Lakeside Financial Pty Ltd is licensed under the National Consumer Credit Protection Act 2009.
This Credit Guide sets out important information about us, the services we provide, and the person with whom you will be dealing.
The details of our license are as follows:
||Lakeside Financial Pty Ltd
||Level 1, 99 Bay Street, Brighton VIC 3186
|EDR Scheme Name
||Australian Financial Complaints Authority Limited
|EDR Membership No
We have authorised the following as our Credit Representatives:
|Credit Representative Number
|EDR Membership No
We are required to provide this Credit Guide to you as soon as practicable after it becomes apparent that we are likely to provide credit assistance to you. We provide “credit assistance” when we:
- suggest or assist you to apply for a particular credit contract with a particular credit provider; or
- suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
- suggest you remain in a particular credit contract with a particular credit provider.
If you are receiving advice in relation to a different type of financial product or your circumstances have changed significantly then we will provide this advice in a SOA. If you wish to obtain a copy a previous SOA or ROA please ask your adviser.
What we will need from you
When we provide you with credit assistance, we must only recommend credit products that are not unsuitable for you. To be able to determine which loan products are not unsuitable, we are required to complete a Preliminary Assessment.
When we make this preliminary assessment, we determine:
- your requirements and objectives – that is, what kind of loan do you want, and for what purpose;
- your financial and relevant personal situation; and
- your ability to repay the loan that you are considering.
In assessing these factors, we are also required to take reasonable steps to verify some of the information you provide us. This verification may include: asking you for copies of documents that demonstrate your financial situation – in some cases we may also need to sight original documents; and contacting third parties to assist in verifying the information that you provide.
Obtaining a copy of your Preliminary Assessment
If we haven’t already provided it to you, you may request a copy of our Preliminary Assessment, and we must give you a copy of it:
- at any time during the first 2 of years of completion of the assessment, within 7 business days; or
- between 2 years and 7 years after it was conducted we must provide it within 21 business days.
There is no charge for requesting or receiving a copy of the Preliminary Assessment.
How do our Representatives get paid?
We are paid commissions by lenders for introducing customers. The lenders we deal with will usually pay us a commission based on:
- the size of loan; and
- the particular loan product you have selected
We will only be paid this commission if your loan is settled and drawn down.
We may also be paid an ongoing commission by your lender based on the outstanding balance of your loan.
The commissions that we are paid by your lender are not payable by you – they are paid to us either directly by the lender, or paid to us by our Aggregator.
If you would like a detailed estimate of how much commission we would be paid by a particular lender for a particular product, we will provide this for you. We will also provide you with a detailed explanation of how this commission is calculated.
As Licensee Lakeside Financial Pty Ltd may retain a portion of the commission paid by the lender you choose. This payment is paid to the licensee in exchange for the right to operate under the Licensee’s licence, and for providing other assistance with business.
If you would like an estimate of what our Representative will be paid, and how it is calculated, please don’t hesitate to ask and we will provide you with that information.
Fees and charges that are payable by you in relation to our credit assistance
We sometimes charge a fee for our services. More details about the fees payable by you will be set out in a quote which we will give you before a finance application is lodged. You may obtain from us information about how these fees and charges are worked out and a reasonable estimate of those fees.
Our Top 6 credit providers
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:
- Macquarie Bank
- ME Bank
If you would like further details about any of these lenders, please don’t hesitate to ask us.
Other people we deal with
In many cases, we gain access to the loan products we recommend to you through the services of our aggregator – ‘Connective Broker Services Pty Ltd ABN 77 161 731 111, Credit Representative 437202 is authorised under Australian Credit Licence 389328’. The aggregator charges us a fee depending on our contract arrangements, consisting of:
- a share of the commission that is paid by a lender as set out above
- a membership fee for our business
- a monthly fee for each of our accredited loan writers
Macquarie Bank Limited has a minority, non-controlling interest in Connective Broker Services Pty Ltd. Commissions paid by Connective’s lender panel are transparent and do not influence the broker or consumer choice. Connective is committed to quality consumer outcomes in all circumstances.
Referrers and Referral fees
In some cases, your business may have been referred to us by non-regulated third parties such as real estate agents, accountants, financial planners etc. Where this is the case, we may pay a referral fee to these parties. If we do pay a fee to these parties, then
- they should already have told you about this; and
- we may disclose the actual fee in our final documentation
Alternatively, if you want to know, you can ask us about the fees and we will tell you how much was paid and how it was worked out.
Dispute resolution and complaints
Whilst we always strive to provide the best possible service, we understand that there may be times where you are not satisfied. If this occurs, and you wish us to do something about it, we have a formal process in place to address your concerns.
Internal Dispute Resolution
If you do have a complaint, 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.
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.
External Dispute Resolution
If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers:
Telephone: 1800 931 678 (free call)
in writing to : Australian Financial Complaints
Authority, GPO Box 3, Melbourne VIC 3001
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.
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.