Credit Guide and Privacy Policy

Credit Guide

ABOUT US (“we, us, our”):

Credit Representative Junhao Sun Credit Representative Number [459171] An employee or representative of: Corporate Credit Representative Sun Wealth Management Pty Ltd T/A AUSUN Finance Credit Representative Number [458996] Contact Details for Credit Representative and Corporate Credit Representative Address: [Level 1, 858 Glenferrie Road, Hawthorn, VIC 3122] Tel: [03-9078 8273] Fax: Email address: [jun@ausunfinance.com.au] Website: [www.ausunfinance.com.au] Licensee BLSSA Pty Ltd ACN 117 651 760 (“BLSSA”) Australian Credit Licence Number: 391237 Level 10, 101 Collins St Melbourne VIC 3000 Tel: 03 86161000 Fax: 03 86161677 Broker Group Finance & Systems Technology Pty Ltd ACN 092 660 912 Credit Representative Number: 392527

This document provides you with information relating to our activities and those of our credit representatives. 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.

WHAT IS A CREDIT REPRESENTATIVE?

A ‘credit representative’ is a person who has been authorized by a credit licensee to engage in specified credit activities on behalf of the licensee. Our licensee is BLSSA.

BLSSA is a member of the National Australia Bank Group of companies (National Australia Bank Group).

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 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 IT’S CREDIT REPRESENTATIVES

We act as a credit representative for BLSSA. We are authorized 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. Our Broker Group does not require us to recommend any particular lender and our Broker Group does not set any quotas or obligations on us relating to recommending any particular lender.

The Broker Group’s panel of lenders includes a number of lenders and loan distributors that are part of the National Australia Bank Group. These include National Australia Bank Ltd and FAST Lend Pty Ltd.

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

  • NAB
  • Westpac
  • Bankwest
  • Bank of Melbourne
  • CBA
  • La Trobe Finance

OWNERSHIP

We obtain mortgage aggregation services from the Broker Group. The Broker Group is a member of the National Australia Bank 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, and 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.

Our business is owned and managed independently from the Broker Group and National Australia Bank Limited (NAB).

FEES AND CHARGES

FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE

We may charge a fee for providing credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.

FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE

We may receive remuneration from our employer, BLSSA 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 an application fee, 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

BLSSA has appointed our Broker Group as its agent to receive commissions from lenders and lessors and to pay us a 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

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 [0.55]% and [0.77]% of the loan amount. It is usually paid after the settlement of the loan.

Trail commission payable by lenders in relation to home loans and investment property 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 [0.1]% per annum and [0.25]% per annum of the outstanding loan amount.

Personal Loans

Upfront commission payable by lenders in relation to personal loans is calculated as a percentage of the loan amount and is generally in the range 1.65% and 2.75% of the loan amount. It is usually paid after the settlement of the loan.

Trail commission payable by lenders in relation to personal 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 ZERO 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 1% and 4 % of the lease amount. It is usually paid after the 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 a 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

If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee. More detail about those payments will be set out in the credit proposal disclosure document we will give to you before we provide you with credit assistance.

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 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 endeavor 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. In the first instance, please contact Junhao Sun.
  2. If your complaint has not been resolved to your satisfaction within 5 business days, please contact our Complaints Area as detailed below:
    Telephone: 03 8616 1443 Monday to Friday 9am to 5pm (AEST)
    Email: resolutions@BLSSA.com.au
    Fax: 03 8616 1918
    Mail: BLSSA Advice Complaints, PO Box 626, Collins Street West, Melbourne VIC 3000
  3. We may ask for additional information and request you to put your complaint in writing to ensure your issue is properly investigated.
  4. In cases where your complaint will take longer to resolve, we will update you progressively.

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

Our Complaints Area will acknowledge receipt of your complaint within five business days. If unable to resolve the complaint/dispute to your satisfaction within five business days, they will write to you advising the procedures we will follow in investigating and handling your complaint.

Within 45 calendar days from the date you lodged the complaint with us, we will write to you advising you the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete 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 service provider is the Credit and Investments Ombudsman, which can be contacted via:

  • Telephone: 1800 138 422
  • Online complaint form: http://www.cio.org.au/complaint-resolution/making-a-complaint/
  • Website: http://www.cio.org.au/
  • Mail: PO Box A252, Sydney South NSW 1235
  • Fax: 02 9273 8440

BLSSA’s external dispute resolution service provider is the Credit and Investments Ombudsman, which can be contacted via:

  • Telephone: 1800 138 422
  • Online complaint form: http://www.cio.org.au/complaint-resolution/making-a-complaint/
  • Website: http://www.cio.org.au/
  • Mail: PO Box A252, Sydney South NSW 1235
  • Fax: 02 9273 8440

Privacy Policy

Respecting your privacy

We respect your personal information, and this Privacy Policy explains how we handle it. The policy covers Ausun Finance

This Policy also includes our credit reporting policy, that is, it covers additional information on how we manage your personal information collected in connection with a credit application, or a credit facility.  We refer to this credit-related information below as credit information.    

What personal information do we collect and hold?

General information

The types of information that we collect and hold about you could include:

  • ID information such as your name, postal or email address, telephone numbers, and date of birth;
  • other contact details such as social media handles;
  • financial details such as your tax file number; and
  • other information we think is necessary.

When the law authorises or requires us to collect information

We may collect information about you because we are required or authorised by law to collect it. There are laws which require us to collect personal information. For example, we require personal information to verify your identity under Australian Anti-Money Laundering law.  

What do we collect via your website activity?

If you’re an internet customer of ours, we monitor your use of internet services to ensure we can verify you and can receive information from us, and to identify ways we can improve our services for you.

If you start but don’t submit an on-line application, we can contact you using any of the contact details you’ve supplied to offer help completing it. The information in applications will be kept temporarily then destroyed if the application is not completed.

We also know that some customers like to engage with us through social media channels. We may collect information about you when you interact with us through these channels. However, for all confidential matters, we’ll ensure we interact with you via a secure forum.

To improve our services and products, we sometimes collect de-identified information from web users. That information could include IP addresses or geographical information to ensure your use of our web applications is secure.

How do we collect your personal information?

How we collect and hold your information

Unless it’s unreasonable or impracticable, we will try to collect personal information directly from you (referred to as ‘solicited information’).  For this reason, it’s important that you help us to do this and keep your contact details up-to-date.

There are a number of ways in which we may seek information from you. We might collect your information when you fill out a form with us, when you’ve given us a call or used our website. We also find using electronic means, such as email or SMS, a convenient way to communicate with you and to verify your details.

How we collect your information from other sources

Sometimes, we will collect information about you from other sources as the Privacy Act 1988 permits.  We will do this only if it’s reasonably necessary to do so, for example, where:

  • we collect information from third parties about the loan or lease made available to you arising out of the services we provide you;
  • we can’t get hold of you and we rely on public information (for example, from public registers or social media) or made available by third parties) to update your contact details; or
  • we exchange information with your legal or financial advisers or other representatives.

What if you don’t want to provide us with your personal information?

If you don’t provide your information to us, it may not be possible:

  • for us to give you the credit assistance you seek from us;
  • to assist in finding a loan or lease relevant to your circumstances;
  • verify your identity or protect against fraud; or
  • to let you know about other products or services that might be suitable for your financial needs.

How we collect and hold your credit information

We will collect your credit information in the course of you answering the enquiries we make of you relating to the credit assistance you seek from us. In addition to what we say above about collecting information from other sources, other main sources for collecting credit information are:

  • your co-loan applicants or co-borrowers;
  • your guarantors/proposed guarantors;
  • your employer, accountant, real estate agent or other referees;
  • your agents and other representatives  like the person who referred your business to us, your solicitors, conveyancers and settlement agents;
  • organisations that  help us to process credit applications;
  • organisations that  check the security you are offering  such as valuers;
  • bodies that issue identification documents to help us check your identity; and
  • our service providers involved in helping us to process any application you make for credit through us.

What do we do when we get the information we didn’t ask for?

Sometimes, people share information with us we haven’t sought out (referred to as ‘unsolicited information’). Where we receive unsolicited personal information about you, we will check whether that information is reasonably necessary for our functions or activities. If it is, we’ll handle this information the same way we do with other information we seek from you. If not, we’ll ensure we do the right thing and destroy or de-identify it.

When will we notify you that we have received your information?

When we receive personal information from you directly, we’ll take reasonable steps to notify you how and why we collected your information, who we may disclose it to and outline how you can access it, seek correction of it or make a complaint.

Sometimes we collect your personal information from third parties. You may not be aware that we have done so. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.

How do we take care of your personal information?

We store information in different ways, including in paper and electronic form. The security of your personal information is important to us and we take reasonable steps to protect it from misuse, interference and loss, and from unauthorised access, modification or disclosure. Some of the ways we do this are:

  • document storage security policies;
  • security measures for access to our systems; and
  • only giving access to personal information to a person who is verified to be able to receive that information

We may store personal information physically or electronically with third party data storage providers. Where we do this, we use contractual arrangements to ensure those providers take appropriate measures to protect that information and restrict the uses to which they can put that information.

What happens when we no longer need your information?

We’ll only keep your information for as long as we require it for our purposes.  We may be required to keep some of your information for certain periods of time under the law.  When we no longer require your information, we’ll ensure that your information is destroyed or de-identified.

How we use your personal information

What are the main reasons we collect, hold and use your information?

Collecting your personal information allows us to provide you with the products and services you’ve asked for.  This means we can use your information to:

  • give you credit assistance;
  • give you information about loan products or related services including help, guidance and advice;
  • consider whether you are eligible for a loan or lease or any related service you requested including identifying or verifying you or your authority to act on behalf of a customer;
  • assist you to prepare an application for a lease or a loan;
  • administer services we provide, for example, to answer requests or deal with complaints; and
  • administer payments we receive, or any payments we make, relating to your loan or lease.

Can we use your information for marketing our products and services?

We may use or disclose your personal information to let you know about other products or services we or a third party make available and that may be of interest to you.

We will always let you know that you can opt out from receiving marketing offers.  

With your consent, we may disclose your personal information to third parties for the purpose of connecting you with other businesses or customers.  You can ask us not to do this at any time. We won’t sell your personal information to any organisation.

Yes, You Can Opt-Out

You can let us know at any time if you no longer wish to receive direct marketing offers from us. We will process your request as soon as practicable.

What are the other ways we use your information?

We’ve just told you some of the main reasons why we collect your information, so here’s some more insight into the ways we use your personal information including:

  • telling you about other products or services we make available and that may be of interest to you, unless you tell us not to;
  • identifying opportunities to improve our service to you and improving our service to you;
  • allowing us to run our business efficiently and perform general administrative tasks;
  • preventing any fraud or crime or any suspected fraud or crime;
  • as required by law, regulation or codes binding us; and
  • any purpose to which you have consented.

Who do we share your personal information with?

To make sure we can meet your specific needs and for the purposes described in ‘How we use your personal information’, we sometimes need to share your personal information with others. We may share your information with other organisations for any purposes for which we use your information.

Sharing Your Information

We may use and share your information with other organisations for any purpose described above.  

Sharing with your representatives and referees

We may share your information with:

  • your representative or any person acting on your behalf (for example, lawyers, settlement agents, accountants or real estate agents); and
  • your referees, like your employer, to confirm details about you.

Sharing with third parties

We may share your information with third parties in relation to the services we provide to you.  Those third parties may include:

  • the mortgage aggregator through whom we may submit loan or lease applications to lenders or lessors on the mortgage aggregator’s panel;
  • the Australian Credit Licence holder that authorises us to engage in credit activities;
  • referrers that referred your business to us;
  • valuers;
  • lenders, lessors, lender’s mortgage insurers and other loan or lease intermediaries;
  • organisations, like fraud reporting agencies, that may identify, investigate and/or prevent fraud, suspected fraud, crimes, suspected crimes, or other misconduct;
  • government or regulatory bodies (including ASIC and the Australian Taxation Office) as required or authorised by law.  In some instances, these bodies may share the information with relevant foreign authorities;
  • guarantors and prospective guarantors of your loan or lease;
  • service providers, agents, contractors and advisers that assist us to conduct our business for purposes including, without limitation, storing or analysing information;
  • any organisation that wishes to take an interest in our business or assets; and
  • any third party to which you consent to us sharing your information.

Sharing outside of Australia

We are not likely to disclose your information to organisations overseas. However, we may store your information in the cloud or other types of networked or electronic storage. As electronic or networked storage can be accessed from various countries via an internet connection, it’s not always practicable to know in which country your information may be held.

How do you access your personal information?

How you can generally access your information

We‘ll always give you access to your personal information unless there are certain legal reasons why we can’t. You can ask us in writing to access your personal information that we hold. In some cases, we may be able to deal with your request over the phone.  

We will give you access to your information in the form you want it where it’s reasonable and practical. We may charge you a small fee to cover our costs when giving you access, but we’ll always check with you first.

We’re not always required to give you access to your personal information. Some of the situations where we don’t have to give you access include when:

  • we believe there is a threat to life or public safety;
  • there is an unreasonable impact on other individuals;
  • the request is frivolous;
  • the information wouldn’t be ordinarily accessible because of legal proceedings;
  • it would prejudice negotiations with you;
  • it would be unlawful;
  • it would jeopardise taking action against serious misconduct by you;
  • it would be likely to harm the activities of an enforcement body (e.g. the police); or
  • it would harm the confidentiality of our commercial information.

If we can’t provide your information in the way you’ve requested, we will tell you why in writing. If you have concerns, you can complain. See ‘Contact Us’.

How do you correct your personal information?

How we correct your information

Contact us if you think there is something wrong with the information we hold about you and we’ll try to correct it if it’s:

  • inaccurate;
  • outofdate;
  • incomplete;
  • irrelevant; or
  • misleading.

If you are worried that we have given incorrect information to others, you can ask us to tell them about the correction. We’ll try and help where we can – if we can’t, then we’ll let you know in writing.

What additional things do we have to do to correct your credit information?

If you ask us to correct credit information, we will help you with this in the following way.

Helping you manage corrections

Whether we made the mistake or someone else made it, we are required to help you ask for the information to be corrected.  So we can do this, we might need to talk to others. However, the most efficient way for you to make a correction request is to send it to the organisation which made the mistake.

Where we correct information

If we’re able to correct the information, we’ll let you know within five business days of deciding to do this. We’ll also let the relevant third parties know as well as any others you tell us about. If there are any instances where we can’t do this, then we’ll let you know in writing.

Where we can’t correct information

If we’re unable to correct your information, we’ll explain why in writing within five business days of making this decision. If you have any concerns, you can access our external dispute resolution scheme or make a complaint to the Office of the Australian Information Commissioner.

Timeframe for correcting information

If we agree to correct your information, we’ll do so within 30 days from when you asked us, or a longer period that’s been agreed by you.  

If we can’t make corrections within a 30 day time frame or the agreed time frame, we must:

  • let you know about the delay, the reasons for it and when we expect to resolve the matter;
  • ask you to agree in writing to give us more time; and
  • let you know you can complain to our external dispute resolution scheme or the Office of the Australian Information Commissioner.

How do you make a complaint?

How do you generally make a complaint?

If you have a complaint about how we handle your personal information, we want to hear from you. You are always welcome to contact us.  

You can contact us by using the details below
Junhao Sun – 0429 926 339

We are committed to resolving your complaint and doing the right thing by our customers. Most complaints are resolved quickly, and you should hear from us within five business days.  

Need more help?

If you still feel your issue hasn’t been resolved to your satisfaction, then you can raise your concern with the Office of the Australian Information Commissioner:

What additional things do we have to do to manage your complaints about credit information?

If your complaint relates to how we handled your access and correction requests

You may take your complaint directly to our external dispute resolution scheme or the Office of the Australian Information Commissioner.  You are not required to let us try to fix it first.

For all other complaints relating to credit information

If you make a complaint about things (other than an access request or correction request) in relation to your credit information, we will let you know how we will deal with it within seven days.

Ask for more time if we can’t fix things in 30 days

If we can’t fix things within 30 days, we’ll let you know why and how long we think it will take. We will also ask you for an extension of time to fix the matter. If you have any concerns, you may complain to our external dispute resolution scheme or the Office of the Australian Information Commissioner.

Letting you know about our decision

We’ll let you know about our decision within 30 days or any longer agreed time frame. If you have any concerns, you may complain to our external dispute resolution scheme or the Office of the Australian Information Commissioner.

Contact Us

We care about your privacy. Please contact us if you have any questions or comments about our privacy policies and procedures. We welcome your feedback.  

You can contact us by using the details below:
Office line – 03 9078 8273
Junhao Sun – 0429 926 339

What if you want to interact with us anonymously or use a pseudonym?

If you have general enquiry type questions, you can choose to do this anonymously or use a pseudonym. We might not always be able to interact with you this way, however, as we are often governed by regulations that require us to know who we’re dealing with. In general, we won’t be able to deal with you anonymously or where you are using a pseudonym when:

  • it is impracticable; or
  • we are required or authorised by law or a court/tribunal order to deal with you personally.

What do we do with government-related identifiers?

In certain circumstances, we may be required to collect government-related identifiers such as your tax file number. We will not use or disclose this information unless we are authorised by law.

Changes to this Privacy Policy

This Policy may change. We will let you know of any changes to this Policy by updating the website, please always visit our website for most updated privacy policy.