Fine print, plain English
Your Credit Guide, in plain English.
Before David gives you any credit assistance, the law requires you receive a Credit Guide. This page explains what that is, and exactly how David is licensed and paid, so nothing is a surprise later.
What a Credit Guide is
A short legal document, not a sales brochure.
Under Australia’s National Consumer Credit Protection Act (NCCP), every credit representative must give you a Credit Guide before providing credit assistance. It sets out, in one place:
- Who is providing you with credit assistance, and who they’re a credit representative of.
- How that person and their licensee are licensed, and who regulates them.
- How they’re paid for arranging your loan.
- What to do, and who to contact, if you have a complaint.
You’ll be given the licensee’s full Credit Guide document, the formal version of the above with the exact detail the law requires, before David provides you with any credit assistance. Ask for it at any point before then and he’ll send it through.
The fine print, in plain English
How David is licensed, and how he’s paid.
Mortgage broking in Australia is heavily regulated. Think of it as the roll cage, safety engineered in whether or not you ever need it. Here’s the part of that protection your Credit Guide formally sets out:
The licensing string. LoanTorq is a trading name of Dynamic Financial Systems Pty Ltd (ACN 003 057 798), ABN 56 003 057 798, Credit Representative No. 400791 of BLSSA Pty Ltd (ACN 117 651 760), Australian Credit Licence 391237. MFAA member.
A legal duty to act in your best interests. When David provides credit assistance, he’s bound by the Best Interests Duty, a legal obligation on mortgage brokers to act in your best interests, with the reasons for every recommendation documented on your file. A bank selling you its own product isn’t under that same duty.
How David gets paid. There’s no fee to you for David’s broking service. When a loan settles, the lender pays a commission. David will explain exactly how that works, in plain English, before anything proceeds. There’s no fee for the check, the call or the work in between.
This page is a plain-English guide, not a substitute. The licensee’s full Credit Guide document sets out these details, and a few others the law requires, in full. That document is the one that counts.
The Clarity Call
Find out where you actually stand.
A 20-minute conversation with David about your loan, your equity and your options. It’s a conversation, not an application. No documents, and nothing goes on your credit file. If it turns up something worth pursuing, you’ll have a clear next step. And if the honest answer is ‘not yet’, you’ll hear that too. The straight answer is the point, either way.
Book my Clarity CallNo cost · No obligation · No credit enquiry · A straight answer either way