EZ FINANCE

ABOUT US ("we, us, our")

Credit Representative

Allan William Pearson

Finance Advisor - Authorised Credit Representative Number 523250

Address: Level 3, 169 Fullarton Road Dulwich SA 5065

Mob: 0418 66 11 25   Tel: 1300 727 90 

Email address: allan@ezfinance.com.au

An employee, administrator, or authorised representative of:

Licensee

EZFinance Pty Ltd (ACN 140 178 383)

Australian Credit Licence Number: 392611

Level 3, 169 Fullarton Road Dulwich SA 5065

Tel: 1300 727 90   Fax: 1300 391 125

Broker Group / Aggregator:

Connective, Custom Equity Group, LoanKit, and/or associated providers

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 certain commissions we may receive from a licensee, broker group, aggregator or lender 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. Our licensee is EZFinance Pty Ltd.

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 not unsuitable 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 REPRESENTATIVES

We act as an authorised representative of EZFinance Pty Ltd. We are authorised to engage in credit activities including providing credit assistance 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/aggregator as well as direct lender relationships.

Top 6 Lenders used by my licensee in the past 12 months are:

NAB, Pepper, Better Choice, WISR, ING
The top 6 lenders utilized by me in the last 6 months are:

Firstmac, Adelaide Bank, Citibank, Angle Finance
We have access to and utilise, where appropriate, a large number of other lenders/funders to meet our client's needs.

FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE

We may charge a fee for providing credit assistance. More detail about those fees, if they apply will be set out below or in our Service Agreement (Quote) that we will give to you before we provide you with credit assistance and will also be discussed with you prior to commencing credit assistance.

FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE

On many occasions, our service to you, the customer is free, as the bank or Lender will pay us a commission for the sourcing, preparation and lodgment of your loan application. However, during the course of the application and/or loan, circumstances may arise which incur costs either due to complexities of the application or costs originating from the banks / lenders themselves.

These may include:-

• Lender Negotiating Fee: If we assist you to gain the agreed loan to unconditional approval status, and you choose not to proceed to settlement; then a 0.77% of the approved loan amount must be paid as a fee-for-services-rendered by you to us immediately.
• Information Collection & Initial Client Assessment Fees: Engagement Fee for the initial assessment and all costs that may be incurred in relation to assessing your suitability to apply for a loan - $550.
• Professional Loan Application Preparation Fee: This is a delayed Professional Service Fee equivalent to 1.1% of the approved loan amount that is payable by you to us, when you settle on approved finance that we have assisted you with and then pay back that approved finance within the first 2 years of the approved finance settlement date.
• Get Finance Ready Consulting Fee: A Professional fee for service provided by us that assists you to Get Finance Ready. We assist to Get Finance Ready so that you are eligible to apply for a loan, whether the resultant loan application is successful or not. If you retain us to assist you then the engagement fee is $1,650 plus an additional $55 per month after the first 3 months.
• Lender Renegotiation Fee: If we negotiate with the lender on your behalf to get you a better deal, we reserve the right to invoice you for time spent assisting you. 0.44% of your updated loan amount. Lender Negotiation and Extra Submission Request Fees: We allow 4 hours of time to prepare, submit, and answer lender assessor questions per application. If more time is required we may charge you a fee of $165 per hour or part thereof as fair reimbursement for any extra time required.
• Debt Collection: If a debt collector or solicitor is engaged to retrieve any monies owed to EZFinance, the debt collector’s/Solicitors fees and commission charged will be added to any outstanding monies owed by you to us.

You may have to pay other fees and charges (such as an application fee, valuation fees and other fees) to the lender, lessor, the Government or other parties. This is outlined to you by the Lender and you should review the disclosure documents and your loan contract for further details of any such fees and charges.

 

COMMISSIONS WE RECEIVE FROM OUR LICENSEE

We receive commissions from some lenders and lessors 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. It is important to note that this is usually paid by the bank, lender or funder with no additional payments of this type paid by you direct.

Loan Contracts such as Home Loans, Investment Property Loans and Personal Loans;

Upfront commission payable by lenders in relation to loans is calculated as a percentage of the loan amount and is generally in the range of 0.60% to 0.77% of the loan amount. This amount is usually paid after settlement of the loan. For example, the estimated commission on a loan of $500,000 may be between $3,000 and $3,850.

Trail commission payable by lenders in relation to 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 to 0.25% per annum of the outstanding loan amount. For example, trail commission received on a loan of $500,000 would be between $0.00 and $104.16 per month.

Loan Contracts such as Equipment, Car, or Asset Finance;

Upfront commission payable by lenders in relation to such loans are usually calculated as a percentage of the loan or lease amount and is generally in the range of 0% to 10.00% of the loan amount. It is usually paid after settlement of the loan. Estimated commission on a loan of $50,000 maybe between $0.00 and $5,000.

In some cases, commissions are provisional upon you maintaining the loan for a minimum period of time. This varies from lender to lender. If this minimum period is not met, the payer of the remuneration may request that all or some of the remuneration that was paid, be paid back to them. This is referred to as "clawback". In the event of "clawback", we would require reimbursement from you (with no additional charge) for the same amount that has been requested by the payer and repaid to that payer

At the time of signing this form, the lender best suited to your individual requirements may not be known, until further assessment of this information has been completed, therefore exact commission payments may be unascertainable at this time. (As different banks and Lenders pay a different commission % rate) What we can confirm is that the commission will fall within the above mentioned % parameters.

Volume Bonus Arrangements

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.

Our broker group/aggregator has volume bonus arrangements in place with various lenders and providers. From time to time we, or our broker group, may receive a benefit, directly by way of bonus or additional commissions or indirectly by way of training, professional development days, or sponsorship, if we or our broker group write a particular volume of loans offered by those lenders.

Commission Payable By Us

We sometimes pay a commission to a third party for the introduction of credit business or business financed by the loan contract or lease. If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee.

We obtain referrals from a range of sources, including real estate agents, accountants, financial planners, other clients, colleagues, and other mortgage brokers.

If your application was referred to us and you obtain finance, then we may pay a referral fee to the referring party. If we pay a fee, this should be disclosed to you by your referrer and you will be informed of any referral fees we pay as part of our final documentation

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.

HOW TO MAKE A COMPLAINT AND THE COMPLAINT PROCESS

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.

If you have a complaint, we request you follow these steps:

1. In the first instance, please contact your direct consultant.

2. If your complaint has not been resolved to your satisfaction within 5 business days, please contact our Complaints Area as detailed below:

Telephone: 1300 727 909 Monday to Friday 9am to 5pm

Email: admin@ezfinance.com.au

Fax: 1300 391 125

Mail: Level 3, 169 Fullarton Road Dulwich SA 5065

Web: www.ezfinance.com.au - "contact us"

3. We may ask for additional information and request you to put your complaint in writing to ensure your issue is properly investigated.

4. In cases where your complaint will take longer to resolve, we will update you progressively.

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 this is applicable and best suited to your complaint or matter.

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

Our Complaints area 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 more time is needed to complete the investigation.

IF YOU'RE 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:

Telephone: 1800 931 678

Online complaint form: https://www.afca.org.au/make-a-complaint/

Website: https://www.afca.org.au/ 

Email: info@afca.org.au 

Mail: Australian Financial Complaints Authority Limited, GPO Box 3, Melbourne, VIC 3001 

Fax: (03) 9613 6399

Interpreter Service: 131 450

OUR PRIVACY STATEMENT AND YOUR CREDIT GUIDE ACKNOWLEDGMENT

We need to collect personal information about you to effectively provide you with our services. This information is required to assist us in determining your needs and subsequently preparing your loan application. If your information is not provided we may not be able to assist in finding a loan relevant to your circumstances. We can confirm that your information is kept in Australia.

Unless you tell us otherwise, we may use your information to provide you with future offers or information about other products or services we, or a third party provide.

Our aggregators, (Connective & Custom Equity Group), our authorising Australian Credit Licensee (ACL), EZ Finance Pty Ltd, our credit representative, (and/or its related entities and representatives) may disclose your information to other organisations to help provide our services to you. The types of organisations we may disclose your information to include but are not limited to, banks, lenders, financiers, mortgage insurers, other mortgage intermediaries, licensed valuers and other organisations that may assist us (such as lawyers, accountants and compliance providers) in facilitating your loan and operating our business. Some of our business partners may have operations based overseas and as a result, your information may be accessing from foreign countries that your information may be shared with may include India, Philippines.

We only share your information with parties that are a party to the privacy act and have appropriate systems in place to protect your data.

In addition, we may offer free membership entitlements including registration on your behalf to the EZ Rewards platform and update you on new products and services. You may at any time choose not to receive these communications or memberships. Doing so will not cost you anything and we will aim to ensure you stop receiving any unwanted communication as soon as possible.

We may disclose your personal information to any other organisation that may wish to, or has acquired, an interest in your loan or in our business.

Furthermore, your information may be provided to the above-mentioned entities or used by them (or us) to obtain relevant checks such as credit and identity checks with any relevant credit reporting authority (e.g. Equifax credit reporting) and/or any other organisations capable of providing such references.

As part of your information disclosure requirements to us, by accepting the Privacy Statement, you also declare that the information that you are providing is true and correct at the time of signing the consent.

You can gain information regarding what private information we hold of yours by contacting us via mail to The Privacy Officer, EZFinance, Level 3, 169 Fullarton Road, Dulwich SA 5065

If you require further information about your privacy, you can visit the Federal Privacy Commissioner's website at www.privacy.gov.au.

Please note that as part of your application process (if your enquiry leads to an application) you will be required to sign third party privacy consents. This is a standard requirement by our providers such as lenders, mortgage insurers, solicitors and similar to ensure that you understand their privacy obligations as well.

As part of the communication, data gathering and information collection process you have been provided with this official Credit Guide. This is an important document that outlines key points about who we are, you engagement of our services, how we are paid and processes for complaints resolution.

By proceeding with your enquiry you confirm that you have not just received this Credit Guide but have read and understood the content and agree to the details within.

PLEASE KEEP A COPY OF THIS CREDIT GUIDE FOR YOUR REFERENCE

BY signing below, I/we hereby authorise EZFinance Pty Ltd to make a request to a credit reporting body to access my/our credit reporting information. In order to do this, EZFinance Pty Ltd will first submit your personal information to the credit reporting body and will be acting as an "Access Seeker" to make the request. Then EZFinance Pty Ltd, as your nominated Access Seeker, will then disclose your credit reporting information and other personal information to a credit provider on your behalf to obtain a personalised loan scenario calculation for you. This process will NOT impact your credit score.