Credit Guide
‘Loan Magnet’ is the trading name of Lending Legends Pty Ltd (ACN 633 308 193) Credit Representative 394394 under credit licence holder Finsure Finance and Insurance Pty Ltd (Australian Credit Licence No: 384704)
Lending Legends and its employees are authorised to act on behalf of Finsure Finance & Insurance Pty Ltd in providing you credit services.
Our mission is to provide Australians with an outstanding experience when choosing a home loan from our panel of major and non-bank lenders.
In this document ‘loan magnet’, ‘lending legends’, ‘we’, ‘us’ and ‘our’ refers to Lending Legends Pty Ltd & Finsure Finance & Insurance Pty Ltd.
This Credit Guide sets out important information about the licence holder, credit representatives and the services we provide.
Credit Licence Holder Finsure Finance and Insurance Pty Ltd (ABN: 72 068 153 926)
Address Level 24, 52 Martin Place Sydney NSW 2000
Phone 1300 346 787
Email enquiries@finsure.com.au
Australian Credit Licence No 384704
Licensee EDR Scheme Name Australian Financial Complaints Authority (AFCA)
Credit Representative Lending Legends Pty Ltd t/a Loan Magnet (ACN: 633 308 193)
Address Suite 1402, 401 Docklands Drive Docklands Vic 3008
Phone 1300 536 534
Email query@sh118.global.temp.domains
Australian Credit Rep No 394394
Credit Rep EDR Scheme Australian Financial Complaints Authority (AFCA)
Credit Rep EDR No 71807
What is Credit Assistance?
Lending Legends Pty Ltd is licensed to provide credit assistance to you under the National Consumer Credit Protection Act 2009. We 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 credit provider; or
- suggest or assist you to apply for an increase to an existing credit contract with a credit provider; or
- suggest you remain in a particular credit contract with a credit provider.
Statement of Credit Assistance
What we will need from you
When we provide you with credit assistance, we are legally required to only recommend credit products that are not unsuitable for you. Lending Legends strives to achieve better customer outcomes and suitable products and services.
To enable us to review which loan products might be suitable for you, we are required to complete a Statement of Credit Assistance. When we make this preliminary assessment, we will ask you about your requirements and objectives, your financial and personal situation and your ability to repay the loan that you are considering. In assessing these factors, we are also required to take reasonable steps to verify some of the information you provide us. This verification may include asking 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 your Preliminary Assessment
You may request a copy of our Preliminary Assessment and we must give you a copy of it within:
- seven (7) days, if the request is made within two (2) years of providing credit assistance; or
- twenty-one (21) days, if the request is made between two (2) and seven (7) years of the providing credit assistance.
There is no charge for requesting or receiving a copy of the Preliminary Assessment.
How do we and our Representatives get paid?
Lending Legends t/a Loan Magnet is paid commissions by lenders for introducing customers. The lenders we deal with will usually pay us a commission based on the size of loan and the particular loan product you have selected. We will only be paid this commission if your loan is settled and drawn down. We are also paid an ongoing commission by your lender based on the outstanding balance of your loan. The licensee is not paid any commissions from lenders.
The commissions that we are paid by your lender are not payable by you (they are paid to Lending Legends either directly by the lender or by our Aggregator) and do not alter your interest rate.
At this stage, the amount of fees payable is unascertainable. As part of the application process, we will provide you with a Credit Proposal Disclosure Document which will include an estimate of the commissions we are likely to receive from the Lender if you decide to proceed with the application and the loan settles, and details of how that commission is calculated. You can also request this information from us.
Home Loan Specialists employed by Lending Legends Pty Ltd acting on behalf of the licensee receive a salary from Lending Legends Pty Ltd and may receive additional performance incentives depending on a number of metrics including successful loan applications, customer satisfaction, and other quality metrics.
Non-monetary remuneration or benefits
Home Loan Specialists may also receive non-monetary benefits, which may include access to tiered servicing programs, conferences, courses, competitions, entertainment benefits, and other forms of hospitality.
Our Home Loan Specialists have access to training and educational courses or seminars run by lenders, aggregators, and third parties, which are intended to assist our staff in understanding lender products. They may also be members of lender tiered servicing programs which can enable them to receive improved service and other benefits. The value of these benefits is usually unascertainable. Where any training or educational courses are organised by Lending Legends, we ensure that access is available to all our Home Loan Specialists.
All our conferences and professional development events are held at suitable locations, are primarily educationally focussed, and are aimed at improving consumer outcomes. The ability to attend conferences and access additional educational opportunities is not based on loan volumes written by a broker.
Fees and charges payable by you in relation to our credit assistance
We do not charge you a fee for our credit assistance.
Our Top 6 credit providers
We source credit products from a range of banks, lenders and other credit providers. We currently have 40+ lenders available to customers.
Other people we deal with
Our Aggregator
We gain access to the loan products we recommend to you through the services of our Aggregator, Finsure Finance and Insurance Pty Ltd (ABN 72 608 153 926). In order to gain access to their panel of lenders, our aggregator charges us an annual fee as well as a monthly fee for each of our brokers.
We also have access to the loan products we may recommend to you by way of direct agreements with some lenders.
Referrers and Referral fees
In some cases, your business may have been referred to us by non-regulated third parties such as real estate agents, accountants, financial planners etc. Where this is the case and a referral fee may be paid by Lending Legends to these parties, the fee will be disclosed to you in the Credit Proposal Disclosure Document. You can also ask us for a reasonable estimate of these fees and how we worked it out.
Dispute resolution and complaints
While we always strive to provide the best possible service, 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 us at complaints@sh118.global.temp.domains or by using the phone number or postal address at the start of this document. Please try to explain the details of your complaint as clearly as you can and include as much relevant information or supporting documents as possible.
When we receive a complaint, we will aim to acknowledge it within five (5) business days and try to resolve it as soon as we can (usually within 30 days). Where we are unable to provide a final response to your complaint within 30 days, we will send you an email or letter advising of the reasons for any delay, and your right to complain to our External Dispute Resolution (EDR) scheme.
External Dispute Resolution
If you are not satisfied with our response or how we have handled your complaint, you may make a formal complaint to our EDR scheme, the Australian Financial Complaints Authority (AFCA), which can be contacted on:
T: 1800 931 678 (free call)
P: Australian Financial Complaints Authority, GPO BOX 3, MELBOURNE VIC 3001
Time limits may apply to complain to AFCA, 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 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.
Privacy
We are committed to protecting your privacy. We use the information you provide to assist you with your credit needs. We do not trade, rent or sell your information. If you don’t provide us with full information, we can’t properly advise or assist you. You can check the information we hold about you at any time. For more information, please see our Privacy Policy which can be found on our website (https://loanmagnet.com.au/privacypolicy/) or ask us for a copy. For more information on your privacy rights, please visit http://www.privacy.gov.au.
Questions?
If you have any questions about this Credit Guide or anything else, just ask as we are here to help you.