will be included in the credit proposal disclosure document we will provide to you at the same time as we provide you with credit assistance.

You can request information from us about the fees that we are likely to receive, how those fees are calculated, and our reasonable estimate of the fees or commissions that will be payable.

VOLUME BONUS ARRANGEMENTS

We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or the Broker Group may receive a benefit, directly by way of cash bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or the Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.

COMMISSIONS PAYABLE BY US

If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee. More detail about those payments will be set out in the credit proposal disclosure document we will give to you before we provide you with credit assistance.

We may obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people.

Further information about referral commissions, including our reasonable estimate of the amount of any commission payable and how it is calculated is available from us on request and will be included in the credit proposal disclosure we will supply to you when we provide you with our credit assistance.