Switch my Mortgage is operated by Drinkwell Davies Pty Ltd (ACN: 609 261 789). Australian Credit License – 510320
Address: PO Box 245, Doreen, VIC, 3754 Tel: 0481 556 100
Pennley Pty Ltd (Choice) (“broker group”) (ACN: 071 979 498)
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:
THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE
Before we provide credit assistance to you, we assess whether the particular loan is suitable for you. To do this, we need to make reasonable inquiries and verify that:
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 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:
Switch my Mortgage is operated by Drinkwell Davies Pty Ltd (ACN: 609 261 789).Australian Credit License – 510320
Address: PO Box 245, Doreen, VIC, 3754 Tel: 0481 556 100
INFORMATION ABOUT THE LICENSEE
We are authorised to engage in credit activities including providing credit assistance.
Subject to meeting credit criteria, we are able to assist you to obtain loans for you from a broad range of lenders through our broker group.
The following are the lenders with whom we generally conduct the most business:
FEES AND CHARGES
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
We sometimes charge a fee for providing credit assistance. More detail about any such fee will be set out in a mandated quote document we will give to you before we provide you with credit assistance.
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, or other parties. You should review the disclosure documents and your loan contract for further details of any such fees and charges.
COMMISSIONS WE RECEIVE FROM OUR LICENSEE
We have appointed our broker group as our agent to receive commissions from lenders and to pay us commission in relation to loan contracts for which we provide credit assistance. The total amount of commission we may receive in relation to your loan may vary depending on the lender, the term, the features, the amount of the loan you ultimately choose and the amount and timing of the repayments that you make.
Loan Contracts such as Home Loans, Investment Property Loans and Personal Loans
Upfront commission payable by lenders in relation to loans is calculated as a percentage of the loan amount and is generally in the range of 0.40 % and 1.76 % of the loan amount. It is usually paid after settlement of the loan.
Trail commission payable by lenders in relation to loans is generally calculated regularly (monthly, bi-monthly, quarterly, or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0.11 % per annum and 1.10 % per annum of the outstanding loan amount.
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.
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 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.
We need to collect personal information about you to provide you with our broking & related services. This privacy statement tells you how we collect your information, what we use the information for and who we share the information with. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.
How information is collected from you
We will collect your information from you directly whenever we can, like from enquiries we make of you when you seek credit assistance from us. We may verify that information from sources referred to in the responses to those enquiries or in this privacy statement.
How information is collected 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 may use your information for purposes including:
you, unless you tell us not to;
services that may be of interest to you;
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 happens if you don’t provide information?
If you don’t provide your information to us, it may not be possible to:
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:
Sharing with third parties
We may share your information with third parties in relation to services we provide to you or goods or services in which we reasonably consider you may be interested. Those third parties may include:
or lessors on the mortgage aggregator’s panel;
fraud, suspected fraud, crimes, suspected crimes, or other misconduct;
bodies may share the information with relevant foreign authorities;
Sharing outside of Australia
We are not likely to disclose your information to organisations overseas. However, we may store your information in 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.
Information about other people
If you give information to us about another person (like your co-applicant) in relation to the services we provide, you will let that other person know that:
in this privacy notice;