Lender Credit guide

Congratulations on choosing an MFAA (Mortgage and 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 loans [and leases] provided by us.  We are licensed to provide loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act).  The NCCP Act regulates the activity of lending, leasing, and finance broking.

We will need information from you

Under the NCCP Act, we are obliged to ensure that any loan, lease, or principal increase to a loan we arrange for you is not unsuitable.  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 loan is made:

·                    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 credit assessment of your application if you ask within seven years of the date of the loan contract, lease contract or principal increase.  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.

We are the manager for the Orde Financial Services. Your lender will be Orde financial Services & Latrobe Financial, Orde Mortgage Custodian & Latrobe Financila & Perpetual Trustee Company Ltd are trustee companies which one of will be the lender of record for our program. 

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, details of whom are shown 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.