Credit guide
This page contains information about various fees and charges that may be payable by you to us, as well as about certain commissions we may receive or we pay to certain third parties.
Key information
What is 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. The licensee is Keylend.
What is credit assistance?
We give you credit assistance when:
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We assist you to apply for a particular loan or lease;
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We suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
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We suggest you remain in your current loan or lease.
The assessment we need to do before giving you credit assistance
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:
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The loan or lease or increase will meet your requirements and objectives; and
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You can meet the proposed repayments.
We won’t be able to give you credit assistance if our assessment shows that:
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You won’t be able to meet the proposed repayments without substantial hardship; or
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The loan or lease won’t meet your requirements or objectives.
Getting a copy of our assessment
If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to seven years after we provide you with a credit assistance quote. To request a copy please contact us.
We will provide you with a copy:
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Within seven business days after the day we receive your request – provided you make the request within two years of the date of our credit assistance quote; or
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Otherwise, within 21 business days after the day we receive your request.
Information about the licensee and its credit representatives
Our Lending Advisers act as credit representatives of Keylend and 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.
The following are the lenders or lessors with whom we generally conduct the most business:
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CBA
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ANZ
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Bank SA
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Bankwest
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Westpac
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Macquarie Bank
Fees and charges
Fees payable for the provision of credit assistance
Our Credit Representative may charge a fee for the services provided to you. If a fee is charged, you will be provided with more details about the fees payable by you in a Credit Quote which our Credit Representative will give you before providing you with credit assistance.
Fees payable in relation to acting as credit representative
Credit Representatives may receive remuneration from Keylend and/or the Aggregator.
Other fees and charges
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.
Commissions
Commissions we receive from our licensee
Keylend has appointed Choice as its aggregator. Choice as an aggregator receive commissions from lenders and lessors and to pay Keylend Credit Representatives commission in relation to loan contracts or leases for which they have provided credit assistance. The total amount of commission that may be received 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 0.0% and 1.10% 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 0.0% per annum and 0.55% per annum of the outstanding loan amount.
Leases
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 1.0% and 4.0% 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.
Gifts & hospitality
In line with Industry reforms, I am required to keep a register of benefits I may receive from any Lenders or Aggregators to the value of $100 or more which is kept current (over a rolling twelve month period and housed for 3 years). In the interest of transparency and good customer outcomes an applicant may request a copy of this register to ensure there are no lender conflicts.
Tiered servicing
We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts.
Volume bonus arrangements
Our Aggregator has volume bonus arrangements in place with the Commonwealth Bank of Australia, the Westpac Banking Corporation and the Australia and New Zealand Bank Group Limited. From time to time we or our Aggregator 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 Aggregator write a particular volume of loans offered by those lenders.
Commissions payable by us
We obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people. If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee.
Further information about referral commissions/fees, including our reasonable estimate of the amount of any 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.