Upside Downside Pty Ltd is licensed under the National Consumer Credit Protection Act 2009. The details of our licence are as follows:
Upside Downside Pty Ltd (ACN 608 107 428) , Trading As Parker Lane
Level 1, 212 Commercial Road, Prahran VIC 3181
1300 13 17 11
Australian Credit Licence Number 482276
This Credit Guide contains important information about us, the services we provide and the activities of the credit representative operating under our credit licence. It also contains:
information about fees and charges that may be payable by you to us;
commissions that we may receive when we are acting as a credit representative; and
commissions that we may pay to third parties for introduction of business, and information about what you should do if you have a complaint or dispute in connection with our services and activities.
We are required to provide this document 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 in applying for:
a particular loan with a particular lender;
an increase to an existing loan with a particular lender; or
recommend that you remain in an existing loan contract.
Prior to providing credit assistance to you, we must assess whether the particular loan is “unsuitable”. A loan will be “unsuitable” based on the information you provided to us if:
1. You will be unable to repay the proposed loan or will only be able to repay the proposed loan with substantial hardship; or
2. The proposed loan does not meet your requirements and objectives.
We are required to document our findings that the proposed loan is not unsuitable by way of completing a Preliminary Assessment. The Preliminary Assessment will set out your:
requirements and objectives;
financial and relevant personal situation; and
ability to repay the proposed loan.
We are also required to take reasonable steps to verify information provided by you to us.
This verification may include:
requesting 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 the Preliminary Assessment
If we provide you with credit assistance, you may request a copy of our Preliminary Assessment anytime for up to 7 years and we must provide you with a copy of the assessment within the following timeframes:
Your request is made:
We will give you your assessment:
Before the Credit Day*
As soon as possible after we receive your request
Up to 2 years after the Credit Day
Within 7 business days after we receive your request
Between 2 to 7 years after the Credit Day
Within 21 business days after we receive your request
*The Credit Day is the date the credit contract is settled or the credit limit is increased.
There is no charge for requesting or receiving a copy of the Preliminary Assessment.
FEES AND CHARGES THAT ARE PAYABLE BY YOU IN RELATION TO OUR CREDIT ASSISTANCE
We may charge a fee for providing credit assistance to you. If applicable, details about those fees payable by you will be set out in a Credit Quote which we will give you prior to submitting your loan application.
Other fees and charges
You may have to pay other fees and charges (such as application fees, valuation costs and other applicable fees) to the lender or other parties. You should review the particular loan contract documentation for further details of any such fees and charges.
HOW DO WE GET PAID?
We are paid commission from lenders in relation to loan contracts (such as home and investment property loans) for providing credit assistance.
An upfront commission is payable by lenders in relation to settled (drawn-down) loans and is calculated as a percentage of the loan amount. It is usually paid after settlement of the loan.
Trail commission is payable by lenders in relation to settled (drawn-down) loans. It is calculated monthly on the outstanding loan balance and is paid in arrears.
The upfront and trail commissions that we are paid by lenders are not payable by you. Details of commission to be received will be included in the Credit Proposal Disclosure document that we will provide you with when credit assistance is provided.
From time to time, we may receive a non-commission benefit by way of training, professional development, entertainment, gift, conference attendance, sponsorship, or entry into a competition run by a lender aggregator, at no extra cost to you. The nature of such arrangements are temporary, and the occurrence and amounts are often not readily ascertainable, however if they are apparent as a result of assisting you with credit assistance, this will be disclosed to you.
OUR LENDER PANEL - CREDIT PROVIDERS
We are authorised to engage in credit activities and therefore provide assistance to obtain loans for you from a panel of credit providers. The following are the 6 credit providers through which we generally conduct the most business:
Commonwealth Bank, Community First Credit Union, Bankwest, NAB, Gateway Bank, Ratesetter
OTHER PEOPLE WE DEAL WITH
We have approval to utilise credit providers and their loan products through the services of our aggregator ‘Connective Broker Services Pty Ltd ABN 77 161 731 111. The aggregator charges us a fee depending on our contract arrangements, consisting of:
a share of commission that is paid by the particular credit provider;
a membership fee for our business; or
a monthly fee for each of our accredited loan writers.
Our credit representatives
We appoint authorised credit representatives who undertake some credit activities under our Australian Credit Licence, including: ; White Home Group Pty Ltd (ACN 123 940 081) trading as Marion Lane and Rocket Homes (Credit Representative number 422528); and Peacock Media Group Pty Ltd (ACN 140 645 932) trading as SolarQuotes. SolarQuotes (Credit Representative number 500827 ) will receive, for each successfully settled referral, 20% of the upfront commission we receive from lenders, and 20% of any ongoing trail commission we receive.
Referrers and referral fees
We obtain referrals from a range of sources, including accountants, financial planners, real estate agents, businesses in the construction industry and other people. If you were introduced or referred to us, we may pay the referrer a commission or a fee.
Details of any commission or fees being paid to the referrer will be included in the Credit Proposal Disclosure document. You may request a reasonable estimate of the amount of commission payable to third parties and how it is worked out.
DISPUTE RESOLUTION AND COMPLAINTS
Internal Dispute Resolution
We are committed to providing you with the best possible service, however we understand there may be times where you are not satisfied. If this occurs, please contact our Complaints Officer either verbally or in writing using the details set out at the start of this document. Please provide the exact details of your complaint, so we can work towards a prompt and fair resolution.
We are mindful of the need to ensure that consumers are treated fairly and with respect during the complaints handling process. Any dissatisfaction will be handled in an efficient, timely and effective manner. ).
If you are not satisfied with how we handled your complaint, you may take the matter to our External Dispute Resolution (EDR) service provider.
Please note that the EDR provider will request the matter be first attempted to be resolved through our IDR process. If our IDR process is still in progress, they would expect that this process be completed before any external consideration.
Our EDR service provider is the Credit and Investments Ombudsman Ltd, who can be contacted via:
Telephone: 1800 138 422 (Monday to Friday 9am - 5pm AEST)
Fax: 02 9273 8440
Post: PO Box A252 South Sydney NSW 1235
Online complaint form: http://www.cio.org.au/complaint-resolution/making-a-complaint/
THINGS YOU SHOULD KNOW
We don’t provide legal or financial planning 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 planning advice before you enter any loan contract.
This policy explains how we respect your right to privacy in accordance with the Australian Privacy Principles contained in the Privacy Act (Cth) and is available on our website www.parkerlane.com.au.
For more information on your privacy rights please visit www.privacy.gov.au
For more information regarding this document or anything else about our services, just contact us at any time. We’re here to assist you.