Credit Guide overview
The National Consumer Credit Protection Act 2009 states we must provide consumers with a Credit Guide and Quote as soon as practical after it becomes clear we are likely to provide credit assistance. The Credit Guide and Quote contains information on the service we provide, details of our obligations under the NCCP Act 2009 to ensure credit is not unsuitable for your circumstances, maximum fees and charges payable to us by you as the consumer, a guide to the commissions we may receive from credit providers, and details of fees that may be payable by PeopleMoney to third-party referrers.
Services we provide
Our credit assistance services in sourcing and arranging a suitable loan include:
- Obtaining further information from, including but not limited to, employers, accountants, and credit reporting agencies;
- Investigating suitable loans and providing you with information about one or more loans that meet your objectives;
- Assessing, verifying and documenting information, ensuring the chosen loan is not unsuitable for you;
- Helping you complete the application, compiling the documents required by the credit provider and submitting the application;
- Liaising with the credit provider during the approval process, providing any further information that may be required and notifying you of the credit provider’s decision;
- Assisting with the finalisation of the loan.
Our obligations to ensure credit is not “unsuitable”
To help us ascertain a credit contract is not unsuitable, we are required by law to:
- Make reasonable enquiries about your requirements and objectives;
- Make reasonable enquiries about your current financial situation;
- Take reasonable steps to verify the information.
If at the time of assessment there is evidence suggesting you are unable to afford the repayments of the credit provided, or the credit provided will cause substantial hardship, or the credit provided will not meet your requirements/objectives, then the credit will be deemed unsuitable.
Due to the importance of proving credit is not unsuitable, we will require a significant amount of information. It’s crucial for us to ensure this information is accurate.
To ensure a credit contract is not unsuitable, we will complete a preliminary assessment of your requirements and financial position. We must keep this preliminary assessment for 7 years. You may request a copy of this preliminary assessment within 7 years of the assistance being provided. We are only required to provide a copy of this assessment if we give you credit assistance.
Consent and acknowledgement
By acknowledging acceptance by submitting your enquiry, emailing your acceptance to us, e-signing related documents, or responding by sending through supporting documentation requested for an application, you:
- Accept the quote provided for providing credit assistance;
- Confirm the appointment of the credit licensee to provide credit assistance and to arrange credit on your behalf;
- Authorise the Credit Licensee to perform the actions outlined in the Privacy Statement section of this document, and acknowledge that you have received a copy of the Credit Guide.
Our quote for providing you with credit assistance
We may charge you up to $2,500 (incl. GST) or up to 10% of NAF as an Origination Fee for our services when providing credit assistance, although this is only payable should the loan proceed. It is a one-off fee, payable at loan settlement. This fee may be paid by you directly, or as part of the loan disbursements. If via loan disbursement, this will increase your loan by the fee amount.
Our consumer credit providers
We source credit products from a range of banks, lenders and other credit providers. The table below shows six lenders to whom we introduce a material amount of business, with estimated establishment and other fees that may be payable. Some lenders may charge a risk fee which can range between 1%–10% of the asset price.
| Lender | App fee | Monthly fee | PPSR |
|---|---|---|---|
| Plenti | $499 | $9.90 | $6.80 |
| Pepper | $449 | $8.90 | $8.00 |
| RACV | $550 | $0.00 | $0.00 |
| Firstmac | $400 | $8.00 | $0.00 |
| AFS | $495 | $15 | $17.60 |
| Liberty | $495 | $7.70 | $8.00 |
Fees are indicative and may change. Your credit provider’s contract will set out the fees that apply to you.
If you have a complaint
Internal dispute resolution
Within our business we follow specific procedures to try to resolve any complaints you may have. If you have a complaint, please contact us via email at aaron@peoplemoney.com.au or Admin@peoplemoney.com.au. We will try to resolve all concerns quickly and fairly.
External dispute resolution
In the unlikely event we cannot resolve your complaint in a satisfactory manner, or you have not received a response from us after 45 days, you can escalate your complaint to the Australian Financial Complaints Authority (AFCA), a free and independent dispute resolution service provider.
- AFCA free call: 1800 931 678
- Website: www.afca.org.au
- PeopleMoney membership number: 119511
Privacy Officer
You can check the information we hold about you at any time by contacting our Privacy Officer.
Privacy Officer · PeopleMoney
Sunbury, VIC 3429
Phone: 1300 889 392
Email: aaron@peoplemoney.com.au
Overview — Privacy
Smart Choice Automotive Pty Ltd, ACN 638 976 459, (“we”, “us”, “our”) collects information about you for the purposes you agree to in this Privacy Disclosure Statement and Consent. When you submit an enquiry, complete an application, or otherwise accept our services, you agree we can, consistently with Australia’s privacy and credit reporting laws, collect, use and exchange credit and personal information about you for those purposes.
We are collecting credit and personal information about you, as applicable:
- To source for you, or a company of which you are a director: consumer credit for personal, household, domestic or residential investment purposes;
- Commercial credit for business purposes;
- Other services stated in this Privacy Disclosure Statement and Consent; or
- To support a guarantor application you will provide.
As your broker, we require the information we collect from you to assess your credit or guarantor application (or the credit application of a company of which you are a director), source a suitable credit provider and any required insurances, and to manage the application process. If you do not provide the information sought we may be unable to process your application, or we may be limited in the other services we can offer you or the company.
Your information — collection and Credit Reporting Body (CRB) disclosures
When we collect information from you in the credit application process, we use that information in a number of ways to assess your credit application and to source a suitable credit provider, lessor or insurance provider. We may:
- Disclose your identification information to a CRB if you wish us to obtain a report on your behalf;
- Use any information the CRB provides in that report to assist us to preliminarily assess your consumer credit or guarantor application;
- Disclose your personal information to an insurer or insurers to source any insurances you wish to obtain;
- Disclose your credit information to a credit provider to apply for finance on your behalf.
The information we obtain from you is used, subject to compliance with Australia’s privacy and credit reporting laws, only for the purposes listed in this Consent and is not disclosed to any other person except with your permission or as permitted or required by law.
Credit providers
As part of providing our services to you, we may undertake tasks for a credit provider which are reasonably necessary to manage the application process. When doing so, we are acting as an intermediary for the credit provider, with the same privacy law requirements applying to both of us.
We may submit your application to one or more credit providers. Those credit providers and their website addresses are set out in the Schedule of Credit Providers below. A credit provider to whom we submit an application may disclose information about you to, and collect information about you from, one or more CRBs.
The website of each credit provider contains details of each CRB with which it deals, information held about you, and your key rights (often described as “notifiable matters”, “privacy policy”, “credit reporting policy” or similar). That detail includes how information may be used for assessing creditworthiness, serious credit infringements, access and correction rights, complaints, pre-screening for direct marketing, and fraud-related restrictions.
Your rights
You have the right to ask:
- Us to provide you with all the information we hold about you;
- Us to correct the information we hold if it is incorrect;
- Us for copies of our privacy policy and this document, in a form that suits you (e.g. hard copy or email);
- The CRB not to use your information for direct marketing assessment purposes, including pre-screening;
- The CRB to provide you with a copy of the information it holds about you.
You can gain access to the information we hold about you by contacting our Privacy Officer (details above). In some cases an administration fee may be charged to cover the cost of providing the information.
Disclosure and consent
By using our website, submitting an enquiry or application, or otherwise engaging our services, you agree we may:
Use your personal and credit information:
- To assess your consumer or commercial credit and/or guarantee application and/or to assess a credit application by a company of which you are a director;
- To source any finance you require;
- To source any insurance you require.
As the law authorises or requires:
- Disclose to, and obtain from, any prospective credit provider or insurer, information about you that is reasonably necessary to obtain the finance and insurances required;
- Obtain from, and disclose to, any third party information about you, the applicant(s) or guarantor(s) that is reasonably necessary to assist you obtain the finance and insurances required;
- Provide your information, including your credit report(s), to one or more of the credit providers specified in the Schedule of Credit Providers so they can assess your application, or the application of a company of which you are a director, or your suitability as a guarantor;
- Provide credit information about you to a guarantor, or prospective guarantor;
- Provide you, or the company of which you are a director, with offers or information of other goods or services we, or any of our associated entities, may be able to provide, unless you tell us not to;
- Disclose your personal and credit information to the extent permitted by law to other organisations that provide us with services (such as contractors, agents, printers, mail houses, lawyers, document custodians, securitisers and computer systems consultants or providers), so they can perform those services for us; and
- Disclose your personal information to any other organisation that may wish to acquire, or has acquired, an interest in our business or any rights under your contract with us, or the contract with us of a company of which you are a director.
You also agree and consent, as appropriate, to:
- A CRB disclosing consumer credit information to one or more credit providers for the purpose of assessing your application for consumer or commercial credit or your guarantor application, and/or assessing a credit application by a company of which you are a director;
- A credit provider using that information to assess your suitability as a guarantor when you are a prospective guarantor;
- A credit provider disclosing your credit information (including information obtained by it from a CRB) to a guarantor, or a prospective guarantor;
- A credit provider disclosing to another credit provider, for a particular purpose, information it holds about you.
Where the applicant or guarantor is a company of which you are a director, you consent to the use of your information, in addition to the company’s information, in each of the ways listed above.
Authorisation
You also authorise us to make a request on your behalf to obtain credit reporting information about your consumer and commercial credit worthiness from a CRB. That information will assist us in providing our services to you. This authorisation ceases when we undertake a task on behalf of a credit provider.
Schedule of credit providers
We may introduce you to one or more of the following credit providers (and related brands). Websites are provided for reference.
This page summarises our Credit Guide, Quote and Privacy Consent for website use. If you receive a signed or e-signed version of our full consent document, that version also applies to your engagement with us.