Credit Services Guide

LICENSEE
Omniwealth Services Pty Ltd
ABN: 57 121 845 001
Credit License 309643

Level 9, 50 Margaret Street
Sydney NSW 2000

GPO Box 5470
Sydney NSW 2001

Telephone: 02 9112 4300
Facsimile: 02 9112 4399
omni@omniwealth.com.au
www.omniwealthservices.com.au

CORPORATE AUTHORISED REPRESENTATIVE
Omniwealth Mortgage and Finance Pty Ltd
ABN: 70 135 566 540
Credit Representative 369457

Level 9, 50 Margaret Street
Sydney NSW 2000

GPO Box 5470
Sydney NSW 2001

Telephone: 02 9112 4388
Facsimile: 02 9112 4377

This Credit Guide sets out important information about the services that we provide as a broker.

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 particular credit provider; or
2. suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider; or
3. suggest you remain in a particular credit contract with a particular credit provider.

FEES AND CHARGES THAT ARE PAYABLE BY YOU IN RELATION TO OUR CREDIT ASSISTANCE
The following fees and charges apply:

SERVICE:
Maximum fee payable to the licensee: $NIL
Maximum charges that will be incurred by the licensee: $NIL
Maximum fees and charges that will be payable by the licensee to another person on the consumer's behalf: $NIL

Please note that all of the above fees and charges will still be payable by you to us, even if:

1. You decide not to proceed with your application to the credit provider; or
2. Your application is rejected by the credit provider.

OUR TOP 6 CREDIT PROVIDERS
We source credit products from a range of banks, lenders and other credit providers. However, at present, we write the most loans with the following banks, lenders and other credit providers:

1. St. George Bank
2. Commonwealth Bank of Australia
3. Westpac Bank
4. ANZ Bank
5. AFG
6. Suncorp
7. COMMISSIONS WE RECEIVE

When we provide you with credit assistance, we (or our directors, employees and authorised credit representatives) receive commissions from the credit providers involved. We may receive the following commissions when we provide credit assistance to you:

Type of Commissions
Upfront Commission: 0 – 0.8%
Trail Commission: 0 – 0.25%

Method of calculation:
Percentage of drawn loan amount

PRELIMINARY ASSESSMENT
Before we provide you with credit assistance, we are required to complete a “Preliminary Assessment”. This preliminary assessment makes enquiries about:

• Your requirements and objectives for seeking a credit product;
• Your financial and relevant personal situation; and
• Your repayment capacity.

You are entitled to request a copy of our Preliminary Assessment, and we must give you a copy if you so request. If you request a copy of the Preliminary Assessment:

• At any time during the first 2 years we must provide it within 7 business days; or
• Between 2 years and 7 years after it was conducted we must provide it within 21 business days. 

There is no charge for requesting or receiving a copy of the Preliminary Assessment.

UNSUITABLE CREDIT CONTRACTS
By law, we must not:

1. Suggest or assist you to apply for a particular credit contract with a particular credit provider; or
2. Suggest or assist you to apply for an increase to the credit limit of a particular credit contract with a particular credit provider, or
3. Suggest that you remain in your particular credit contract with your particular credit provider;

If that contract is “unsuitable”.
A credit contract will be “unsuitable” if:

1. It is likely that you will be unable to comply with the financial obligations under the credit contract; or
2. It is likely that you could only comply with the financial obligations with substantial hardship (such as having to sell your principal place of residence); or
3. it is likely that the credit contract will not meet your stated requirements or objectives.

We want to ensure that the credit products you select with us are not unsuitable for your needs. Because of this, it is important that you openly and honestly discuss with us your requirements, objectives, preferences, financial situation and repayment capacity.

DISPUTE RESOLUTION AND COMPLAINTS
Within our business, we follow specific procedures to try to resolve any complaints that you may have. 

 
INTERNAL DISPUTE RESOLUTION SCHEME
A complaint or concern can be directly raised with our company in accordance with our internal dispute resolution procedures. A copy of our internal dispute resolution policy, including our commitments for response times, is available by request to us.
You can submit a complaint or concern directly to us as follows:
Complaints Officer
GPO Box 5470
Sydney NSW 2001

E: admin@omniwealth.com.au
T: 02 9112 4300

EXTERNAL DISPUTE RESOLUTION SCHEME
We also belong to the following external, independent dispute resolution scheme, which can be contacted as follows:
Financial Ombudsman Service
1300 78 08 08

A copy of FOS’s dispute resolution policy is available at http://www.fos.org.au/centric/home_page.jsp or by request to us. .