HomeState Lending Pty Ltd
ACN 083 898 300 ABN 74 083 898 300
Australian Credit License 385357
Credit Guide
ABOUT US:
HomeState Lending is a finance broking company. Established in September 2002 our focus is to deliver competitive finance options. Whether you are purchasing a property for owner occupation or investment, a vehicle for work or play, equipment to propel your business to the next level then HomeState Lending can help.
Licensee
HomeState Lending Pty Ltd
Australian Credit License 385357
Broker Group
Finance & Systems Technology Pty Ltd (FAST)
ACN 092 660 912
Credit Representative Number: 392527
This document provides you with information relating to our activities. 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, 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.
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.
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 not unsuitable 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:
GETTING A COPY OF OUR ASSESSMENT
If we provide you with credit assistance, you will be provided with a Statement of Credit Assistance (SOCA) document before we submit an application on your behalf. Should you require a copy at a later date we will provide you with a copy:
INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES
We are authorised to engage in credit activities including providing credit assistance and acting as an intermediary. 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.
This section provides details of the most frequently used lenders by HomeState Lending over the previous financial year. This is not intended to be a comprehensive list as there are other lenders on the current panel that may be utilised.
Lending Institutions and Financiers
% of loan settled for previous financial year
P&N Bank 27% ING 27% National Australia Bank 18%
Liberty Financial 10% Westpac 9% Unibank 9%
OWNERSHIP
We obtain mortgage aggregation services from the Broker Group. The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to the Broker Group’s panel of lenders including Broker Group branded products.
FEES AND CHARGES
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
Generally we do not charge a fee for providing credit assistance however there are exceptions to this. If there is an occasion when a fee is charged this will be declared to you before submission of an application.
OTHER FEES AND CHARGES
You may have to pay other fees and charges (such as an 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 provide credit assistance. The Broker Group receives commissions from lenders and lessors and pays us commission in relation to loan contracts or leases for which we 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.
Details of the commission earned by us will be included in the Statement of Credit Assistance (SOCA) 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.
Loan Contracts such as Home Loans, Investment Property Loans
Upfront commission payable by lenders in relation to home loans and investment property loans is calculated as a percentage of the loan amount and is generally in the range of 0.30% and 0.70% of the loan amount. It is paid after settlement of the loan.
Trail commission payable by lenders in relation to home loans and investment property loans is calculated monthly 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.
Leases and Personal Loans
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 0.4% and 3.0% of the lease amount. It is paid after settlement of the lease.
Trail commission is generally not payable in relation to leases or personal loans.
VOLUME BONUS ARRANGEMENTS
We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or the 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 the Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.
COMMISSIONS PAYABLE BY US
If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee. We may 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, which forms part of the Statement of Credit Assistance (SOCA), which we will supply to you when we provide you with our credit assistance.
Lenders have the right to request all or part of commission’s received to be reimbursed should loan be repaid in full within 2 years of loan settlement.
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:
Alternatively email admin@homestate.com.au
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 contract 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
Upon receipt of your complaint we will;
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 as detailed below.
Our external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:
OTHER DISCLOSURES
BROKER BENEFITS DISCLOSURES
In line with industry reforms, I am required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts.
TIERED SERVICING DISCLOSURES
We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts.
ACN 083 898 300 ABN 74 083 898 300
Australian Credit License 385357
Credit Guide
ABOUT US:
HomeState Lending is a finance broking company. Established in September 2002 our focus is to deliver competitive finance options. Whether you are purchasing a property for owner occupation or investment, a vehicle for work or play, equipment to propel your business to the next level then HomeState Lending can help.
Licensee
HomeState Lending Pty Ltd
Australian Credit License 385357
Broker Group
Finance & Systems Technology Pty Ltd (FAST)
ACN 092 660 912
Credit Representative Number: 392527
This document provides you with information relating to our activities. 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, 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.
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.
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 not unsuitable 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 will be provided with a Statement of Credit Assistance (SOCA) document before we submit an application on your behalf. Should you require a copy at a later date 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; or
- otherwise, within 21 business days after the day we receive your request.
INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES
We are authorised to engage in credit activities including providing credit assistance and acting as an intermediary. 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.
This section provides details of the most frequently used lenders by HomeState Lending over the previous financial year. This is not intended to be a comprehensive list as there are other lenders on the current panel that may be utilised.
Lending Institutions and Financiers
% of loan settled for previous financial year
P&N Bank 27% ING 27% National Australia Bank 18%
Liberty Financial 10% Westpac 9% Unibank 9%
OWNERSHIP
We obtain mortgage aggregation services from the Broker Group. The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to the Broker Group’s panel of lenders including Broker Group branded products.
FEES AND CHARGES
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
Generally we do not charge a fee for providing credit assistance however there are exceptions to this. If there is an occasion when a fee is charged this will be declared to you before submission of an application.
OTHER FEES AND CHARGES
You may have to pay other fees and charges (such as an 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 provide credit assistance. The Broker Group receives commissions from lenders and lessors and pays us commission in relation to loan contracts or leases for which we 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.
Details of the commission earned by us will be included in the Statement of Credit Assistance (SOCA) 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.
Loan Contracts such as Home Loans, Investment Property Loans
Upfront commission payable by lenders in relation to home loans and investment property loans is calculated as a percentage of the loan amount and is generally in the range of 0.30% and 0.70% of the loan amount. It is paid after settlement of the loan.
Trail commission payable by lenders in relation to home loans and investment property loans is calculated monthly 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.
Leases and Personal Loans
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 0.4% and 3.0% of the lease amount. It is paid after settlement of the lease.
Trail commission is generally not payable in relation to leases or personal loans.
VOLUME BONUS ARRANGEMENTS
We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or the 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 the Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.
COMMISSIONS PAYABLE BY US
If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee. We may 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, which forms part of the Statement of Credit Assistance (SOCA), which we will supply to you when we provide you with our credit assistance.
Lenders have the right to request all or part of commission’s received to be reimbursed should loan be repaid in full within 2 years of loan settlement.
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:
- Phone us to voice your concern.
- If the matter not resolved to your satisfaction please advise us in writing detailing reasons for complaint and desired outcome
Alternatively email admin@homestate.com.au
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 contract 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
Upon receipt of your complaint we will;
- Acknowledge receipt of your complaint by post or email
- Advise steps we have taken to resolve your complaint by post or email
- Advise our decision by post or email
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 as detailed below.
Our external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:
- Telephone: 1800 931 678
- Website: http://www.afca.org.au
- Mail: GPO Box 3 Melbourne VIC 3001
- Email: info@afca.org.au
OTHER DISCLOSURES
BROKER BENEFITS DISCLOSURES
In line with industry reforms, I am required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts.
TIERED SERVICING DISCLOSURES
We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts.