Licensee Credit Guide
This document provides information about the services we provide. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
AWFBS Pty Ltd
Australian Credit Licence Number
Level 1, Suite 476
1300 90 70 50
Services we provide
Lifestyle Loans and Lending is an Australian owned and operated organisation, dedicated to providing their clients with an integrated range of financial services and products. Lifestyle Loans and Lending currently has a network of mortgage specialists to assist clients credit products including personal loans, home loans, investment loans, commercial and agribusiness loans, and equipment finance.
Your best Interests
Our broker's priority is to you, their customer. We require our brokers place your finance needs above those of anyone else.
Our brokers are required to be transparent about products, your options, applicable fees, and charges as well any conflicts of interest. They will communicate in simple to understand language and act with the highest standards of integrity. They are committed to ensuring the product selected will meet your needs, requirements and be in your best interests at the time of assisting you obtaining finance.
This Credit Guide contains important information about us, the services we provide and the activities of the credit representative operating under our credit licence. It also contains:
- information about fees and charges that may be payable by you to us
- commissions that we may receive when we are acting as a credit representative
- commissions that we may pay to third parties for introduction of business, and information about what you should do if you have a complaint or dispute regarding our services and activities.
We are required to provide this document 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 in applying for:
- a. a particular loan with a particular lender
- an increase to an existing loan with a particular lender, or
- Recommend that you remain in an existing loan contract.
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 provided 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
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 is settled, or the credit limit 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 may charge a fee for providing credit assistance to you. If applicable, details about the fees payable by you will be set out in a Credit Quote which we will give you prior to submitting your loan application.
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.
How I get paid
Our Licensee receives commission from the lenders. Our licensee 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.
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 Summary of Requirements and Credit Proposal document that we will provide you with when credit assistance is provided.
From time to time, I may 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.
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 Summary of Requirements and Credit Proposal document we provide to you.
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 please inform us verbally or in writing with the exact details of your complaint, so we can work towards a prompt and fair resolution.
If we are unable to reach a satisfactory resolution, you can make a complaint in writing to the Australian Credit Licence holder, AWFBS Pty Ltd. 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 dissatisfaction 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).
AWFBS Pty Ltd details are:
Attention: Compliance and Complaints Handling Officer
Phone: 1300 90 70 50
Email: Contact Us
Mail: AWFBS Pty Ltd, Level 1, Suite 476. 241 Adelaide St. Brisbane QLD 4000.
We hope that you will be satisfied with how we deal with your complaint. However, if your concerns remain unresolved, or you have not heard from us within 30 days, then you can have your complaint heard by an independent party. The complaint can be lodged with the Australian Financial Complaints Authority (AFCA):
Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.
Things you should know
We don't provide legal or financial planning 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 planning advice before you enter any loan contract.
Entertainment and hospitality register
We hold and maintain an entertainment and hospitality register. A copy can be provided on request.
For more information regarding this Credit Guide or anything else about our services, just contact us at any time. We're here to assist you.