Credit Guide ABOUT US (“we, us, our”): Credit Representative John Kenneth Williams Credit Representative Number 476601 Contact details: Address: 9/256 Nicklin Way, Warana Queensland 4575 Telephone: 0403 092 282 Email address: firstname.lastname@example.org Website: www.aaamortgagebroking.com.au An employee or representative of: Corporate Credit Representative Pinnacle Mortgage Broking PTY LTD T/A AAA Mortgage Broking Credit Representative Number 476601 Licensee Mortgage Loans Australia Pty Ltd (“licensee”) Australian Credit Licence Number 385592 Address Level 2,2 Innovation Parkway Birtinya QLD 4575 Tel: 07 5493 8622 Fax: 07 5493 8622 Broker Group Finance & Systems Technology Pty Ltd ACN 092 660 912 Credit Representative Number: 392527 This document provides you with information relating to our activities and those of our credit representatives. 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 from a licensee when we are acting as a credit representative, 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 as a credit representative. WHAT IS A CREDIT REPRESENTATIVE? A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee. The particulars of our licensee are noted in the table above. 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 act as a credit representative of the licensee. The particulars of our licensee are noted in the table above. We are authorised to engage in credit activities including providing credit assistance and acting as an intermediary on its behalf. 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: Fastlend 32% ANZ 8.6% NAB 13.5% St George 5.8% Auswide 6.6% Macquarie 11.6% The following is a list of all the lenders with which I have accreditation: Residential Lender Lenders I am accredited for Adelaide Bank ☒ AMP ☒ ANZ ☒ Australian First Mortgage ☐ Auswide Bank ☒ Bank First ☐ Bank of Melbourne ☐ Bank of Queensland ☐ Bank SA ☐ BankWest ☒ Beyond Bank ☒ Bluestone ☒ CBA – Colonial ☒ Citibank ☒ FASTLend ☒ Firefighters Mutual Bank ☐ FirstMac ☒ Health Professionals Bank ☐ Heritage ☒ HomeStart Finance ☐ ING ☒ Keystart ☐ LaTrobe Financial ☒ Liberty Financial ☒ Loan Ave ☐ Macquarie Bank ☒ ME Bank ☒ Mortgage Mart ☐ Mystate ☐ NAB ☒ Pepper Money ☒ PN Bank ☐ Resimac ☒ St George ☒ Suncorp ☒ Teachers Mutual Bank ☒ UniBank ☐ Victorian Mortgage Group ☒ Virgin Money ☒ Westpac ☒ OWNERSHIP We obtain mortgage aggregation services from the Broker Group. The Broker Group is a member of the National Australia Bank Group. 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 including NAB Group and Broker Group branded products. Our business is owned and managed independently from the Broker Group and National Australia Bank Limited (NAB). FEES AND CHARGES 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 our employer, our licensee and/or Broker Group. We do not charge you any fees or charges in relation to acting as a credit representative. 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 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 act as a credit representative and 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 0.50% and 0.70% 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 0.10% per annum and 0.15% 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 0.8% and 1.5% 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 and 0.15% 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 0% and 5% 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, which forms part of the Statement of Credit Assistance document, which 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, which forms part of the Statement of Credit Assistance document, which 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, which forms part of the Statement of Credit Assistance, which we will supply to you when we provide you with our credit assistance. DISPUTES OR COMPLAINTS WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT? We are committed to providing our customers with the best possible service. If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly. HOW TO MAKE A COMPLAINT AND THE COMPLAINTS PROCESS? If you have a complaint, we request you follow these steps: 1. If your complaint is about your loan, in the first instance please contact your lender or credit assistance provider. 2. If your complaint has not been resolved to your satisfaction within 5 business days or if your complaint is about the services we provided to you, please contact the Licensee as listed in the table above. THIRD PARTY PRODUCTS OR SERVICES If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contact the relevant third party. They will deal with your complaint under their complaints resolution process. If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details. KEEPING YOU INFORMED We will acknowledge receipt of your complaint within five business days. If unable to resolve the complaint/dispute to your satisfaction within five business days, they will write to you advising the procedures we will follow in investigating and handling your complaint. Within 45 calendar days from the date you lodged the complaint with us, we will write to you advising you the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete the investigation. STILL NOT SATISFIED? If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further. Our external dispute resolution service provider is - the Australian Financial Complaints Authority (AFCA), which can be contacted via: Online: www.afca.org.au Email: email@example.com Phone: 1800 931 678 Mail: GPO Box 3 Melbourne VIC 3001 Our licensee’s external dispute resolution service provider is - the Australian Financial Complaints Authority (AFCA), which can be contacted via: Online: www.afca.org.au Email: firstname.lastname@example.org Phone: 1800 931 678 Mail: GPO Box 3 Melbourne VIC 3001 OTHER DISCLOSURES BROKER BENEFITS DISCLOSURES In line with industry reforms, I am required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts. TIERED SERVICING DISCLOSURES We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts.