Credit Guide

In this document, ‘WLTH’, ‘we’, ‘us’ and ‘our’ are references to WLTH Lend Pty Ltd, WLTH Pty Ltd and related bodies corporate.

This Credit Guide provides you with key information you need to know about the licence holder, credit representative and the services we provide. This will allow you to make an informed and confident choice when engaging with our products and services.

This Credit Guide summarises our goals and standards, offerings, fees, and commissions. Please don’t hesitate to ask if you need more information or clarification.

We hold the necessary mortgage broking experience and qualifications in accordance with the National Consumer Credit Protection Act, 2009 to provide you with assistance. We are required to meet specific competency standards relating to educational and professional development. You can be confident that we are held accountable to not only our organisation’s high ethical standards / values, but also have a responsibility to maintain the regulatory standards that are set by both Commonwealth and State governments.

Our mission is to ensure we offer our clients the best service and most appropriate products to suit their individual needs through our professionalism and attention to detail. Ultimately, our goal is to ensure applicants are provided with a loan that meets their objectives.

We guarantee to listen to your needs and your instructions, ensuring that there is collaborative agreement through each step of the finance application process.

Our relationships and alliances with like-minded quality organisations ensure we are positioned to offer the best quality service.

By law, before entering into a specific credit contract, we are obliged to conduct a Preliminary Credit Assessment to determine what kind of loans would not be unsuitable for you. In consultation with you, we will explore and discuss your financial situation, financial objectives and borrowing needs before we determine which loan product may suit your requirements.

For the purposes of the Preliminary Credit Assessment, we will 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; and
• Take reasonable steps to verify that financial situation.

The assessment will be conducted prior to recommendation of a particular product. The assessment will involve collection and verification of financial information to determine the appropriate loan amount and the loan costs associated with entering a credit contract. This will ensure that your circumstances will be assessed appropriately and that the options suggested will not place you in financial hardship. Once completed, this Preliminary Credit Assessment is only valid for 90 days. A copy of the Preliminary Credit Assessment will be available to you, on request – this will be available up to 7 years after we provide you with credit assistance.

Prior to the Preliminary Credit Assessment being conducted, we may provide you with Product summaries that highlight various key features and benefits of the product. We may also provide you with Product Comparison documents that allow you to compare the features and benefits of each product and assess the suitability to your requirements.

WLTH currently arranges home loans from the current credit providers:

• Well Nigh Pty Ltd (ACN: 131 937 632 – ACL 392 216); and
• Columbus Capital Pty Ltd (ACN: 119 531 252 – ACL 337 303).

Fees payable by you to third parties

When the credit application (loan) is submitted, you may need to pay the lender’s application fee, valuation fees, or other fees that are associated with the loan application process, even if the loan is ultimately unsuccessful.

Fees payable by you to WLTH

If a fee is payable by you, this will be disclosed in a Credit Quote that will be provided to you. If a Credit Quote is not supplied, this will indicate that we do not charge consumers any fees.

Payments received by WLTH

Please take notice that WLTH may receive fees, commissions, or financial rewards from Lenders or Lessors in connection with any finance we arrange for you.

The commission / brokerage amount depends on the amount of the finance and may vary from product to product. We can provide you with information about a reasonable estimate of those commissions and how the commission is worked out if you require.

Commissions are paid based on a percentage of the loan balance that is drawn down which in most cases will be net of any amounts you hold in an offset account. The way commissions are calculated and paid to us by lenders may vary. By following the responsible lending requirements, we will ensure the loan recommended to you is not unsuitable for your situation and objectives.

Fees payable by the licensee to third parties

We may pay fees to call centre companies, real estate agents, accountants, or lawyers and others for referring you to us.

These are not fees payable by you. On request you can obtain a reasonable estimate of the amount of the fee and how it is worked out.

From time to time, we may also remunerate other parties through payments, rewards or benefits.

Tiered Servicing Arrangements

Through our relationship with funders, we may have access to tiered servicing arrangements.
The benefits of this access to these arrangements can include faster processing, better information or greater levels of assistance provided for obtaining loan approval. Your Lending Specialist will advise you of any tiered service arrangements that are in place with a particular lender that they have proposed at the time recommendations are made.

Access to this program is not based solely on the volume of new or existing lending that WLTH has with each respective funder and does not entitle them to any additional commissions outside of what they have disclosed to you, or any additional payments or preferential customer discounts.

Other disclosures, benefits or interests

Your WLTH Lending Specialist is prohibited from accepting gifts or inducements over $350. Any benefit given to your Lending Specialist greater than $100 and less than $350 will be recorded in a Gifts Register. A copy of WLTH’s register is available to inspect on request. If you wish to inspect the register, please contact your Lending Specialist.

Irrespective of our status as a licensee, representative or credit representative, our reputation is built on matching the appropriate product(s) to the individual’s requirements. We go to great lengths to ensure satisfaction with our services and offerings. However, there may be instances from time to time, where applicants may be dissatisfied with the outcomes of our consultation process. If you have a complaint about the service that we provide, the following steps or avenues for resolution are available to you.

Step 1

Most complaints arise from miscommunication and can usually be fixed quickly. So, please contact your Lending Specialist first and express your concerns.

Step 2

If the issue is not satisfactorily resolved within 5 working days by talking with your Lending Specialist, we will apply our internal complaints process to manage your complaint appropriately. In this instance, the complaint will be internally escalated to our Complaints Officer. You may also contact the Complaints Officer directly.

Complaints Officer

• Name: Catherine Mapusua
• Phone: 0433372096
• Email: c.mapusua@wlth.com
• Address: 2/15 James Street, Fortitude Valley, QLD 4006

Note: In some instances, your Lending Specialist may also be fulfilling the role of the Complaints Officer. This will not affect the capacity to have your complaint dealt with appropriately.

By using our internal complaints process we aim to acknowledge and resolve your complaint within five (5) business days of it being received.

We hope to assist you to resolve your complaint quickly and fairly. The maximum timeframe in which to provide a written response to you is 30 calendar days, although in pursuit of best practice and the reputation of our organisation, we aim to resolve these issues in a much shorter time frame.

Step 3

Although we try hard to resolve a customer’s concern in the most considerate and direct manner, if you are not completely satisfied after the above steps have been attempted, you still have other avenues available to resolve the dispute. This is then managed externally and independently.

This external dispute resolution (EDR) process is available to you, at no cost. Two EDR schemes may be listed below. This indicates that the Credit Representative and their authorising Licensee are both required to be members (independently) of an ASIC approved EDR scheme. Where a Credit Representatives EDR is displayed, please contact that EDR scheme in the first instance for complaint escalation.

EDR

• Name: Australian Financial Complaints Authority (AFCA)
• Phone: 1800 931 678
• Address: Australian Financial Complaints, Authority GPO Box 3, Melbourne, VIC 3001
• WLTH Lend Pty Ltd AFCA Membership No. 78205
• WLTH Pty Ltd AFCA Membership No. 78770

We don’t make any promises about the value of any property you finance with us or its future prospects. You should always rely on your own inquiries.

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.

Review our privacy information here: Privacy Policy and Disclosure Statement.