Lachlan King Credit Guide Version 1.1- October 2011
Lachlan King ABN: 41 138 981 834 2a/19 Days Road, GRANGE QLD 4051 phone 1300 493 584 fax (07) 3352 6256 email lachlan@octanepartners.com.au web www.octanepartners.com.au Page 2
Credit Guide (Version 1.1 October 2011) Important Before we provide you with credit assistance, you should read this Credit Guide. It contains important information that will help you decide whether to use our services. The credit services we provide. Our service offer and fees. Types of products and lenders we recommend. Who to contact should you have a complaint. Our credit advice process Everyone is different, with different circumstances, requirements and objectives. We treat every client as an individual, but follow a defined process, to make sure you know what to expect from us. Our advice process covers the first appointment through to the application stage: (1) Identify your needs We help you identify the type of loan and features you need. (2) Considering options suitable to you We research the different loans available to you from our panel of lenders. (3) Selecting a loan We will help you choose a loan that meets your needs and objectives. (4) Receive your finance We will assist you through the loan application process, liaising with the lender to make sure your loan approval process runs smoothly. About Lachlan King Your credit adviser, Lachlan King (ASIC number 370875), is a credit representative of Genesys Wealth Advisers Limited. Education and Qualifications Diploma of Financial Planning Certificate IV in Financial Serviced (Finance/Mortgage Broking) Memberships Mortgage and Finance Association of Australia (MFAA) MFAA member The MFAA is the peak national body providing services and representation to over 12,000 professional credit advisers (mortgage and finance brokers, mortgage managers and aggregators) to assist them to develop, foster and promote the mortgage and finance industry in Australia. Credit Ombudsman Services Ltd (COSL) Panel of lenders Genesys Wealth Advisers Limited has a panel of lenders ranging from major banks, building societies, credit unions, retail lenders and specialist non-banks, through use of Finance and Systems Technology (FAST). FAST is an aggregator, who acts as an intermediary between credit advisers and lenders. As at October 2011, Genesys Wealth Advisers Limited uses the following lenders most frequently. (1) Commonwealth Bank (2) ANZ (3) Bank SA (4) ING Direct (5) Bankwest (6) Westpac Page 3
As at October 2011, the lenders who Lachlan King is accredited with are: Adelaide Bank AMP ANZ Bank Australian First Mortgage AXA Bankwest Commonwealth Bank FirstMac Future Financial Heritage Building Society ING LoanNet MacLease National Australia Bank Pepper Home Loans Perpetual Suncorp Westpac Bank Advice we can provide Lachlan King can provide you mortgage and finance broking activities. We can recommend and assist you to apply for a number of loan types: home loans (first mortgage) home loans (subsequent mortgage) vehicle loans other personal loans overdrafts car leases other loans, where applicable Suitable options We will make sure that any new or existing credit contracts we assist you with meet two main requirements: that they meet your needs and objectives, and that you are able to meet the financial obligations of the contract, without placing you in a position of financial hardship. Credit contracts that meet these requirements are known as being not unsuitable. If we cannot meet these requirements, we are unable to provide credit assistance. Documents you may receive Credit Quote We will provide you with an estimate of any fees and charges you may pay, before providing any advice and services. If there are no fees payable a credit quote will not be provided, however you can request one. Our advice. Our advice will be presented to you by Lachlan King in the form of the following documents; preliminary assessment, credit proposal disclosure and loan comparison. These documents will provide the basis for our advice, alternative products, the fees associated with our recommendation and commission we may receive if your application is successful. We maintain a copy of these documents. You can request a copy within seven years of the date of the advice been implemented. Other Documents Before providing you with ongoing advice, we will prepare an ongoing advice agreement. This will set out what our ongoing advice will cover and how much it will cost. Page 4
Advice fees Commission Commission may be payable by the lender once your application for credit has been approved. Your credit proposal disclosure document will outline all fees and commission inclusive of GST. The commission covers the costs we incur when providing you with advice and assisting you throughout the credit application process. The commission we receive may range between the following limits: Upfront commission From 0% and 0.70% of the amount you borrow. Trail commission From 0% to 0.22% a year based on your loan balance. How the fees are distributed All fees charged by your credit adviser and any brokerage, commissions or additional payments paid by product providers (total remuneration) are receivable by Genesys as the Licensee. The Genesys percentage retained is tiered based on the total remuneration earned in conjunction with advice given by your credit adviser. The percentage retained by Genesys is up to 15%. Other benefits Lachlan King may receive We may be offered or receive non-commission benefits such as entertainment or sponsorship from some product providers at no extra cost to you. Both Genesys Wealth Advisers Limited and Lachlan King maintain a register to document benefits received. A copy of this register will be made available within seven days of a request. Volume based bonuses: From time to time we may receive additional benefits from lenders, depending on the number and amount of business we secure with a particular lender and/or the quality of submissions. We have arrangements with the following lenders through agreements between the lender and our aggregator FAST: Westpac ANZ Macquarie Leasing Product Competitions: We may participate in short term incentive programmes such as a product provider paying additional commissions during a specified period. Due to the temporary nature of these arrangements they have not been included in this document. Details of any short term incentives will be outlined in the credit proposal disclosure document About Genesys Wealth Advisers Limited Genesys Wealth Advisers Limited Limited ABN 20 060 778 216 Australian Credit Licensee 232686 383 Kent Street, Sydney, New South Wales 2011 Genesys Wealth Advisers Limited is a member of the AMP Group. The AMP Group includes companies formerly part of the Australian and New Zealand operations of AXA Asia Pacific Holdings Limited. Genesys Wealth Advisers Limited is a principal member of the Mortgage and Finance Association of Australian (MFAA) and as such, Genesys Wealth Advisers Limited and their mortgage/finance brokers have adopted the MFAA s rules of professional conduct. Genesys Wealth Advisers Limited has approved the distribution of this Credit Guide. Privacy In order to best meet your needs and provide you with credit assistance and advice, we will need to disclose your personal information to lenders. Communication may include fax, email (may be unsecured), phone calls and regular mail. Lachlan King maintains a record of your personal information. You have the right to withhold personal information, but this may compromise the effectiveness of the advice you receive. A copy of any recommendations made to you will be retained by Lachlan King for seven years. Please contact Lachlan King to review your file. Page 5
Genesys Wealth Advisers Limited and Lachlan King implement a privacy policy, which ensures the privacy and security of your personal information. You can request a copy of the policy from Lachlan King. The information you provide and any recommendations made will be kept on file. You are entitled to request reasonable access to any information held about you. It is also important to understand that Genesys Wealth Advisers Limited reserves the right to appoint another mortgage broker from time to time. In these circumstances we will write to you advising you of the change. The information you provide will be held by Genesys Wealth Advisers Limited and/or AMP Group companies. Professional indemnity insurance What should you do if you have a complaint? Professional indemnity insurance is maintained by Genesys Wealth Advisers Limited and Lachlan King to cover advice, actions and recommendations which have been authorised by Genesys Wealth Advisers Limited and provided by Lachlan King. The insurance satisfies the requirements imposed by the National Credit Act 2009 and the regulator, the Australian Securities and Investments Commission (ASIC). If you have any complaints about the services provided to you, you should take the following steps: Contact your mortgage broker and tell them about your complaint. If your complaint is not satisfactorily resolved within three days, please contact Genesys Wealth Advisers Limited on 137 292 or put your complaint in writing and send it to: Genesys Wealth Advisers Limited Attention: Complaints Case Manager Advice and Licensing Level 9, 750 Collins Street DOCKLANDS VIC 3008 Genesys Wealth Advisers Limited will try to resolve your complaint quickly and fairly. If your complaint has not been resolved satisfactorily, you may escalate your complaint to the following External Dispute Resolution Scheme: COSL (Credit Ombudsmen Services Limited) Phone: 1800 138 422, Website: www.cosl.com.au The Australian Securities and Investments Commission (ASIC) may be contacted on 1300 300 630 to assist you in settling your complaint. Page 6