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'Lendi' is the trading name of Lendi Pty Ltd (ACN 611 161 856, Credit Representative 518849), a related body corporate of Auscred Services Pty Ltd (Auscred Services), which holds Australian Credit Licence 442372.
Lendi and Auscred Services are subsidiaries and related bodies corporate of Auscred Limited (ACN 162 394 881) (Auscred) and part of the Auscred group. Lendi and employees of Auscred Limited are authorised to act on behalf of Auscred Services' in providing you credit services.
Auscred also has a joint venture with Domain Holdings Australia Ltd powered by Lendi's platform, called Digital Home Loans Pty Ltd (ACN 619 694 156) trading as Domain Home Loans, which is authorised as a credit representative under Auscred Services' Australian Credit Licence.
Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of major and non-bank lenders.
In this document, 'Lendi', 'we', 'us' and 'our' are references to Lendi, Auscred Services, employees of Auscred and any Auscred group related bodies corporate.
This Credit Guide sets out important information about the licence holder, the credit representative and the services we provide.
Credit Licence Holder
Auscred Services Pty Ltd (ACN 164 638 171)
Level 9, 37 Pitt Street, Sydney NSW 2000
1300 323 181
Australian Credit Licence No.
Licensee External Dispute Resolution (EDR) Scheme Name
Australian Financial Complaints Authority (AFCA)
Licensee EDR Membership No.
Lendi Pty Ltd (ACN 611 161 856)
Level 9, 37 Pitt Street, Sydney NSW 2000
1300 323 181
Credit Representative No.
Credit Representative EDR Scheme Name
Credit Representative EDR Membership No.
What is Credit Assistance?
Auscred Services 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.
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. Lendi 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 Preliminary Assessment. 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?
Auscred group 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 commissions that we are paid by your lender are not payable by you (they are paid to Lendi either directly by the lender or by our Aggregator) and do not alter your interest rate.
At this stage, the amount of fees payable are 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 Auscred acting on behalf of the licensee receive a salary from the Auscred group 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 can 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 Auscred Services, 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.
We do not accept entertainment, hospitality or any other benefits above $350 per person per event. We maintain a register of soft-dollar benefits above $100 that we may receive from lenders or aggregators. If you would like to view a copy of this register, please contact us at email@example.com.
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 41 lenders available to customers and, in the last financial year (to 30 June 2020), we submitted loans to 39 lenders. In the last financial year, our top 6 lenders based on the number of settled loans were Macquarie (20%), ANZ (13.5%), ING (14.1%), Bankwest (10.2%), HSBC (9.3%), Westpac (8.6%) and CBA (5.5%).
Other people we deal with
We gain access to the loan products we recommend to you through the services of our Aggregator, Connective Broker Services Pty Ltd (ACN 161 731 111). 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 loan writers.
We also have access to the loan products we 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 is being paid by Lendi 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 firstname.lastname@example.org or by using the phone number or postal address at the start of this document. You may do this verbally or in writing. 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 45 days). Where we are unable to provide a final response to your complaint within 45 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:
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.
If you have any questions about this Credit Guide or anything else, just ask as we are here to help you.