Credit Guide

QuickSelect has an Australian Credit Licence (ACL) authorising us to provide credit. This Credit Guide provides you with an understanding of what to expect from us when we provide credit to you. The Guide includes information about some of our obligations under the National Consumer Credit Protection Act 2009 (the National Credit Act). You may also receive other documentation when we provide services or credit to you.

Borrowing money from us

Under the National Credit Act we are prohibited from providing you with credit assistance in relation to a credit contract if the contract will be unsuitable for you. Similarly, we are prohibited from assisting you increase the limit of an existing credit contract, if the new limit will be unsuitable for you. A credit contract, or credit limit increase is unsuitable for you if at the time the contract is entered or limit increased it is likely that:

  • you will be unable to comply with your financial obligations under the contract, or can only comply with substantial hardship at that time; or
  • the contract or increase does not meet your requirements and objectives at that time.

Our obligation to make a credit assessment

Before providing you with credit, we must make a preliminary assessment as to whether the contract or increase in limit will be unsuitable for you. In order to make this assessment we must:

  • make reasonable inquiries about your requirements and objectives in relation to the credit contract; and
  • make reasonable inquiries about your financial situation; and
  • take reasonable steps to verify your financial situation.

Obtaining this information helps us to get a reasonable understanding of your need for credit as well as your ability to meet all the repayments, fees, charges and transactions associated with the proposed credit contract.

The extent of the inquiries we undertake will depend on your circumstances. It’s your right to receive a copy of the credit assessment.

You have the right to request a copy of our assessment of your suitability.

You may request a copy of the credit assessment up to seven years after the day on which the credit contract is entered or the credit limit is increased.

Note — you are only entitled to receive a copy of your assessment if your loan is approved or credit limit increased.

You have other rights to access personal information we collect about you under the provisions of the Privacy Act 1988 (Cth). Please refer to our Privacy Statement and Consent which is available by calling 1300 874 871 or at quickselect.com.au

Fees and Charges

Fees Payable by You

We do not generally charge our clients a fee for providing credit assistance or arranging a loan, however if your situation is more complex or the assistance we provide is more detailed, we may charge you a fee. In this instance, we will provide more details in a quote before those fees are incurred.

Commissions received by us

We are paid commissions by lenders

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 0.65% of the loan amount. It is usually paid after settlement of the loan. This commission is not paid by you.

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 0.2% per annum of the outstanding loan amount. This commission is not paid by you.

Commissions paid by us

We are frequently referred new clients due to our skill, experience and reputation for outstanding service.

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, existing clients and other colleagues.

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.

Our Lenders

We have a wide panel of over 40 lenders available both through our aggregator (Vow Financial Pty Ltd) and occasionally through direct referral relationships.

The following are the lenders with whom we generally conduct most business

  • NAB
  • Commonwealth Bank
  • Suncorp
  • AMP
  • Anz
  • AMP
  • Westpac
  • St George
  • BOQ
  • Citi Bank
  • Bankwest

Making a complaint

Be Prepared

Before you contact us be prepared with any supporting documents or evidence you think will help clarify your concern. When you make your complaint, be clear about what has happened and what you would like us to do.

Contact us in Person or via Telephone

If you have a complaint or concern you should first contact us on 1300 874 871. In most situations the Service Consultant will be able to resolve the matter at that time. If we are unable to resolve the matter at that time, we will follow up with the appropriate area and keep you advised of the progress whilst the matter is being investigated.

External Dispute Resolution

QuickSelect is a member (42963) of the Australian Financial Complaints Authority Limited (AFCA)

The Australian Financial Complaints Authority can be contacted by:
1800 931 678. Fax 03 9613 6399. Post GPO Box 3, Melbourne VIC 3001. Online: www.afca.org.au/make-a-complaint www.afca.org.au

If you have a complaint or concern about the collection or use of your personal information or a breach of privacy and we are unable to resolve your dispute, the matter can be referred to the Office of the Privacy Commissioner who may investigate your complaint further.
They can be contacted on 1300 363 992 or at PO Box 5218, Sydney, NSW, 2001.

The Australian Securities and Investments Commission (ASIC) www.asic.gov.au also has an Infoline 1300 300 630, which you may use to make a complaint and obtain information about your rights. Alternatively, you can detail your complaint in an email to: infoline@asic.gov.au.

All details are current as at the date of this Credit Guide. We will publish minor changes on our website. We will update the Credit Guide if there are any material changes adverse to borrowers.

Australian Wholesale Fulfilment Pty Limited ABN 45 139 505 463 Australian Credit Licence Number 391 828