Credit Guide for Loop Financial Loop Financial
Loop Financial is authorised as a Credit Representative under Connective Credit Services Pty Ltd.Connective Credit Services Pty Ltd is licensed under the National Consumer Credit Protection Act 2009.This Credit Guide sets out important information about Connective Credit Services, Loop Financial and the services we provide and with whom you will be dealing.
The details of Connective’s license are as follows:
The details of Loop Financials Credit Representative authorisation are:
Loop Financial Pty Ltd ABN 58 998 101 915
1, 89 High Street, Kew, VIC, 3101
1300 005 667
Credit Representative Number
Loop Financial are required to provide this Credit Guide to you as soon as practicable after it becomes apparent that we are likely to provide credit assistance to you.
We provide “credit assistance” when we:
suggest or assist you to apply for a particular credit contract with a particular credit provider; or
suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
suggest that you remain in a particular credit contract with a particular credit provider.
Prior to providing credit assistance to you, we must assess whether the particular loan is “unsuitable”. A loan will be “unsuitable” based on the information you provide to us if:
You will be unable to repay the proposed loan or will only be able to repay the proposed loan with substantial hardship, or
The proposed loan does not meet your requirements and objectives.We are required to document our findings that the proposed loan is not unsuitable by way of completing a Preliminary Assessment. The Preliminary Assessment will set out your:
requirements and objectives
financial and relevant personal situation; and
ability to repay the proposed loan.
We are also required to take reasonable steps to verify information provided by you to us.
This verification may include:
requesting you for copies of documents that demonstrate your financial situation – in some cases we may also need to sight original documents, and
Contacting third parties to assist in verifying the information that you provide
Obtaining a copy of the Preliminary Assessment
If we provide you with credit assistance, you may request a copy of our Preliminary Assessment anytime for up to 7 years and we must provide you with a copy of the assessment within the following timeframes:
Your request is made:
We will give you your assessment:
Before the Credit Day*
As soon as possible after we receive your request
Up to 2 years after the Credit Day
Within 7 business days after we receive your request
Between 2 to 7 years after the Credit Day
Within 21 business days after we receive your request
*The Credit Day is the date the credit contract (i.e. the loan) is settled or the loan amount is increased.
There is no charge for requesting or receiving a copy of the Preliminary Assessment.
Fees and charges that are payable by you in relation to our credit assistance
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. You may obtain from us information about how these fees and charges are worked out and a reasonable estimate of those fees.
Other fees and charges
You may have to pay other fees and charges (such as application fees, valuation costs and other applicable fees) to the lender or other parties. You should review the particular loan contract documentation for further details of any such fees and charges.We sometimes charge a fee for our services. More details about the fees payable by you
How do we get paid?
Our licensee receives commission from the lenders and then pays us commission in relation to loan contracts (such as home and investment property loans) for which we act as the credit representative in providing credit assistance to you. An upfront commission is payable by lenders in relation to settled (drawn-down) loans and is calculated as a percentage of the loan amount. It is usually paid after settlement of the loan. Trail commission is payable by lenders in relation to settled (drawn-down) loans. It is calculated monthly on the outstanding loan balance and is paid in arrears. The upfront and trail commissions that we are paid by lenders are not payable by you. Details of commission to be received will be included in the Credit Proposal Disclosure document that we will provide you with when credit assistance is provided. From time to time, we may also receive a non-commission benefit by way of training, professional development, entertainment, gift, conference attendance, sponsorship, or entry into a competition run by a lender or my aggregator, at no extra cost to you. The nature of such arrangements are temporary, and the occurrence and amounts are often not readily ascertainable, however if they are apparent as a result of assisting you with credit assistance, this will be disclosed to you. As Licensee, Connective Credit Services Pty Ltd may retain a portion of the commission paid by the lender you choose. This payment is paid to the licensee in exchange for the right to operate under the Licensee’s licence, and for providing other assistance with business. If you would like an estimate of what we will be paid, and how it is calculated, please don’t hesitate to ask and we will provide you with that information.
Our Lender Panel – Credit Providers
We are authorised to engage in credit activities and therefore provide assistance to obtain loans for you from a panel of credit providers.
The following are the credit providers through which we generally conduct the most business
Members Equity (ME)
St George Bank
Connective HL Essentials by Advantedge
If you would like further details about any of these lenders, please don’t hesitate to ask us.
Other people we deal with
We have approval to utilise credit providers and their loan products through the services of our aggregator ‘Connective Broker Services Pty Ltd ABN 77 161 731 111, Credit Representative 437202 authorised under Australian Credit Licence 389328’. The aggregator charges us a fee depending on our contract arrangements, consisting of:
a share of commission that is paid by the particular credit provider
a membership fee for our business
a monthly fee for each of our accredited loan writers.
Referrers and Referral fees
We obtain referrals from a range of sources, including accountants, financial planners, real estate agents and other people. If you were introduced or referred to us, we may pay the referrer a commission or a fee. Details of any commission or fees being paid to the referrer will be included in the Credit Proposal Disclosure document.
Dispute resolution and complaints
We are committed to providing you with the best possible service, however we understand there may be times where you are not satisfied. If this occurs, and you wish us to do something about it, we have a formal process in place to address your concerns.
Internal dispute resolution
If you do have a complaint, please contact our Compliance Office using the details below:
If you choose to contact us by email, please make sure you include as much information as you can. 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. If we are unable to reach a satisfactory resolution, you can make a complaint in writing to the Australian Credit Licence holder, Connective Credit Services. With regards to complaints resolution, we are mindful of the need to ensure that consumers are treated fairly and with respect during the complaints handling process. Any dis-satisfaction with a credit representative operating under the licence will be handled in an efficient, timely and effective manner in accordance with ASIC regulations of Internal Dispute Resolution (IDR).
Business Name: Connective Credit Services
Attention: Compliance and Complaints Handling Officer
If you are not satisfied with how we (Loop Financial) or our licensee (Connective Credit Services) have handled your complaint, you may take the matter ‘free of charge’ to the relevant External Dispute Resolution (EDR) service provider (subject to the provider’s terms of reference). Please note that the EDR provider will request the matter be first attempted to be resolved through our IDR process via Connective. If our IDR process is still in progress, they would expect that this process be completed before any external consideration.
Our EDR service provider is the Credit and Investments Ombudsman Ltd, which can be contacted via:
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 enquiries. 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.
It’s kinda like ‘Fight Club’….we don’t talk about it!
We are super committed to protecting the privacy of your personal information.
What information do we collect and how do we use it?
We will collect personal information when we do business with you. This may include a broad range of information from your name, address and contact details to other information about your qualifications, employment history and financial information. We use the information you provide to assist you with your credit needs, including the preparation and submission of loan applications. We also use it to send you product information and promotional material. If you choose not to (or are unable to) supply any of the information we request, we can’t properly advise or assist you with loan applications and/or our ability to assist you may be limited. We will use your personal information:
to conduct our business
to manage our business relationships with you and with others, including Credit Providers
to complete a transaction on your behalf
to provide you with information about our products and services.
From time to time, we will use your contact details to send you direct marketing communications including offers, updates and newsletters that are relevant to the services we provide. We may do so by mail or electronically unless you tell us that you do not wish to receive electronic communications. You can unsubscribe ‘opt-out’ by notifying us and we will no longer send information to you.
How do we hold and protect your information?
We strive to maintain the relevance, accuracy, completeness and currency of the personal information we hold and to protect its privacy and security. We keep personal information only for as long as is reasonably necessary for the purpose for which it was collected or to comply with any applicable legal or ethical reporting or document retention requirements. We hold the information we collect from you on our secure database. In some cases, your file is archived and sent to an external data storage provider for a period of time. We only use storage providers who are also regulated by the Privacy Act. We take all reasonable steps to protect your personal information from misuse, interference, loss, unauthorised access, modification or exposure. Access to your information is restricted to those employees whose job requires that information. Access to our premises and computer systems is restricted through locks, password protection, internet firewalls and routers. We will take reasonable steps to destroy or de-identify your personal information when your personal information is no longer required for our business functions.
Will we disclose the information we collect to anyone?
We do not sell, trade or rent client lists or personal information to any third party. We will disclose personal information about you to our credit providers and agents where it relates to our credit assistance. In all cases we will only disclose that information that is strictly required, and take all reasonable steps to ensure that your personal information is handled in accordance with the Australian Privacy Principles Otherwise, we will not disclose personal information unless you consent, we are required to do so by law or under some unusual other circumstances which the Privacy Act permits.
How can you access, update or correct the information we are holding?
You have the right to access your information. If you believe that we are holding inaccurate, incomplete, irrelevant or out of date data about you, you may ask us to correct it. You can make a request for access to or correction of your personal information by contacting us anytime. In some limited circumstances we may need to refuse access to your information or refuse a request for correction. If this is the case, we will advise you as soon as possible after your request and provide you with our reasons for the refusal.
What happens if you are not happy with how your information is handled?
By asking us to assist you, you consent to the collection and use of the information you have provided to us for the purposes described above. For more information on your privacy rights please visit www.privacy.gov.au
If you have any questions about this Credit Guide or anything else about our services, please let us know, we’re here to help you!