CREDIT GUIDE June 2022 - needs to be updated
This is the Credit Guide of Peygo – ABN 16 652 442 709. Peygo is a Credit Representative (527288) of Home mortgage Plus Pty Limited (ACN 105 991 835, Australian Credit Licence 392200). We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009. The NCCP Act regulates the activity of lending, leasing and finance broking.
About this Credit Guide
This Credit Guide is designed to assist you in deciding whether to use the services we offer.
Services we Provide
We may provide you with information on a range of lenders and products. Once you have chosen a loan or lease that is suitable for you, we will help you to obtain the approval.
Our Associations and Relationships
Below are the lenders with whom Peygo conducts the most business with:
Our Best Interests Duty (BID) Obligations to You
As of the 1st January 2021, the best interests duty (BID) was passed into law that requires mortgage brokers to act in the best interests of the consumer when providing credit assistance. BID was introduced to improve customer outcomes after recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Were recommendations are made relating to mortgage broking, the law requires us to:
- act in the best interests of the consumer when providing credit assistance
- give priority to consumers where a conflict of interest is identified when providing credit assistance; and • not accept conflicted remuneration.
These obligations have largely improved how:
- mortgage brokers gather and document information about a consumers’ individual circumstances, requirements & objectives
- mortgage brokers educate the consumer to make informed decisions
- mortgage brokers assess relevant products inline with the consumer’s needs
- those options & the recommendation are presented
Our Responsible Lending Obligations to You
We are obliged to ensure that any loan, principal increase to a loan, or any lease we help you to enter, is suitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable.
The law requires us to:
- make reasonable enquiries about your requirements and objectives
- make reasonable enquiries about your financial situation and
- take reasonable steps to verify that financial situation.
Credit will be unsuitable for you if, at the time of the assessment, it is likely that the following would apply at the time credit is provided.
- you could not pay or could only pay with substantial hardship; or
- the credit will not meet your requirements or objectives. For example, if you can only repay by selling your principal place of residence, it is presumed that the loan will cause substantial hardship unless the contrary is proved. For this reason, we must ask you to provide a significant amount of information. It is important that the information you provide is accurate, complete and up to date. We will provide you with a copy of our preliminary assessment of your application, if you ask within seven years of when we provided assistance to you. This requirement is only triggered if we give you credit assistance. If we arrange a loan for you to purchase or refinance real estate, remember you must make your own enquiries about the value of the real estate and its potential for future growth. Although we may obtain a valuation, that is for our own use and you should not rely on it.
Commissions receivable by us
We receive commissions from the lenders when they provide finance to you. Where we act as mortgage manager, we receive management fees (a form of commissions) from the lender who funds the loan. These are not amounts payable by you. Upon request, we can provide you with a reasonable estimate of the commission or management fees likely to be received and how the commission or management fees are worked out. We do not have any volume-based commission or volume-based bonus arrangements.
Commissions payable by us
We source referrals from a broad range of sources including comparison sites, real estate agents and our partners who can be found on this site. We may pay fees to these parties for referring you to us. These referral fees are generally small amounts. There is no fee payable by you for the referral. Upon request, you can obtain a reasonable estimate of the amount of commission and how it is worked out.
Internal dispute resolution
If you have a complaint about our services, please contact the person who initially provided the service to you. If they are unable to resolve the issue, or if you’d prefer not to contact them, our Complaints Team can be contacted on the following details:
Phone: 1300 459 551
Post: Peygo Complaints PO BOX is PO BOX 193, Coolum Beach QLD 4573
We will keep you informed of our review progression on a regular basis and assist you with additional support where required. Extra support, for communication barriers such as language or disability, are available.
External dispute resolution
If you are not satisfied with the outcome of your complaint, you can contact our external dispute resolution scheme as follows:
Australian Financial Complaints Authority
Telephone: 1800 931 678
Post: Australian Financial
GPO Box 3
Melbourne VIC 3001
Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult AFCA website to find out if or when the time limit relevant to your circumstances expires.