CREDIT REPRESENTATIVE DETAILS:
Credit Representative Name: Quansheng Li
Credit Representative Number:
AFCA Membership Number:
Phone Number +61 436 000 888
Address Suite 18, Level 2, 6 Holden Stree
CREDIT LICENCE DETAILS
Australian Credit Licence Vow Financial Pty Limited
Credit Licence Number 390261
AFCA Licence Number 44626
Address Level 11, 1 Chifley Square, Sydney NSW 2000
ABN 66 138 789 161
Phone Number 1300 656 922
Vow Financial Pty Limited – ABN: 66 138 789 161
AFCA Membership Number: 44626
Australian Credit Licence: 390261
Credit Guide – April 2020
This is the Credit Guide of Vow Financial Pty Limited – ABN: 66 138 789 161, Australian Credit Licence: 390261. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009. The NCCP Act regulates the activity of lending, leasing and finance broking.
About this Credit Guide
This Credit Guide is designed to assist you in deciding whether to use the services we offer.
Services we provide
We will provide you with information on a range of lenders and products. Once you have chosen a loan or lease that is suitable for you, we will help you to obtain an approval.
Our Associations and Relationships
All our credit representatives are accredited with Vow Financial Pty Limited (a wholly owned subsidiary of Yellow Brick Road Group Limited). Vow Financial source finance from a panel of lenders.
The lenders named below are the six lenders with whom Vow Financial conduct the most business:
• Commonwealth Bank • NAB • St George
• ANZ • Westpac • Suncorp
Our Responsible Lending Obligations to You
We are obliged to ensure that any loan, or principal increase to a loan, we help you to obtain, or any lease we help you enter, is not unsuitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable. The law requires us to:
• make reasonable enquiries about your requirements and objectives;
• make reasonable enquiries about your financial situation; and
• take reasonable steps to verify that financial situation.
Credit will be unsuitable for you if, at the time of the assessment, it is likely that the following would apply at the time credit is provided:
• you could not pay or could only pay with substantial hardship; or
• the credit will not meet your requirements or objectives.
For example, if you can only repay by selling your principal place of residence, it is presumed that the loan will cause substantial hardship unless the contrary is proved. For this reason, we must ask you to provide a significant amount of information. It is important that the information you provide is accurate, complete and up-to-date.
We will provide you with a copy of our preliminary assessment of your application, if you ask within seven years of when we provided assistance to you. This requirement is only triggered if we give you credit assistance.
If we arrange a loan for you to purchase or refinance real estate, remember you must make your own enquiries about the value of the real estate and its potential for future growth. Although we may obtain a valuation, that is for our own use and you should not rely on it.
Vow Financial Pty Limited – ABN: 66 138 789 161
AFCA Membership Number: 44626
Australian Credit Licence: 390261
Our Fees and Charges
Generally, no fees or charges are payable by you to us for our credit assistance. In some instances, a fee for service may be required. Details of these fees will be set out in a Credit Quote.
However, you may be charged a lender’s application fee, valuation fees and other fees associated with the loan. These fees are not charged by us and will be disclosed to you prior to submission of the credit application. Please note, however, that if a valuation is conducted and you ultimately choose not to proceed with the loan, you may be liable for the valuation fees.
We may receive commissions from the lenders and lessors who provide finance for you as our customers. These fees are not payable by you. You may obtain information relating to reasonable estimates of those commissions and how they are calculated.
When we provide you with credit assistance, you may ask us for a reasonable estimate of the commission likely to be received, directly or indirectly by Vow Financial Pty Limited and its credit representatives.
From time to time, we may receive financial or non-financial benefits from Vow Financial Pty Limited, lenders, lessors or others. Some or all of a commission received by Vow Financial Pty Limited may be paid to our Credit Representatives.
Vow Financial Pty Limited may pay Commissions to our credit representatives for referring to our Diversification Partners such as Vow Legal. Referral Commissions may vary between 20% and 25% of professional fees charged by the Diversification Partner. These fees are not payable by you.
We may pay a referral fee (i.e. commission) for third party referrals. An example of a referrer would be a real estate agent or solicitor. This fee is not payable by you. This fee will be disclosed in the Credit Proposal Disclosure Document or equivalent document. You may on request obtain a reasonable estimate of the amount of commission and how it is calculated.
Vow Financial Pty Limited and your representative may also receive a benefit for referring you to other specialist service providers.
Our Dispute Resolution Procedures
Internal Dispute Resolution
If you are unhappy with our services, please contact us first by contacting our Complaints Manager on the following:
Vow Financial Pty Limited (Complaints Manager)
Telephone 1300 656 922
Post PO Box H265, Australia Square, NSW 1215
We will endeavour to resolve your complaint quickly and fairly.
External Dispute Resolution
Australian Financial Complaints Authority (AFCA)
If your complaint has not been resolved to your satisfaction, you may contact the Australian Financial Complaints Authority (AFCA), which is an independent dispute resolution scheme for financial services complaints.
Telephone 1800 931 678
Post GPO Box 3, Melbourne VIC 3001
Things you should know
You should ensure that you have approved finance, in writing from the lender, before entering a binding contract to purchase.
It is important you understand your legal obligations under the loan, and the financial consequences. If you have any concerns, you should obtain independent legal and financial advice before you enter into a loan contract.
We do not make any promises about the value or future prospects of any property you finance with us. You should always rely on your own enquiries.
Before you accept your loan offer, make sure you read the credit contract carefully to understand full details of the loan. If you have any doubts, you should obtain independent legal and financial advice before you enter into any loan contract.
We represent lenders and have obligations to them, and in particular, to not provide any information we know is misleading or deceptive. We also have obligations under the law to report any fraud, forgery, or other illegal activities.
Before using our services, it is important that you understand that we have these obligations to lenders, and under the law.
Vow Financial Pty Limited is required to have adequate arrangements in place to ensure you are not disadvantaged by any conflict of interest.
Vow Financial Pty Limited – ABN: 66 138 789 161, Australian Credit Licence: 390261 and our related businesses, authorised representatives and credit representatives (‘we’, ‘us’, ‘our’) are collecting personal and financial information about you.
We collect personal information to provide you with the services that you have requested, manage our relationship with you, for the purposes of assessing your application for finance and managing of that finance. We may also collect your personal information for the purposes of direct marketing and managing our relationship with you. From time to time we may offer you other products and services.
Vow Financial Pty Limited is collecting personal and credit-related information about you.
1. The personal and credit-related information you provide will be held by us. Personal information may include any sensitive information (including health information) and may include any information you tell us about any vulnerability you may have.
2. You appoint us your agent to act as an ‘access seeker’ to obtain your credit-related information from a credit reporting body (CRB) on your behalf and for the purpose of assisting you with your application for credit. You authorise us to disclose any credit-related information we obtain, including personal information, to prospective financiers in connection with your application for credit.
3. We may use credit-related information and any other personal information you provide to arrange or provide credit and other services.
4. We may exchange the information with the following types of entities, some of which may be located overseas:
• CRBs, including for a credit guarantee purpose;
• persons who provide credit or other products to you, or to whom an application has been made for those products;
• any person or entity who represents you including financial consultants, accountants, lawyers, mortgage brokers,
persons holding power of attorney, guardians and advisers; any industry body, government authority, tribunal, court or otherwise in connection with any complaint regarding our services;
• any investors, agents or advisers, trustees, ratings agency or businesses assisting us with funding for credit made available to you or any entity that has an interest in your finance;
• where we are authorised to do so by law, such as under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth), government and law enforcement agencies or regulators;
• any person where you have provided us consent;
• any of our associates, related entities or contractors;
• other guarantors or borrowers (if more than one) or borrowers or prospective borrowers of any credit you guarantee or propose to guarantee;
• your referees, such as your employer, to verify information you have provided;
• any person considering acquiring an interest in our business or assets; and
• any organisation providing online verification of your identity.
By signing this consent, you agree that we may collect, use and disclose your information also as specified below:
• You agree that we may collect and use and disclose your information as specified above.
• Consent to provide your personal information to a Credit Reporting Body (CRB).
• We can act as your agent to obtain a report or information about you consumer or commercial credit worthiness from a CRB.
We may disclose personal information such as your name, date of birth and address to the CRB to obtain an assessment of whether that personal information matches information held by it.
Declaration and Consent
• I / We declare that I am/ we are over the age of 18 and the information that we provide are true and accurate.
• I / We have read the above information and understand the reasons for the collection of my / our personal information and the ways in which the information may be used and disclosed, and I / we agree to that use and disclosure.
• I / We understand that the parties may cancel or refuse service(s) if information is found to be false or misleading.
• I am / We are aware that I / we can access my / our personal information upon request and if necessary, correct information that I believe to be inaccurate.
• I / We understand that I / we have read and understand the information contained within this form.