Part C – Delivering on Our Key Commitments
11. We will focus on customers
11.1 We will provide high quality products and services that meet our clients’ needs.
11.2 We will provide an accessible and responsive service.
11.3 We will take extra care if you have a vulnerability or are experiencing hardship, albeit that we may become aware of your circumstances only if you tell us about them or it is otherwise reasonable for us to become aware of it.
11.4 We will proactively engage with you to obtain feedback – both positive and negative.
11.5 Our communications will be plain language and avoid legal and technical jargon as far as possible.
12. We will be fair, honest & ethical
12.1 We will act with transparency in our dealings with you.
12.2 If there are any legal or regulatory restrictions on finance being provided to purchase goods or services, we will not provide loans to purchase such goods or services.
13. We will deliver high standards of service
13.1 Before you accept a loan offer we will give you a summary document clearly setting out key features of the Loan Product. It will tell you for example whether the proposed loan will be secured. This summary document may be a separate document or part of the Loan Product.
13.2 Unless a longer period is required by law, we will give you at least 30 days prior notice before we change your Loan Product. Any agreed changes can commence from the time the change is agreed with you or from a later agreed time.
13.3 If we change an interest rate we will tell you as soon as possible, and in any event no later than the date of the change, unless we are not able to because the interest rate is calculated according to a money market or some other external reference rate, or a rate otherwise designated as a variable or floating rate.
13.4 We will at your request give you a copy of the contract including terms and conditions and standard fees, a statement of your outstanding balance and any notices we previously gave to you which is relevant to us exercising our rights. We will do this within 3 business days of the request. If we cannot provide a document within this timeframe, we will advise you of this together with the expected timeframe for providing the document. Documents may be in electronic form or any form mutually agreed.
14. We will give clear information about our products and services
14.1 The information we provide about our loan products will be clear, concise and accurate, written in plain language, and use applicable standard terms where appropriate (as set out in the Glossary).
14.2 We will disclose interest rates, fees and charges in an accessible and clear format.
14.3 We will answer any questions you have about the features of our loan products and how they work.
14.4 Our advertising and promotional material will be clear and not misleading or deceptive, or likely to mislead or deceive. Documentation for loan products will be distinct from our marketing material.
14.5 We will give you our terms and conditions, a statement of fees and charges, and a standard pricing comparison document. We will do this before a contract is made with us.
Note: The Standard Pricing Comparison does not apply to revolving facilities or facilities which may be redrawn or repeatedly drawn down. This is because factors such as the Total Repayment Amount, the Average Repayment Amount, the Term and the Total Cost of Credit set out in clause 14.7 cannot be determined for a facility that can be redrawn or repeatedly drawn down.
14.6 The documentation for our loan products will be drafted to comply with all applicable laws and regulation (including unfair contract terms), will set out whether you can make Early Repayments and whether there will be any applicable reduction to the Total Payment Amount.
14.7 The Standard Pricing Comparison will set out:
a. the Loan Amount;
b. the Disbursement Amount;
c. the Total Repayment Amount;
d. the Average Repayment Amount;
e. the Term;
f. the Total Cost of Credit including Interest Expense, Origination Fee and Other Fees;
g. the Annual Percentage Rate; and
h. other comparison information that we think may assist you.
14.8 We will make sure any fees and charges payable to us after disbursement of the Loan Amount (such as late payment fees or direct debit dishonour fees) are reasonable having regard to our costs. Our costs include charges imposed by our service providers where applicable.
14.9 We will regularly review the disclosure of our fees and charges to you.
15. We will consider your financial circumstances when providing our products and services
15.1 We will make our lending decisions, including decisions to extend or increase existing Loan Products, following an assessment of the purpose of the loan and your financial circumstances that are known to us at the time. We expect you to provide honest and accurate information when applying for a loan, or the extension or increase of an existing Loan Product.
15.2 We will only lend to you where we believe that you have the capacity to repay. In making this assessment we rely on the information you provide to us and other information we have about you.
15.3 We will periodically review our credit assessment procedures and criteria for the Loan Products we issue.
16. Our staff and representatives will be trained and competent
16.1 If we engage finance brokers to distribute our products, we will require them to be aware of and have regard to our obligations to you under this Code.
16.2 Where we pay a commission to any finance broker in connection with a Loan Product we will tell you that we are doing so.
16.3 We will train our staff to treat diverse and vulnerable customers with sensitivity, respect and compassion. This includes training to identify signs of vulnerability, including mental health, domestic and family financial concerns, or potential financial abuse, as well as training for staff who regularly assist customers from diverse backgrounds including First Nations people.
17. We will deal fairly with complaints
17.1 In the event of a dispute or complaint about our products or services you will have access to internal and external dispute resolution processes.
17.2 You can complain in the manner provided for in our loan documentation.
17.3 We will respond to complaints and disputes in a manner that is prompt, efficient and transparent, consistent with the law, and fair to everyone involved.
17.4 See Part E of this Code for more information about internal and external dispute resolution.
18. We will comply with our industry and legal obligations
18.1 When the law allows us to do so, we may communicate with you electronically rather than in paper form. We may do this by sending the information using a form of electronic communication or where it is reasonable to do so, by notifying you that we have made information available electronically – for example on a website – and how you can access it. You must notify us of any changes to your electronic contact information.
18.2 We will comply with the Privacy Act 1988 including the Australian Privacy Principles and the Privacy (Credit Reporting) Code 2014, including credit reporting and the collection, storage, use and disclosure of your personal information. We will not disclose that information unless we are required to by law (for example under Australian Corporations or Anti Money Laundering legislation), there is a duty to the public to disclose, you ask us to disclose the information, you have consented to us doing so, or we are otherwise not restricted from doing so under applicable laws. We will publish our Privacy Policy on our website.
18.3 We will take reasonable steps to protect your personal information from misuse or loss and from unauthorised access, modification or disclosure.
18.4 We will regularly review the security and reliability of our services.
19. We will support and promote this Code
19.1 We will promote this Code so you are aware of the protections we provide to our customers. This will include making the Code available on our website and the digital platforms that we participate in, and by engaging with key stakeholders including via AFIA.