This document sets out the basis on which we will provide the services to you, your obligations to us and the facts on which we both rely upon to enter in to this agreement. By applying for a loan through us you agree that you have read and agree to be bound by the terms and conditions listed below.
We act as finance brokers on behalf of lenders, predominately for home loan or mortgage products. We will provide you with information regarding the type and availability of credit contracts, finance products and loans. We will also assist you in the application for finance by arranging offers to be made to you by lenders. We do not advise you on the legal or financial implications of entering into credit arrangements or particular finance products.
Our panel of lenders
We have entered into arrangements with certain lenders which allow us to obtain credit for you from these lenders subject to you meeting the lenders credit criteria. The lenders with which we have arrangements do not necessarily represent all the lenders who offer credit of the nature that you seek. We can consider entering into agreements with lenders that are not part of our standard panel providing they deal with brokers and consent to our accreditation.
Fees payable by you
No fees are payable by you to us for most loan types. We are paid by the lender for doing the work that would otherwise be completed by a mobile lender or bank manager. For some types of loans such as Commercial loans, short term loans or loans where we will not earn industry standard commissions or will have our commissions clawed back by the lender then we may charge you a brokerage fee. In all cases any fees charged by us will be disclosed to you up front. In some situations we may charge a processing fee for work completed if you have dealt with us in an unethical manner. Please refer to our mortgage broking fees for more information.
Compliments & complaints
Please address all feedback to:
The Complaints Manager:
Aleksandra Medeeva, at Illawarra Mortgage Brokers by email to the address shown on our contact us page.
We endeavor to handle your feedback in house via our Director or Complaints Manager. In the event that a complaint you lodge with us is unable to be resolved you may refer your complaint to the Credit & Investment Ombudsman, who are our appointed External Dispute Resolution scheme providers. You may contact them only after you have been unsuccessful in coming to an agreement to us regarding your complaint.
Their contact details are:
Credit Ombudsman Service Limited
PO Box A252
Sydney South NSW 1235
Tel: 1800 138 422
Fax: 02 9273 8440
Benefits to be received by us from persons other than you
We may receive an upfront commission of between 0% and 2.25% of the amount borrowed by you and ongoing commissions of between 0% and 0.55% of the balance owing by you from time to time. We may pay a referral fee to the person or company that referred you to us, if applicable. These percentages include GST.
We confirm that:
- We do not determine or recommend the conditions of the credit contract (such as interest rates, fees or the term of the loan);
- We and nobody else will receive any financial or other benefit or have any other interest or relationship which could reasonably be expected to influence our recommendation other than as disclosed in the brokerage agreement; and
- We undertake to inform you if, after recommending a particular product prior to you entering into a contract for that product, the commission payment differs for those described in the brokerage agreement.
You acknowledge and agree that:
- You agree to engage us to arrange the loan described above on your behalf.
- The information you have provided to us is true and correct and that we will rely upon such information in arranging for the loan on your behalf.
- You understand that we are not qualified to give legal or financial advice and any information we give you is of a general nature only and is not specific for your situation. We recommend you obtain your own legal and financial advice regarding the suitability of the loan to your needs or purposes. In entering into this agreement you expressly agree and represent to us that you have relied upon your own independent inquiries and advice in relation to the financial and legal implications of entering into this agreement or a loan contract.
- You will release us, indemnify us and hold us harmless from all and any loss, damage, cost or injury suffered by you, and with respect to any claim, proceeding, or action which does or might arise out or in relation to this agreement or the services provided to you by us.
- The terms of the loan you are seeking are indicative only and may be subject to change. Please refer to the loan contract given to you by the lender for the full terms and conditions of the loan.
- You are able to make the quoted repayments over the quoted term without undue hardship.
- If your loan is a “Low Doc” loan then the income being declared is true and correct.
Privacy disclosure statement and consent
We are collecting personal information about you to provide you with our brokering services. The information is required to allow us to assist you in preparing the loan application and locating an appropriate lender. If the information is not provided we may not be able to find an appropriate loan for you.
We may use your information to provide you with offers or information of other goods or services we or a third party may be able to provide you with, unless you tell us not to use your personal information for this purpose in writing.
We may disclose your information to other organizations to fulfil the purposes identified (or purposes related to those purposes) in this agreement. The types of organizations we may disclose your information to include:
- Mortgage insurers;
- Our Aggregator;
- Credit reporting agencies (such as Baycorp Advantage or Veda);
- Other mortgage intermediaries;
- Government organizations as required by law;
- Other organizations which assist us (such as printers, mailing houses, lawyers, debt collectors and accountants);
- You’re appointed advisors (such as your solicitor, conveyancer, accountant, real estate agent or any persons acting on your behalf).
Unless you tell us otherwise, we may disclose your information to any person who is acting on your behalf, with your legal authority or who is purporting to act with your legal authority.
In addition we may disclose your personal information to any other organisation that you may wish to, or has acquired, an interest in your loan or in our business.
We may also contact various organizations that have information about you & your associated companies so as to obtain the information we need to provide our services. The types of organizations we may collect your information from include:
- Solicitors or Conveyancers;
- Credit reporting agencies (such as Baycorp Advantage or Veda);
- Or any other organization that has information about you which we require to provide our services.
You authorize these organizations to release to us any information we may request. You appoint Illawarra Mortgage Brokers as your agent in obtaining a copy of your consumer & commercial credit information for both yourself as individuals and any companies, trusts, trading names, registered names or related entities of which you are either an owner, trustee or director. This authority only applies to enquires made by Illawarra Mortgage Brokers in connection with your application, or proposed application, for credit or you having sought advice relating to your existing credit.
You can gain access to the information we hold about you by contacting us at the above mentioned address. We will hold the information securely and may destroy our records in accordance with established industry document retention practices or as permitted by law.
You agree that we may collect and use your personal information as specified above.