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Eureka Home Loans (Vic) Pty Ltd is licensed under the National Consumer Credit Protection Act 2009.

This Credit Guide sets out important information about us, the services we provide, and the person with whom you will be dealing.

We are required to provide this Credit Guide to you as soon as practicable after it becomes apparent that we are likely to provide credit assistance to you.  We provide “credit assistance” when we:

1. suggest or assist you to apply for a particular credit contract with a particular credit provider; or
2. suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
3. suggest you remain in a particular credit contract with a particular credit provider.

Preliminary Assessment
What we will need from you

When we provide you with credit assistance, we must only recommend credit products that are not unsuitable for you.

To be able to determine which loan products are not unsuitable, we are required to complete a Preliminary Assessment.  When we make this preliminary assessment, we determine:

• your requirements and objectives – that is, what kind of loan do you want, and for what purpose;
• your employment status and details of your income;
• your financial and relevant personal situation including other debts you may have;
• your credit history and previous conduct relating to loan repayments;
• your preference/s of particular loan products or lenders including insurance products; and
• your ability to repay the loan that you are considering.

You will be required to answer some questions to confirm your position and preference/s to the loan your are enquiring about.  This information will be held on your file to assist us in assessing your needs and to help provide the most suitable loan for you.

In assessing these factors, we are also required to take reasonable steps to verify some of the information you provide us.

This verification may include:

asking you for copies of documents that demonstrate your financial situation – in some cases we may also need to sight original documents; and
contacting third parties to assist in verifying the information that you provide.

 Obtaining a copy of your Preliminary Assessment

If we haven’t already provided it to you, you may request a copy of our Preliminary Assessment, and we must give you a copy of it:

at any time during the first 2 years of completion of the assessment, within 7 business days; or
between 2 years and 7 years after it was conducted we must provide it within 21 business days.

There is no charge for requesting or receiving a copy of the Preliminary Assessment.

Conflicts of Interest

As part of our duty of care we must indicate to you if a conflict of interest occurs which may affect you in receiving the most suitable product to meet your needs.  There are many variables in assessing your needs which may limit the options available to you.  Some of these variables may include;

• the amount of genuine savings you have
• the strength of your capacity to service the loan you are seeking
• the location of the security / property
• the comments of the valuers report relating to evidence of comparable sales to your property
• how the mortgage insurer considers your capacity to borrow
• the lenders terms and policies of lending conditions at the time
• your previous conduct to repaying other loans and your credit history
• your status and stability of employment

In assessing your needs we will take every step to ensure you receive the most suitable loan possible in accordance with your financial position declared to us.  We have a large panel of lenders including our own products which enables us to provide a variety of options to meet your needs whatever your circumstance. 

When assessing your needs we may need to consider a product which is different to what you have in mind depending on what your information allows us to do.  We will provide you with a credit quote outlining our recommendation/s prior to you entering into a credit contract so you can consider what is offered.

How we get paid

We are paid commissions by lenders for introducing customers. The lenders we deal with will usually pay us a commission based on:

• the size of loan; and
• the particular loan product you have selected

We will only be paid this commission if your loan is settled and drawn down.

We may also be paid an ongoing commission by your lender based on the outstanding balance of your loan.

The commissions that we are paid by the lender are not payable by you – they are paid to us either directly by the Lender / Funder, or paid to us by our Aggregator.

The details of the estimated commission we are to be paid by a particular lender / product will be outlined in our credit quote / service agreement along with any related finance set up costs or fees and provided to you prior once we have provided credit assistance and prior to you entering into a credit contract. This document is a compulsory NCCP document we must provide you.

Certain lenders may also pay us a bonus based on the amount of business that we introduce to them. The lenders that currently have such arrangements with us are: Not ascertainable at this time.

Fees and charges that are payable by you in relation to our credit assistance

We sometimes charge a fee for our services.  More details about the fees payable by you will be set out in our credit quote which we will give you before a finance application is lodged.  You may obtain from us information about how these fees and charges are worked out and a reasonable estimate of those fees.

Our Top 6 credit providers

We source credit products from a range of banks, lenders and other credit providers.  However, at present, we write the most loans with the following banks, lenders and other credit providers:

If you would like further details about any of these lenders, please don’t hesitate to ask us.

Other people we deal with

Our Aggregator and Mortgage Origination Funder/s

In many cases, we gain access to the loan products we recommend to you through the services of both our Aggregator and Funder/s. In order to gain access to some panel lenders, our Aggregator charges us a fee. This fee may be made up of several different components, including:

• a share of the commission that is paid by a lender as set out above
• a membership fee for our business
• a monthly fee for each of our accredited loan writers

If you would like us to provide an estimate of the share of the Lender commission/s that may be retained by our Aggregator or Funders, and how it is worked out, we will be pleased to provide this to you.

Credit Representatives

We also engage the services of Credit Representatives who are linked to our business as Independent Loan Writers who may act for you on our behalf.  The Credit representative gains access to our panel lenders and funders via our Licence (ACL) and are remunerated for their services by way of a fee which may be made up of several different components, including:

• a share of the commission that is paid by a lender as set out above
• a membership fee for our business
• a monthly fee for each of our accredited loan writers

If you would like us to provide an estimate of the share of the Lender commission/s that may be retained by our Aggregator or Funders, and how it is worked out, we will be pleased to provide this to you.

Referrers and Referral fees

In some cases, your business may have been referred to us by non-regulated third parties such as real estate agents, accountants, financial planners, car dealers, equipment outlets etc.  Where this is the case, we may pay a referral fee to these parties.  If we do pay a fee to these parties, then

• they should already have told you about this; and
• we will disclose the actual fee in our final documentation

Alternatively, if you want to know, you can ask us about the fees and we will tell you how much was paid and how it was worked out.

Dispute resolution and complaints

Whilst we always strive to provide the best possible service, we understand that there may be times where you are not satisfied. If this occurs, and you wish us to do something about it, we have a formal process in place to address your concerns.

Internal Dispute Resolution

If you do have a complaint, please contact our Complaints Officer using the details at the start of this document.  You should explain the details of your complaint as clearly as you can and make sure you include as much information as you can possible.  You may do this verbally or in writing.  When we receive a complaint, we will attempt to resolve it promptly.  Once we receive your complaint we must attempt to resolve the matter within 45 days from the date you lodge it to us.  We always treat your concerns with a professional attitude with the sole focus of working with you to achieve a positive outcome. 

External Dispute Resolution

If you are not satisfied with how we have handled your complaint, you may make a formal complaint to our External Dispute Resolution Scheme Provider. The details of our EDR Scheme membership are set out at the start of this Credit Guide

Things you should know

We don’t make any promises about the value of any property you seek finance for via us or its future prospects.  You should always rely on your own enquiries.  We don’t make promises of finance approvals. We rely solely on the information you provide to assist us in assessing your capacity to borrow.

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.

Please note: All finance applications are subject to lenders policy and terms at the time of applying. Lenders policies vary constantly from time to time, depending on the financial guidelines set by the industry which may impact your ability to be approved for finance. Eureka Lending Group makes no guarantee that your finance application will be approved. 

We don't add on fees or load up any costs against you where we have a referrer who is entitled to receive a introducer fee from us for referring new customers to us.

Questions?

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.

If you have any queries relating to our recommendations please feel free to ask us so we can help clarify your concerns.  All of our consultants are qualified professionals who are trained to industry standards.

From time to time we may use industry jargon which you don’t understand.  Please ask your consultant for clarification of the terms we use so you understand all aspects of what your loan.

We look forward to assisting you with your finance application to achieve a positive outcome for you.

With Regards,

The Lending Team
Eureka Home Loans