About this guide
This credit guide and its information are set out below to allow the reader to understand the processes, procedures and business legalities from which Finance Garage operates. With this in mind, the reader will be more informed and be able to make that confident decision to engage as a customer.
Finance Garage offers a mortgage brokering service to its customers and we are licensed to give this credit assistance under the National Consumer Credit Act 2009.
Our role is to ensure our customer’s best interest is at the forefront of every decision made and that the process of lending from start to finish is a collaboration. We strive to understand every individual and work with them to achieve the most beneficial outcome for them.
Lenders and Partners
This information can be found on https://www.financegarage.com.au/lenders
Fees or Charges
Finance Garage does not charge any fees as our service is free.
We are paid a commission by the lender for introducing you to them as a customer. This commission does not affect the cost of your loan and is not paid by you in any way. This commission is usually made up of two parts. The upfront portion and the trail portion.
The upfront commission paid is a percentage of your loan amount (.5% half a percent plus GST). The trail commission is paid for the period that you stay with your lender. Trail commissions are also a percentage, however they differ from lender to lender. The percentage range would be from .10% - .20% of the remaining loan amount per annum split into monthly instalments.
Commissions are paid to our aggregator FAST (FINANCE AND SYSTEMS TECHNOLOGY Pty Ltd). FAST will then deduct the relevant fees and pay us the remaining.
Finance Garage operates under an Australian Credit License (details on this document) and follows all the lending guidelines to ensure we always stay compliant with our legal obligations. Our duties and actions are not only there to stay compliant, but to show ethical responsibility for the people we deal with.
We will ask you all the relevant questions, financial and personal, in order to ensure we achieve the aforementioned obligations.
Any complaints or matters that need to be addressed can follow the steps below.
Please contact Finance Garage in the first instance for any concerns. During this stage, a review of the matter will be conducted to determine the level of the case and who would be the best contact to resolve. This stage is always the preferred time to resolve all matters however sometimes it will need to go to the financial institution.
Contacting the financial institution for resolution.
The enquiry or concern may be simple and resolved at this level.
If the first line of contact with support staff of the financial institution is not helpful, then a manager should be requested to consult the concern.
If the manager is responded and the outcome is not satisfactory, please come back to Finance Garage for assistance on which steps to take next.
If the advice given (and followed) still does not have the required outcome, then the final stage would be a formal complaint through the EDR (External Dispute Resolution).
Finance Garage is a member of the Australian Financial Complaints Authority (AFCA). All contact details may be found here - www.afca.org.au/
At Finance Garage your privacy is important to us.
We understand that the information you provide to us is personal and confidential. Finance Garage complies with the National Privacy Principles in the Privacy Act (1988), the Mortgage Industry Association of Australasian Code of Practice, the Code of Banking Practice and the credit provider provisions in the Privacy Act (1988).
GRIEVANCE, ESCALATION AND COMPLAINTS
If you are not happy then I am not happy. Please contact me immediately if you have any concerns or issues with my service. I will do my best to turn that frown UPSIDE DOWN!
Internal Dispute Resolution
At any point should you have any matters that need to be addressed, please do so in the steps listed:
Contact me and I will do my best to resolve the matter immediately. If it is related to the financial institution, I will escalate the case or direct you to where you can get contact details for the correct department to assist you.
Please follow the complaints steps outlined in the financial institution
If their response is still unsatisfactory, please check back with me and I can help you decide the steps to take from there. It may involve contacting or lodging a complaint with the Australian Financial Complaints Authority (AFCA Member 42278)