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Central Mortgage Credit Guide - online V1

 

This document provides you with information relating to our finance/mortgage activities and those of our credit representatives. It contains information about the steps in the mortgage process, documents required various fees and charges that may be payable by you to us, as well as about certain commissions we may receive when we are acting as your credit representative, or we pay to certain third parties. It also contains information about what you should do if you have a complaint or dispute in connection with our services or one of our lenders.

 

 

WHAT IS A CREDIT REPRESENTATIVE?

 

A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee.  Our licensee is Central Mortgage Pty Ltd.

 

WHAT IS CREDIT ASSISTANCE?

 

We give you credit assistance when:

 

  • we assist you to apply for a particular loan or lease;

  • we suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan);

  • or we suggest you remain in your current loan or lease.

 

Note: The word “Lease” is used here as a name for a type of vehicle or equipment finance   

 

THE TYPES OF CREDIT ASSISTANCE WE CAN OFFER

 

Home Loans

Commercial Property Loans

Motor vehicle finance loans

Property Investment

Construction or Development

Trucks / Cars or Machinery

Self-Managed Super

Refinancing or Equity Releases

Guarantor and parental help loans

Mortgage-offsets

Interest only or Fixed Rate

Personal or non-secured loans

Understanding lending

Lender Rate Negotiation

Discharging or swapping loans

 

Note: This list is meant as a guide to services we offer; please ask about your needs if not directly listed

 

THE ASSESSMENT WE DO BEFORE PROVIDING CREDIT ASSISTANCE

 

Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you.  To do this, we need to make reasonable inquiries and verify that:

 

  • the loan or lease or increase will meet your requirements and objectives; and

 

  • you can meet the proposed repayments.

 

We won’t be able to give you credit assistance if our assessment shows that:

  

  • you won’t be able to meet the proposed repayments without substantial hardship; or

   

  • the loan or lease won’t meet your requirements or objectives.

 

THE PROCESS AFTER THE ASSESSMENT IS COMPLETE

 

We provide you with a credit assistance proposal, explaining how we plan to assist you. If you accept our proposal and supply all documents required, below is the typical process for a standard home loan submission.

           

  • We order copies of your credit files and discuss any findings from these reports

  • We order copies of your bank statements via Relie and discuss any findings from these reports

  • Our submission team complete and process your application as discussed         

  • Conditional approval is followed up with the lender, with attention to any needed requirements 

  • We discuss final details of the conditions to formal approval with the lender's assessment team

  • We contact you and update you of the progress, outcome and conditions of approval

  • We email your invoice for payment of our mortgage services in our credit assistance       

  • A valuation is ordered with the valuer, the completed report is sent to the lender  

  • We contact you at this point and update you of the progress and outcome to date

  • We call and email you notice of Formal Approval once all of the above is complete

  • The lender's solicitor is instructed to prepare and send you mortgage documents 

  • A discharge notice should be sent to your current lender if we are changing lenders         

 

THE PROCESS AFTER LOAN DOCUMENTS ARE RECEIVED

 

  • You should contact us once loan documents are received from the lender's solicitor

  • We can assist you to complete and return loan documents to the lender's solicitor

  • Once documents are received back completed, the solicitor books settlement      

  • If this is a purchase your solicitor books your settlement with the lender's solicitor

  • We contact you at this point and update you of the progress and outcome to date

  • With a settlement date confirmed we work with all solicitors in the settlement process

  • At settlement we let you know it’s now complete. (If purchasing it’s now your home!)

 

WHAT HAPPENS AFTER LOAN SETTLEMENT

 

  • 1 week after settlement the lender will have sent your mortgage account information

  • You should contact us if you have any problems accessing the new accounts

  • 1 Month after settlement is normally the first payment, the scheduled date can typically be changed

  • Post-settlement we recommended from time to time you book in with us for a review. Simply so we can make

             sure the lender is keeping their end of the deal. 

 

GETTING A COPY OF OUR ASSESSMENT

 

If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to 7 years after we provide you with a credit assistance proposal.  To request a copy please contact us. We will provide you with a copy: 

 

  • within 7 business days after the day we receive your request –  provided you make the request within 2 years of the date of our credit assistance quote; or

  • otherwise, within 21 business days after the day we receive your request.

 

COLLECTION AND MANAGEMENT OF PERSONAL INFORMATION

 

In proceeding, you give permission to Central Mortgage and its licenced credit representatives to:

 

A. Collect your personal information from all relevant parties, to enable submission of the application(s) on your

             behalf, for finance and any other, requested relevant facilities.

 

B. Obtain, on my/our behalf, a report about my/our consumer and commercial credit worthiness from a credit

             reporting agency or a commercial credit reporting business or from a credit provider named in my/our   

             application or referred to in such reports.

 

C. Use obtained information as deemed necessary, to assist in assessing and arranging the requested facilities.

 

D. Provide information collected as above to other parties (such as referees, employers, accountants, etc) named

     in the application or requested per your needs to the extent deemed necessary to assist in assessing and

     arranging the requested facilities.

 

E. Allow providers of arranged finance and services from time to time to report back to Central Mortgage and its

             licenced credit representative’s subsequent conduct of arranged finance and services.

 

F. Retain information obtained and with discretion provide either directly or via an engaged third party to me/us

             from time to time information about Central Mortgage product and services.

 

Note: You can gain access to the personal information provided, or obtain more information on the Central Mortgage Privacy, by contacting Central Mortgage Pty Ltd.

 

INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES 

 

We act as a credit representative for Central Mortgage Pty Ltd.  We are authorised to engage in credit activities including providing credit assistance on its behalf to you.

 

Subject to meeting credit criteria, we are able to assist you to obtain loans and leases; from a broad range of lenders and lessors through our broker group.

 

Always the final decision to commence finance is yours, as such if you are in any doubt please seek legal or financial advice prior to entering into an agreement for us to assist.

 

In proceeding, you appoint Central Mortgage and their licenced credit representatives as your agents to act as per the terms in this credit guide. You accept finance can only be arranged if finance if found as not-unsuitable to your needs. Repayment of arranged mortgage facilities, services and any other associated settlement costs are of course your responsibility; as are extra costs as a result of any settlement delays.

 

The following are the top six residential lenders and % we have written business to in the 2017 / 2018 financial year:

 

Warren Minnette - ME Bank 45% / Heritage 14% / ANZ 13% / Pepper 5% / FASTLend 5%

 

Jacci Haynes -  FASTLend 31% / ING Direct 21% / CBA 12 % / ANZ 8% / BOM 6% / Macquarie 5%

 

Damian Pisano - ME Bank 31% / FASTLend 14% / BOM 13 % / Heritage 10 % / ING Direct 7% / NAB 5%

 

Michael Buceto - FASTLend 22% / CBA 18% / Heritage 16% / BOM 14% / ME Bank 10% / Liberty 9%

 

Yugal Karki - CBA 53% / FASTLend 34% / BOM 13% / Other 0%

 

Note: These aren’t all the Lenders we deal with, nor does this list imply that your needs would be best serviced by one of these lenders. We will do a full assessment prior to our recommendation relevant to your lending needs.

 


FEES AND CHARGES

 

COMMISSION FROM LENDERS – AND HOW IT LOWERS OUR FEES              

 

Our service fees are discounted as we request the balance of payment for your credit assistance in the way of commissions from the lenders and lessors in relation to loan contracts or leases for which we have provided to you. This is paid by via our Aggregator ‘Finance and Systems Technology’ to Central Mortgage as we hold an Australian Credit Licence to accept payment. The total amount of commission we may receive in relation to your loan or lease may vary depending on the lender or lessor, the term, the features, the amount of the loan or lease you ultimately choose and the amount and timing of the repayments that you make.

 

We do not request this payment of commission by you unless you end the arranged mortgage facilities in the first 24 months of commencement, as the finance provider may take back payment of this commission to us if you do so. If this happens, Central Mortgage reserves the right to charge you this amount of commission taken back from us for the services originally provided to you.

 

Loan Contracts such as Home Loans, Investment Property Loans and Personal Loans

 

Upfront commission payable by lenders in relation to loans is calculated as a percentage of the loan amount and is generally in the range of .5% to .7% of the loan amount.  It is usually paid after settlement of the loan.

 

Trail commission payable by lenders in relation to loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0% per annum to .2% per annum of the outstanding loan amount.

 

Commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of .5% and 5% of the lease amount.  It is usually paid after settlement of the lease. Trail commission is generally not payable in relation to leases.

 

Further details of the commission earned by us will be included in the credit proposal disclosure document we will provide to you at the same time as we provide you with credit assistance.

 

VOLUME BONUS ARRANGEMENTS

 

We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or the Broker Group may receive a benefit, directly by way of cash bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or the Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products. 

 

COMMISSIONS PAYABLE BY US

 

We are not likely to pay a commission to any third party for the introduction of credit business or business financed by the loan contract or lease. We obtain referrals from a wide range of sources, including existing clients, real estate agents, accountants, financial planners or other people. All referrals received are mainly for the quality of our service, not for likely return or payment of referral fees.

 

Further information if a referral commission is paid, including our reasonable estimate of the amount of any commission payable and how it is calculated is available from us on request and if any payment is being made in relation to your referral, details will be included in the credit proposal disclosure we will supply to you before we provide you with our credit assistance.

 

FEES AND CHARGES PAYABLE BY YOU

 

Most of our costs are covered by charging our lenders a commission for providing credit assistance. These commission payments are explained in above. Below is the estimated portion of fees payable by you for our services.

 

Application Processing, data collection, mortgage research, planning and submission and mortgage pre-approval (Including Auction 90 Day limit) $660 per application. Personal Credit and Relie checks are $50 each. Other costs for assessment of business financial reports & tax returns, applications requiring Lenders Mortgage Insurance (LMI) Priority Settlement (More than 45 days but less than 60) Parental mortgage guarantors or Bridging Finance, Construction of property and lender drawdowns, SMSF lending, commercial or non-residential property, mortgages to be less than $200,000 within 2 years. Priority requested for Pre-Approval (Less than 14 Days) Urgent Settlement (Less than 45 days) Will have additional costs. These costs will depend on your lending needs and will be in our credit proposal to you.

 

 

ABOUT US (Central Mortgage Pty Ltd):

 

 

Australian Credit Licence

ACL Holder

Central Mortgage Pty Ltd

Australian Credit Licence Number 384143

Mail: Suite 5, L1, 101 Hazel Glen Drive Doreen VIC 3754

Email address info@centralmortgage.com.au

Website www.centralmortgage.com.au

Phone 03 9717 5993

 

Australian Credit Licence

ACL Holder

 

Warren Minnette

Australian Credit Licence: 384143

Mail: Suite 5, L1, 101 Hazel Glen Drive Doreen VIC 3754

Email address: warren@centralmortgage.com.au

BIO: www.centralmortgage.com.au/warren-minnette

Phone: 0417 136 757

 

Australian Credit Representative

of licenced ACL Holder

 

Jaclyn Haynes

Credit Representative Licence Number: 458493

Mail: Suite 5, L1, 101 Hazel Glen Drive Doreen VIC 3754

Email address jacci@centralmortgage.com.au

BIO www.centralmortgage.com.au/jaclyn-haynes

Phone 0401 963 335

 

Australian Credit Representative

of licenced ACL Holder

 

Damian Pisano

Credit Representative Licence Number: 489819

Mail: Suite 5, L1, 101 Hazel Glen Drive Doreen VIC 3754

Email address damian@centralmortgage.com.au

BIO www.centralmortgage.com.au/damian-pisano

Phone 0425 397 554

 

Australian Credit Representative

of licenced ACL Holder

 

Michael Buceto

Credit Representative Licence Number: 485339

Mail: Suite 5, L1, 101 Hazel Glen Drive Doreen VIC 3754

Email address michael@centralmortgage.com.au

BIO www.centralmortgage.com.au/michael-buceto

Phone 0412 377 101 

 

Australian Credit Representative

of licenced ACL Holder

 

Yugal Karki

Credit Representative Licence Number: 485337

Mail: Suite 5, L1, 101 Hazel Glen Drive Doreen VIC 3754

Email address yugal@centralmortgage.com.au

BIO www.centralmortgage.com.au/yugal

Phone 0450 285 088

 

 

OWNERSHIP: Central Mortgage Pty Ltd is owned and managed independently by our Sole Director Warren Minnette. It is not owned by our Broker Group or National Australia Bank Limited (NAB).  ACN 092 660 912

Credit Representative Number  392527

 

Our agreement with Finance & Systems Technology Pty Ltd (Our broker group) is to obtain mortgage aggregation services. The Broker Group is a member of the National Australia Bank Group. The Broker Group provides services at arm’s-length to our business which includes IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, and assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to Broker Group panel of lenders including NAB Group and Broker Group branded products.   
 

 

 

DISPUTES OR COMPLAINTS

 

WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT?

 

We are committed to providing our customers with the best possible service.  If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution.  We will endeavour to deal with your complaint promptly, thoroughly and fairly.

 

 

HOW TO MAKE A COMPLAINT AND THE COMPLAINTS PROCESS?

 

  1. If your complaint is about your loan, in the first instance please contact your lender or credit assistance provider.

 

  1. If your complaint has not been resolved to your satisfaction within 5 business days or if your loan is about the services we give you, please contact Central Mortgage either by phone or email.

 

Central Mortgage Head office 03 9717 5993

Email info@centralmortgage.com.au

 

Please allow us time to correctly gain all facts in such need for complaint, to work with you to resolve your concerns.

 

THIRD PARTY PRODUCTS OR SERVICES

 

If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contact the relevant third party.  They will deal with your complaint under their complaints resolution process.

 

If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme.  Please contact the third party for further details.

 

 

KEEPING YOU INFORMED

 

We will acknowledge receipt of your complaint within five business days. If unable to resolve the complaint/dispute to your satisfaction within five business days, they will write to you advising the procedures we will follow in investigating and handling your complaint.

 

Within 45 calendar days from the date you lodged the complaint with us, we will write to you advising you the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete the investigation.

 

STILL NOT SATISFIED?

 

If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to our External Disputes Resolution Provider as detailed below.  You may refer your matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be completed before considering the matter further.

 

If you have a complaint, we request you first contact Central Mortgage ether by phone or email.

 

Central Mortgage Head office 03 9717 5993 – Please report this to Warren Minnette

Email info@centralmortgage.com.au

 

 

EXTERNAL DISPUTES RESOLUTION PROVIDER

 

Please allow us time to correctly gain all facts in regard to your complaint, to work with you to resolve your concerns as in the above policy before making an external complaint.

 

However, if you need to contact our external dispute resolution service provider is

 

  • The Australian Financial Complaints Authority (AFCA), which can be contacted via:

 

 

OTHER DISCLOSURES

 

BROKER BENEFITS DISCLOSURES

 

In line with industry reforms, we are also required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts.

 

TIERED SERVICING DISCLOSURES

 

We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts.

 

PRIVACY STATEMENT

 

ABOUT US (“we, us, our”)

 

We need to collect personal information about you to provide you with our broking & related services. This privacy statement tells you how we collect your information, what we use the information for and whom we share the information with.  If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.

 

How information is collected from you

We will collect your information from you directly whenever we can, like from enquiries we make of you when you seek credit assistance from us. We may verify that information from sources referred to in the responses to those enquiries or in this privacy statement.

 

 

How information is collected from other sources

Sometimes we will collect information about you from other sources as the Privacy Act 1988 permits. We will do this only if it’s reasonably necessary to do so, for example, where:

  • we collect information from third parties about a loan or lease in relation to which you seek our services;

  • we can’t get hold of you and we rely on public information (for example, from public registers or social media) or made available by third parties to update your contact details; or

  • we exchange information with your legal or financial advisers or other representatives.

 

When the law authorises or requires the collection of information

Some law may require us to collect personal information about you. For example, we may require your information to verify your identity under Australian Anti-Money Laundering law. 

 

How your information may be used

We may use your information for purposes including:

  • giving you credit assistance;

  • giving you information about loan products or related services including help, guidance and advice;

  • considering whether you are eligible for a loan or lease or any related service you requested including identifying or verifying you or your authority to act on behalf of a customer;

  • assisting you to prepare an application for a lease or a loan;

  • administering services we provide, for example, to answer requests or deal with complaints;

  • administering payments we receive, or any payments we make, relating to your loan or lease;

  • telling you about other products or services we make available and that may be of interest to you, unless you tell us not to;

  • identifying opportunities to improve our service to you and improving our service to you;

  • telling you about other suppliers, with whom we have arrangements, that supply goods or services that may be of interest to you;

  • allowing us to run our business efficiently and perform general administrative tasks;

  • preventing or investigating any fraud or crime or any suspected fraud or crime;

  • as required by law, regulation or codes binding us; and

  • any purpose to which you have consented.

 

You can let us know at any time if you no longer wish to receive direct marketing offers from us. We will process your request as soon as practicable.

 

What happens if you don’t provide information?

If you don’t provide your information to us, it may not be possible to:

  • assist in finding a loan or lease relevant to your circumstances;

  • verify your identity or protect against fraud; or

  • let you know about products or services that might be suitable for your financial needs.

 

Sharing Your Information General

We may use and share your information with other organisations for any purpose described above. 

 

Sharing with your representatives and referees

We may share your information with:

  • your representative or any person acting on your behalf (for example, lawyers, settlement agents, accountants or real estate agents); and

  • your referees, like your employer, to confirm details about you.

 

Sharing with third parties

We may share your information with third parties in relation to services we provide to you or goods or services in which we reasonably consider you may be interested.  Those third parties may include:

  • the Broker Group through whom we submit loan or lease applications to lenders or lessors on the Broker Group’s panel. You can access the Broker Group’s privacy notice at http://www.fastgroup.com.au/privacy.

It sets out how that Broker Group manages your personal information and where you can find its privacy policy;

  • referrers that referred your business to us;

  • financial services suppliers with whom we have arrangements;

  • valuers;

  • lenders, lessors, lender’s mortgage insurers and other loan or lease intermediaries;

  • organisations, like fraud reporting agencies, that may identify, investigate and/or prevent fraud, suspected fraud, crimes, suspected crimes, or other misconduct;

  • government or regulatory bodies as required or authorised by law. In some instances, these bodies may share the information with relevant foreign authorities;

  • guarantors and prospective guarantors of your loan or lease;

  • service providers, agents, contractors and advisers that assist us to conduct our business for purposes including, without limitation, storing or analysing information;

  • any organisation that wishes to take an interest in our business or assets; and

  • any third party to which you consent to us sharing your information.

 

 

Sharing outside of Australia

To our knowledge, we are not using overseas organisations to help conduct our business. As a result, we are not sharing your information (including credit information) with organisations outside Australia. 

 

We may store your information in the cloud or other types of networked or electronic storage.  As electronic or networked storage can be accessed from various countries via an internet connection, it’s not always practicable to know in which country your information may be held. If your information is stored in this way, disclosures may occur in countries other than those listed.

 

Overseas organisations may be required to disclose information we share with them under a foreign law. In those instances, we will not be responsible for that disclosure.

  

 

Privacy Policy

You can find out more about how we manage your information by reading our Privacy Policy available by contacting us.  Please see our contact details above. Our Privacy Policy sets out how you can ask us to access and seek to correct information we hold about you and how you may complain against us about a privacy issue.

 

Information about other people

If you give information to us about another person (like your co-applicant) in relation to the services we provide, you will let that other person know that:

  • we have collected their information to provide those services or for any other purpose set out in this privacy notice;

  • we may exchange this information with other organisations set out in this privacy notice;

  • we handle their personal information in the way set out in our Privacy Policy and this privacy notice and they can:

    • access or request a copy of that privacy policy or this privacy notice; or

    • access the information we hold about that other person,

by using our contact details above; and

  • we may not be able to provide those services to you unless we obtain their information.

 

 

 

 

 

You can request a copy of this Credit Guide above for your record – Online V1 - 12/03/2019 - Last edited - WM