The Credit Guide outlines important information about the license holder and the services we provide.
Inception Finance is the trading name of Inception Finance Pty Ltd, the parent company of your licensed credit assistance provider, Auscred Services Pty Ltd. This Credit Guide sets out important information about the license holder and the services we provide.
- License Holder
Inception Finance Pty Ltd (ACN 615 812 014)
Level 2, 15 James Street, Fortitude Valley QLD 4006
1300 65 90 22
- Australian Credit License Number
- EDR Scheme Name
Australian Financial Complaints Authority
- EDR Membership Number
What is credit assistance?
Inception Finance Pty Ltd is licensed to provide credit assistance to you under the National Consumer Credit Protection Act 2009. 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 credit provider; or
suggest or assist you to apply for an increase to an existing credit contract with a credit provider;
suggest you remain in a particular credit contract with a credit provider.
What will we 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 will ask you about your requirements and objectives, your financial and 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
You may request a copy of our Preliminary Assessment, and we must give you a copy of it within 7 days (if the request is within the first 2 years post completion of the document) or within 21 days (if the request is after 2 years but before 7 years after it has been prepared). 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). At this stage the amount of fee payable is unascertainable. As part of the application process we will provide you with a Credit Proposal, which will include an estimate of the commission that we will receive from the Lender if you decide to proceed with the application and the loan settles.
We gain access to the loan products we recommend to you through the services of our Aggregator. In order to gain access to their panel of lenders, our aggregator charges us an annual fee as well as a monthly fee for each of our loan writers.
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 our Complaints Officer 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 you are not satisfied with how we have handled your complaint, you may make a formal complaint to our External Dispute Resolution Scheme Provider, the Credit Ombudsman Service Limited or the Financial Ombudsman Service Australia. They can be contacted by calling 1800 138 422 or 1800 467 287, or visiting their websites at cio.org.au and fos.org.au.
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, just ask as we are here to help you.