Black Mountain Financial Pty Ltd and its employees (including any employees of a related body corporate) are collectively referred to as "us, we, our" throughout this Credit Guide.
About this document
What this guide covers
This Credit Guide sets out the essentials, plainly:
- —who we are and how you can contact us;
- —what services we provide;
- —how we (and any other relevant parties) are paid;
- —our responsible lending obligations; and
- —how we deal with complaints.
About us
About us
Credit licensee details
Licensee name
Black Mountain Financial
Australian credit licence number
570391
ACN / ABN
95 688 300 512
AFCA membership number
116295
Address
Level 1, 33 Allara Street Canberra ACT 2601
Website
www.blackmountainfinancial.com.au
Phone
02 6188 9849 · +61 413 626 191
info@blackmountainfinancial.com.au
Services
Our services
Black Mountain Financial provides credit assistance across residential, business and commercial lending, drawing on a broad range of lenders and products.
Credit assistance
What is credit assistance?
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:
- 1.suggest or assist you to apply for a particular credit contract with a credit provider; or
- 2.suggest or assist you to apply for an increase to an existing credit contract with a credit provider; or
- 3.suggest you remain in a particular credit contract with a credit provider.
Fees
Our fees and charges
Generally, no fees or charges are payable by you to us for our credit assistance. In some instances, we may charge a fee for service. If we intend to charge a fee for service, details of those fees will be provided to you in a Credit Quote.
Please note: The lender or lessor may charge you fees for applying for a loan, such as application fees or valuation fees. These fees will be disclosed to you before the loan or lease application is submitted. Some of these fees may be payable even if your application is ultimately unsuccessful.
Our obligations
Our obligations to you
When we provide you with credit assistance, we are legally required to only recommend credit products that are not unsuitable for you.
To determine which loan products might suit you, we are required to complete a Preliminary Assessment. When we make this assessment, we will ask you about your requirements and objectives, your financial and personal situation, and your ability to repay the loan you are considering.
In assessing these factors, we are also required to take reasonable steps to verify some of the information you provide. 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 you provide.
It is important that the information you provide to us is accurate.
Assessment copy
Obtaining a copy of your Preliminary Assessment
You may request a copy of your Preliminary Assessment, and we must give you a copy of it within:
- —seven (7) days, if the request is made within two (2) years of providing credit assistance; or
- —twenty-one (21) days, if the request is made between two (2) and seven (7) years of providing credit assistance.
There is no charge for requesting or receiving a copy of the Preliminary Assessment.
Lending panel
Our residential lending panel
Below is a list of the top 6 lenders or lessors we do the most business with when providing credit assistance. These are based on the total volume of loan or lease applications we have lodged on behalf of clients in the last 12 months. There are other lenders and lessors we do business with that are not on this list. Please speak to your broker to discuss the other lenders and lessors on our panel.
Remuneration
Our commissions and other remuneration
Black Mountain Financial receives commissions from lenders and lessors 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 you make.
Loan contracts such as home loans and investment property loans
Upfront commission
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 0.55% and a maximum of 1.00% of the loan amount. It is usually paid after settlement of the loan.
Trail commission
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 0.00% per annum and 0.35% per annum of the outstanding loan amount.
Volume bonuses
Volume bonus arrangements
We do not receive any volume-based benefit for residential home loan products.
Third parties
Payments to third parties
We may pay a referral fee to third parties who refer credit business, or proposed business to be financed by a credit contract or consumer lease, to us. Examples of third parties we may pay referral fees to include real estate agents or solicitors. This fee is not payable by you. You may ask us for a reasonable estimate of the amount of referral fees and how they are worked out.
Responsible lending
Our responsible lending obligations
We are prohibited from suggesting or assisting you to enter into a credit contract, consumer lease or credit limit increase that would be unsuitable for you. It will be unsuitable for you if you would be unable to comply with your financial obligations under the contract, or could only comply with substantial hardship, or it does not meet your requirements or objectives. We must assess whether a credit contract, consumer lease or credit limit increase would be unsuitable for you before we provide credit assistance to you. As part of our assessment, we are required to make inquiries into your financial situation, requirements and objectives, and to take reasonable steps to verify this information.
Our assessment
Requesting a copy of our assessment
We will provide you with a copy of our assessment upon request if you ask within 7 years. We will give you a copy of the assessment within the following timeframes:
- —If you request a copy within 2 years of us providing you with credit assistance, we will provide a copy within 7 business days.
- —If you request a copy within 7 years of us providing you with credit assistance, we will provide a copy within 21 business days.
To request a copy of your assessment, please contact us using the contact details above.
Complaints
Complaints
If you have a complaint, you should first discuss the matter with us to see whether we can resolve your concerns. Please contact our Complaints Manager on the following:
Contact
George Popadalis
Phone
02 6188 9849 · +61 413 626 191
info@blackmountainfinancial.com.au
Address
Level 1, 33 Allara Street, Canberra ACT 2601
External dispute resolution
If the complaint is not resolved to your satisfaction, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA is an independent external dispute resolution scheme that provides fair and independent financial services complaints resolution, free to consumers.
Organisation
Australian Financial Complaints Authority (AFCA)
Website
www.afca.org.au
Phone
1800 931 678
info@afca.org.au
