Client facing
Revas Mortgage Management Pty Limited – Credit Guide
Congratulations on choosing an MFAA (Mortgage & Finance Association of Australia) member to help you arrange your finance needs! The MFAA is Australia’s peak industry body for the mortgage and finance industry. Its members work hard to provide the best possible service and ethical standards.
This document provides information about the services we provide.
We are licensed under the National Consumer Credit Protection Act 2009 (NCCP Act).
We will need information from you
Under the NCCP Act, 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 to 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 inquiries about your requirements and objectives;
· make reasonable inquiries about your financial situation;
· take reasonable steps to verify that financial situation.
Credit will be unsuitable if, at the time of the assessment, it is likely that at the time the credit is provided:
· you could not pay or could only pay with substantial hardship;
· the credit will not meet your requirements and 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 therefore very important that the information you provide to us is accurate.
We must provide you with a copy of our preliminary credit assessment of your application if you ask within 7 years of when we assist you. We are only required to give you a copy of the credit assessment if you enter into a loan or lease contract or the credit limit is increased.
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.
Services we provide
We market the Orde Financial Services & Latrobe Financials’ loans. These loans are structured and managed by us. The lender of record (ie the name which will appear on your credit contract and your mortgages) is Orde Financial Services or Latrobe Financial
Fees payable by you
We sometimes charge a fee for our services. More details about the fees payable by you will be set out in a Quote which we will give you before a finance application is lodged. Usually the fee can be deducted from the finance proceeds. You may obtain from us information about how these fees and charges are worked out and a reasonable estimate of those fees. However, you may need to also pay the financier’s application fee, valuation fees, and other fees.
Commissions received by us
We may receive management fees (a form of commission) from the lenders and lessors who fund our products. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commission is worked out.
Commissions payable by us
We source referrals from a broad range of sources. For example, we may pay fees to call center companies, real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts and accord with usual business practice. These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how the commission is worked out.
Our internal dispute resolution scheme
We hope you are delighted with our services, but if you have any complaints you should notify us by contacting our Complaints Officer by:
· telephoning 1300 273 738
· e-mailing info@revas.com.au
· writing to PO Box 117 Sandringham VIC 3181
or by speaking to any representative of our business who will refer you to the Complaints Officer (specified above).
You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing.
When we receive a complaint, we will attempt to resolve it promptly. We hope that in this way we will stop any unnecessary and inappropriate escalation of minor complaints.
Our external dispute resolution scheme
If we do not reach agreement on your complaint, you may be able to refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is Australian Financial Complaints Authority (AFCA) GPO Box 3, Melbourne VIC 3001 Email: info@afca.org.au Ph : 1800 931 678 Website: www.afca.org.au.. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.
You can obtain further details about our dispute resolution procedures and obtain details of our privacy policy on request.
Things you should know
If we arrange a loan for you to purchase or refinance real estate, you should 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.
You should ensure that you have approved finance before entering a binding contract to purchase.
We don’t provide legal or financial advice unless specified in a separate contract. It is important that you understand your legal obligations under the loan, and the financial consequences.
Before you accept your loan offer, make sure you read the credit contract/loan agreement carefully to understand full details of the loan. If you have any doubts, you should obtain independent legal and financial advice before you enter any loan contract.
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.