Andrew Barbazza – Credit Representative
Australian Credit Licence Number – 377789
Company: Interestrate Pty Ltd
Address: Suite 6, 45 railway Road, BLACKBURN VIC 3130
Tel: 1300 850 185
Fax: (03) 9878-3466
Web Site: interestrate.com.au
This document provides you with information relating to our activities and those of our credit representatives. It contains information about various fees and charges that may be payable by you to us, as well as about certain commissions we may receive from a licensee when we are acting as a credit representative, or we pay to certain third parties. It also contains information about what you should do if you have a complaint or dispute in connection with our services as a credit representative.
A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee. Our licensee is Interestrate Pty Ltd.
We give you credit assistance when:
Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:
We won’t be able to give you credit assistance if our assessment shows that:
If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to 7 years after we provide you with a credit assistance quote. To request a copy please contact us. We will provide you with a copy:
We act as a credit representative for interestrate Pty Ltd.. We are authorised to engage in credit activities including providing credit assistance on its behalf.
Subject to meeting credit criteria, we are able to assist you to obtain loans and leases for you from a broad range of lenders and lessors through our group.
The following are the lenders or lessors with whom we generally conduct the most business:
We may charge you any fees for providing credit assistance to you.
We charge a fee for providing credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.
We may receive remuneration from our employer, our licensee and/or broker group and do not charge you any fees or charges in relation to acting as a credit representative.
You may have to pay other fees and charges (such as an application fees, valuation fees and other fees) to the lender, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.
Our licensee has appointed our group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which we act as a credit representative and provide credit assistance. The total amount of commission we may receive in relation to your loan or lease may vary depending on the lender or lessor, the term, the features, the amount of the loan or lease you ultimately choose and the amount and timing of the repayments that you make.
Loan Contracts such as Home Loans, Investment Property Loans and Personal Loans
Upfront commission payable by lenders in relation to loans is calculated as a percentage of the loan amount and is generally in the range of 0.2% and 0.7% of the loan amount. It is usually paid after settlement of the loan.
Trail commission payable by lenders in relation to loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0% per annum and 0.25% per annum of the outstanding loan amount.
Upfront commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of 0% and 1% of the lease amount. It is usually paid after settlement of the lease.
Trail commission is generally not payable in relation to leases.
Further details of the commission earned by us will be included in the credit proposal disclosure document we will provide to you at the same time as we provide you with credit assistance.
You can request information from us about the fees that we are likely to receive, how those fees are calculated, and our reasonable estimate of the fees or commissions that will be payable.
Our broker group has volume bonus arrangements in place with the Westpac Banking Corporation, St George Banking Corporation and National Australia Bank Ltd. From time to time we or our broker group may receive a benefit, directly by way of cash bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or our broker group write a particular volume of loans offered by those lenders.
We are likely to pay a commission to any third party for the introduction of credit business or business financed by the loan contract or lease.
If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee.
We obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people.
Further information about referral commissions, including our reasonable estimate of the amount of any commission payable and how it is calculated is available from us on request and will be included in the credit proposal disclosure we will supply to you when we provide you with our credit assistance.
We are committed to providing our customers with the best possible service. If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly.
If we have a complaint, we request you follow these steps:
1. Refer to www.interestrate.com.au/dispute/process
If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contract the relevant third party. They will deal with your complaint under their complaints resolution process.
If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details.
If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further.
Our external dispute resolution service provider is the Credit Ombudsman Service Limited, which can be contacted via:
Our external dispute resolution service provider is the Financial Ombudsman Service which can contacted via:
Our licensee’s external dispute resolution service provider is the Credit & Investments Service, which can be contacted via:
Our licensee’s external dispute resolution service provider is the Financial Ombudsman Service Limited which can contacted via: