C.02 Compliance - Credit Guide

June 29, 2018

Credit Guide

 

The Credit Guide must be provided to the client as soon as possible, once finance is likely to proceed. A copy of the Credit Guide and Privacy Form is made available on the footer of our website and should be sent within our welcome to the client.


You are exempt from giving a credit guide to the consumer if you have already provided a credit guide to them in the last 12 months and your EDR scheme details have not changed. We recommend providing it at every opportunity.

 

Our Credit Guide & Privacy is available here: download here

 

IMPORTANT NOTE

We you give the client the Credit Guide you also need to advised them what it is about.
You should therefore make a file note that you have advised them that you have discussed with them:

- Commissions

- Fees and Charges

- Responsible Lending

- Dispute Resolutions

- Our Privacy & Exchange of information

 

Best Practise – Our Recommendation
1. Get the client to sign the Credit Guide & Privacy Form

2. Save the document in Vownet as “Signed – Credit Guide & Privacy”  (ie this is automatic if the client signed it with VowNet HelloSign)

3. Add a file note to Vownet stating you gave it to the client and discussed its meaning.

 

VowNet - Automated Email
When the Deal moves from LEAD to RECOMMENDATION the system will send an automated email to the client which will include a link to the Credit Guide.

This ensures that there will be at least one documented email on the system that you are compliant.  This should not replace our best practice as detailed above.

 

 

 

 

 

 

 

 

 

 

Share on Facebook
Share on Twitter
Please reload

Compliance Topics
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Premium Brokers are Accredited Members of Vow Financial Pty Ltd and
the Mortgage & Finance Association of Australia.   Premium Broker Pty Limited ABN 40 105 746 692

© Premium Broker Pty Limited
Australian Credit Licence 392625