COMPLIANCE

Credit Guide

About Us (“we, us, our”)

Credit Representative

Wei Ming Chen
Australian Credit Licence Number: 483923
Contact details:
Address: Suite 902, Level 9, 3 Bowen Crescent, Melbourne VIC 3004
Tel: 1300 741 668
Email: admin@halofortune.com.au
Website: www.haloloan.com.au

Licensee

An employee or representative of: Halo Fortune Group Pty Ltd
Australian Credit Licence Number: 483923
Address: Suite 902, Level 9, 3 Bowen Crescent, Melbourne VIC 3004
Phone: 1300 741 668

Broker company

Halo Fortune Group Pty Ltd
ACN: 167 597 122

This document provides information about the services we provide. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking. It contains information about various fees and charges that may be payable by you to us, as well as about certain commissions we may receive from a licensee when we are acting as a credit representative, or we pay to certain third parties. It also contains information about what you should do if you have a complaint or dispute in connection with our services as a credit representative.

Who are Halo Fortune Group?

Halo Fortune Group Pty Ltd is an Australian-owned and operated organisation, dedicated to providing the professional services sector and their clients with an integrated range of financial services and products. Halo Fortune Group is an Australian Credit Licence Holder.

What is credit assistance?

We give you credit assistance when:

• we assist you to apply for a particular loan or lease;
• we suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
• we suggest you remain in your current loan or lease.

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.

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

Additionally, we must ask you to provide us with a significant amount of accurate information. If we give you credit assistance, we must also provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we assist you. If we arrange a loan for you remember you must make your own enquiries about the value and future growth of the security property. Also note that any valuation we obtain is for our own use.

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:

• the loan or lease or increase will meet your requirements and objectives; and
• you can meet the proposed repayments.

We won’t be able to give you credit assistance if our assessment shows that:

• you won’t be able to meet the proposed repayments without substantial hardship; or
• 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 7 years after we provide you with a credit assistance quote. To request a copy please contact us. We will provide you with a copy:

• within 7 business days after the day we receive your request — provided you make the request within 2 years of the date of our credit assistance quote; or
• otherwise, within 21 business days after the day we receive your request.

Information about the licensee and its credit representatives

We act as a credit representative for Halo Fortune Group Pty Ltd. We 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 through our broker group.

The following are the lenders or lessors with whom we generally conduct the most business. We source credit products from a range of banks, lenders and other credit providers. However, at present, we write the most loans with the following banks, lenders and other credit providers:

1. Westpac
2. ANZ
3. Bank of China
4. CBA
5. Mezy

Fees and charges

Fees payable for the provision of credit assistance

We will not charge you any fees for providing credit assistance to you.

Fees payable in relation to acting as a credit representative

We may receive remuneration from our employer, our licensee and/or broker group and do not charge you any fees or charges in relation to acting as a credit representative.

Other fees and charges

You may have to pay other fees and charges (such as 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

Our licensee has appointed our broker group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which we act as a credit representative and provide credit assistance. The total amount of commission we may receive 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 0.55% and 0.715% 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 0.165% per annum and 0.275% 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 0.03% and 1% 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.

Volume bonus arrangements

From time to time we or our broker group 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 broker group write a particular volume of loans offered by those lenders.

Commissions payable by us

We are not likely to pay a commission to any third party for the introduction of credit business or business financed by the loan contract or lease.

If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee.

We obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people.

Further information about referral commissions, including our reasonable estimate of the amount of any commission 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.

Disputes or complaints

What to do if you have a dispute or complaint?

We are committed to providing our customers with the best possible service. If at any time we have not met our obligations — or you have a complaint about any of our services — please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly.

How to make a complaint and the complaints process?

If you have a complaint, we request you follow these steps:

1. Please contact the Complaints Office using the details at the start of this document. If you choose to contact us by email, please make sure you include as much information as you can.
2. 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.

Third party products or services

If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contact the relevant third party. They will deal with your complaint under their complaints resolution process.

If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details.

Keeping you informed

Timeframes for response — If your request cannot be resolved immediately, we will respond to your request within two (2) business days of receipt of the complaint. We will keep you informed of the progress of the investigation.

Still not satisfied?

If you do not think we have resolved your complaint to your satisfaction, you may take the matter — free of charge — to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further.

Our external dispute resolution scheme — If we do not reach agreement on your complaint, you may refer to the ASIC Approved External Dispute Resolution (EDR) Scheme. Our EDR provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.

EDR: AFCA
Phone: 1800 931 678
Email: info@afca.org.au
Website: www.afca.org.au
Mail: GPO Box 3, Melbourne VIC 3001

More information

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.

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