Credit Guide

About this Credit Guide

This Credit Guide is provided as required under the National Consumer Credit Protection Act 2009 (NCCP Act) and Regulation 28A. It explains the credit assistance Modern Home Loansis authorised to provide and outlines what you can expect from us, how we're paid, and what to do if you have a complaint.

Who we are

Modern Home Loans
ABN: 49 139 532 648
22 Shore Crescent, Bulimba 4171 QLD

Danny (Modern Home Loans) is an Authorised Credit Representative — Credit Representative Number 000366901 — of Purple Circle Financial Services Pty Ltd (Australian Credit Licence 486112). All credit assistance provided by Modern Home Loans is provided under this credit licence.

The credit licensee

Purple Circle Financial Services Pty Ltd
Australian Credit Licence: 486112

Purple Circle Financial Services Pty Ltd is a member of the Australian Financial Complaints Authority (AFCA), the external dispute-resolution scheme available to credit consumers in Australia.

What credit assistance we provide

Modern Home Loans provides credit assistance to consumers and small businesses in connection with the following types of credit:

• Residential home loans (owner-occupier and investment)
• Refinancing of existing home loans
• Equity release / line-of-credit facilities secured against residential property
• Construction and renovation lending
• Self-managed super fund (SMSF) property loans under Limited Recourse Borrowing Arrangements
• Business and commercial finance, including commercial property
• Asset and equipment finance (chattel mortgage, hire purchase, lease)
• Personal loans and debt consolidation

Credit assistance means suggesting that you apply for a particular credit contract with a particular credit provider, suggesting that you apply for an increase to a particular credit limit, or assisting you to apply for any of these.

Our responsible-lending obligation

Before Danny suggests a particular credit contract or assists you to apply for one, the law requires Danny to make a preliminary assessment of whether the contract is not unsuitable for your needs and objectives, having regard to your financial situation. This involves:

• making reasonable enquiries about your requirements and objectives;
• making reasonable enquiries about your financial situation; and
• taking reasonable steps to verify that financial situation.

A credit contract is unsuitable if at the time of assessment it is likely that you could not comply with the financial obligations of the contract, or could only comply with substantial hardship, or the contract does not meet your requirements and objectives.Danny will not provide credit assistance in relation to a contract assessed as unsuitable.

Obtaining a copy of the preliminary assessment

You can request a written copy of the preliminary assessment from us at no charge. We must provide the preliminary assessment within:

• 7 business days of the request, if requested within 2 years of the assessment; or
• 21 business days of the request, if requested between 2 and 7 years of the assessment.

We are required to keep the preliminary assessment for 7 years from the date it is made. To request a copy, contact us using the details at the bottom of this page.

Lender panel

Through Purple Circle Financial Services Pty Ltd, Danny has access to a panel of more than 80 lenders, including major banks, second-tier banks, mutual banks, and specialist non-bank lenders. Danny does not have access to every lender in the Australian market and is not a financial adviser. The lenders we work with most frequently are disclosed on request.

Fees and charges

Modern Home Loans does not charge a fee to clients for arranging a credit contract. We are paid by commission from the lender at settlement, and ongoing trail commission while the loan is held by the lender (described below).

From time to time, third parties may charge their own fees in connection with a credit application — for example, lender application fees, valuation fees, settlement fees, and government charges (such as transfer duty and mortgage registration fees). Where we know about these in advance, we'll disclose them to you before you apply.

How Danny is paid

When a loan we've assisted you to arrange is settled, the lender pays Purple Circle Financial Services Pty Ltd a commission. Purple Circle Financial Services Pty Ltd retains a portion of that commission and pays the balance to Modern Home Loans. Commissions take two forms:

• Upfront commission — paid by the lender at settlement, calculated as a percentage of the loan amount.
• Trail commission — paid by the lender each month while the loan remains active, calculated as a percentage of the outstanding loan balance.

Commission rates vary between lenders and may change over time. We'll provide you with specific commission disclosures relating to your loan as part of the credit assistance and Quote / Credit Proposal documents before you submit any application.

Referral arrangements

Modern Home Loans does not currently have any active referral arrangements that result in a payment to or from a third party in connection with credit assistance provided to you. If a referral arrangement is established in the future, this Credit Guide will be updated, and any specific arrangement applying to your application will be disclosed to you in writing as part of your Credit Proposal.

Memberships and qualifications

Danny is a member of the Finance Brokers Association of Australia (FBAA) and complies with the FBAA Code of Practice. Danny maintains the continuing professional development hours required for FBAA membership and credit-representative status.

Complaints

If you have a concern about credit assistance you've received from Modern Home Loans, the fastest route to a resolution is to tell us directly so we can put it right.

Step 1 — internal complaint to Modern Home Loans

Contact us using any of the channels at the bottom of this page, or via the form on /compliments-concerns. We'll acknowledge your complaint within 5 business days and aim to resolve it within 30 days. The full internal process is set out on the Compliments & Concerns page.

Step 2 — external dispute resolution (AFCA)

If we can't resolve your complaint to your satisfaction, you can refer the matter to the Australian Financial Complaints Authority (AFCA). AFCA is a free, independent dispute-resolution service available to consumers of financial and credit services.

Australian Financial Complaints Authority (AFCA)
Phone: 1800 931 678
Email: info@afca.org.au
Mail: GPO Box 3, Melbourne VIC 3001
Web: www.afca.org.au

Privacy

Modern Home Loans collects and uses personal information to provide credit assistance and to comply with our regulatory obligations. We handle personal information in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles. Our full Privacy Policy is available at /privacy.

Contact us

Modern Home Loans
22 Shore Crescent, Bulimba 4171 QLD
Phone: 07 3153 7761
Email: hello@modernhomeloans.com.au