Total Choice Home Loans Credit Guide

This Credit Guide gives you important information about the products we provide which are regulated by the National Credit Code (“consumer lending products”).

In this document, the words “we”, “us”, “our” and “Total Choice Home Loans” refer to Total Choice Home Loans.

Key information

Our Full Name

Oxlade Enterprises Pty Ltd ATF Oxlade Family Trust tas Total Choice Home Loans

Address

3 Norfolk Street Fremante WA 6160

Phone and e-mail

0894334841 Office@totalchoicehomeloans.com.au

Australian Credit Licence Number 385844

Internal Complaints Officer contact details Jonathan Oxlade 08 94334841 3 Norfolk Street Fremantle WA 6160 Jon@totalchoicehomeloans.com.au

External Dispute Resolution Scheme contact details COSL (Credit Ombudsman Services Limited)
phone 1800138422 www.cosl.com.au

Services we provide

We will help you to choose a loan or lease which is suitable for your purposes. We will provide you with information on a broad range of financiers and products. Once you have chosen a loan or lease that is suitable for you, we will help you to obtain an approval.

Our panel lenders

We source finance from a panel of financiers. The financiers named below are the six financiers with whom we conduct the most business.

ANZ , Bankwest , Commonwealth Bank, Westpac, NAB Broker, ING Bank Direct

We will need information from you

Under the NCCP Act, we are obliged to ensure that any loan or principal increase to a loan we help you to obtain or any lease we help you to enter is not unsuitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable. The law requires us to:

  • make reasonable inquiries about your requirements and objectives;
  • make reasonable inquiries about your financial situation;
  • take reasonable steps to verify that financial situation.

Credit will be unsuitable if at the time of the assessment, it is likely that at the time the credit is provided:

  • you could not pay or could only pay with substantial hardship;
  • the credit will not meet your requirements and objectives.

For example, if you can only repay by selling your principal place of residence, it is presumed that the loan will cause substantial hardship unless the contrary is proved. For this reason we must ask you to provide a significant amount of information. It is therefore very important that the information you provide us is accurate.

We must provide you with a copy of our preliminary credit assessment of your application if you ask within 7 years of when we assist you. We are only required to give you a copy of the credit assessment if we give you credit assistance.

If we arrange a loan for you to purchase or refinance real estate, remember you must make your own enquiries about the value of the real estate and its potential for future growth. Although we may obtain a valuation, that is for our own use and you should not rely on it.

Fees payable by you

We sometimes charge a fee for our services. More details about the fees payable by you will be set out in a quote which we will give you before a finance application is lodged. You may obtain from us information about how these fees and charges are worked out and a reasonable estimate of those fees.

Commissions received by us

We may receive commissions from the lenders and lessors who provide finance for you as our customers. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commission is worked out.

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% and 0.77% 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 0.35% per annum of the outstanding loan amount.

We have a volume bonus arrangement in place with Commonwealth Bank under which those financiers may pay us additional commission depending on the total volume of business we arrange with them.

Commissions payable by us

We source referrals from a broad range of sources. For example, we may pay fees to call centre companies, real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts and accord with usual business practice. These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how the commission is worked out.

Our internal dispute resolution scheme

We hope you are delighted with our services, but if you have any complaints you should notify us by contacting our Complaints Officer by:

Telephoning 08 94334841

E-mailing office@totalchoicehomeloans.com.au

Writing to PO Box 89 Palmyra WA 6957

or by speaking to any representative of our business who will refer you to the Complaints Officer. You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing.

When we receive a complaint, we will attempt to resolve it promptly. We hope that in this way we will stop any unnecessary and inappropriate escalation of minor complaints.

Our external dispute resolution scheme

If we do not reach agreement on your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is specified above. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. You can obtain further details about our dispute resolution procedures and obtain details of our privacy policy on request.

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. We look forward to providing exceptional service.

Questions?

If you have any questions about this credit guide or anything else about our services, just ask at any time. We’re here to help you.

Total Choice Home Loan’s consumer lending products include:

  • Home Loans
  • Residential Property Investment Loans
  • Personal Loans

Our General Obligations

In relation to our consumer lending products, we will not, as a credit provider:

  • Recommend a credit contract to you; or
  • Recommend an increase to the credit limit of a credit contract to you,

if we assess that the credit contract is unsuitable for you.

We refer to this assessment as the Suitability Assessment.

When Will the Credit Contract Be Unsuitable

A credit contract will be unsuitable if:

  • The credit contract does not meet your requirements or objectives; or
  • It is likely that you will be unable to comply with your financial obligations under the credit contract; or
  • It is likely that you could only comply with your financial obligations under the credit contract with substantial hardship.

How Can You Access a Copy of the Suitability Assessment?

If your application for credit or increase in credit has been approved, you can call us on (08) 9433 4841 and request a written copy of the Suitability Assessment which we will provide within the following time frames:

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 and 7 years after the Credit Day Within 21 business days after we receive your request

How We Aim to Resolve Complaints

If we make a mistake or our service doesn’t meet your expectations, we would love for you to let us know.

Please talk to us first

We aim to resolve your complaint at your first point of contact with us, so we encourage you to raise your complaint through any of the following channels:

Contact:

Phone: (08) 9433 4841

Email: Click here to go to our contact form.

Fax: (08) 9433 4842

Mail: PO Box 89, PALMYRA WA 6957

In Person: 3 Norfolk Street, FREMANTLE WA 6160

If We Can’t Resolve Your Complaint

In the unlikely event that we haven’t been able to deal with your issues to your satisfaction, there are a number of other bodies you can go to:

Credit Ombudsman Service Limited (COSL)

Contact:

Postal: PO Box A252, Sydney South NSW 1235

Phone: 1800 138 422

Fax: (02) 9273 8440

Internet: www.cosl.com.au

Total Choice Home Loans COSL Member No. #406149

Financial Ombudsman Service Limited (FOS)

Contact:

Postal: GPO Box 3, Melbourne VIC 3001

Phone: 1300 780 808

Fax: (03) 9613 7345

Internet: www.fos.org.au

Australia Securities and Investments Commission (ASIC)

The ASIC website contains information on complaining about companies and people and descrobes the types of complaints handled by ASIC.

Contact:

Phone: 1300 300 630

Email: infoline@asic.gov.au

Internet: www.asic.gov.au