I Challenge Pty Ltd T/As iChallenge Finance
Australian Credit License 452141
CREDIT GUIDE
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OUR DETAILS
Australian Credit Licence I Challenge Pty Ltd T/As iChallenge Finance
Australian Credit Licence Number 452141
ABN/ACN: 59 155 988 739/155 988 739
Head office address: 1/123 William St Port Macquarie NSW 2444
Services offered Australia Wide
Asset Finance aggregator: National Finance Choice
Mortgage Finance aggregator: Vow Financial
Email: admin@ichallenge.com.au
Phone Number: 1300 424 255
We hold our representatives to the highest standards and are Accredited Members of the FBAA and the Australian Financial Complaints Authority.
I Challenge Pty Ltd T/As iChallenge Finance
Australian Credit License 452141
Credit Guide
Sept 2021
This is the Credit Guide of iChallenge Finance, Australian Credit Licence 452141. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009.
About this Credit Guide
This Credit Guide is designed to assist you in deciding whether to use the services we offer.
Services we provide
We will provide you with information on a range of lenders and products. Once you have chosen a loan or lease that is suitable for you, we will help you to obtain an approval.
Our Associations and Relationships
All our advisers are accredited with a variety of Lenders. We source finance from a panel of approximately 30 home lenders, 20 Car and equipment lenders, plus a variety of business and personal lenders.
The institutions named below are just some the lenders with whom we are accredited with:
• ANZ
• NAB
• St George
• Macquarie
• Latrobe Financial
• ING
• Commonwealth Bank
• Money 3
• Liberty Financial
• Finance One
• Pepper Money
Our Responsible Lending Obligations to You
We are obliged to ensure that any loan, or principal increase to a loan, we help you to obtain, or any lease we help you enter, is not unsuitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable.
The law requires us to:
• make reasonable enquiries about your requirements and objectives;
• make reasonable enquiries about your financial situation; and
• take reasonable steps to verify that financial situation.
Credit will be unsuitable for you if, at the time of the assessment, it is likely that the following would apply at the time credit is provided:
• you could not pay or could only pay with substantial hardship; or
• the credit will not meet your requirements or objectives.
For example, if you can only repay by selling your principal place of residence, it is presumed that the loan will cause
substantial hardship unless the contrary is proved. For this reason we must ask you to provide a significant amount of information. It is important that the information you provide is accurate, complete and up-to-date. If we proceed on incomplete or incorrect information, you may be in breach of your legal obligations to the lender.
We will provide you with a copy of our preliminary assessment of your application if you ask, within seven years of when we provided assistance to you. This requirement is only triggered if you proceed with approved credit assistance.
Our Fees and Charges
Fees or charges may be payable by you to us for our credit assistance when applying for a Mortgage and some instances, including Asset Finance and Personal loans, a fee for service may be required. Details of these fees will be explained in a credit quote.
Our Maximum Origination Fee (payable from the loan proceeds and only applicable if the loan is approved and funded) is $2200. You may also be charged a lender’s application fee, valuation fees and other fees associated with the loan.
These fees are not charged by us and will be disclosed to you prior to submission of the credit application. Please note, however, that if a valuation is conducted and you ultimately choose not to proceed with the loan, you may be liable for the valuation fees.
Commissions
We may receive commissions from the lenders and lessors who provide finance for you as our customers. These fees are not payable by you. You may obtain information relating to reasonable estimates of those commissions and how they are calculated.
When we provide you with credit assistance, you may ask us for a reasonable estimate of the commission likely to be received, directly or indirectly by the chosen financier.
From time to time, we may receive financial or non-financial benefits from lenders, lessors or others. Some or all of a commission received by may be paid to our Credit Representatives.
Loyalty Bonuses
iChallenge Finance may pay Loyalty Bonuses/Commissions to our referrers for referring business. These fees are not payable by you.
Referral Fees
We may pay a referral fee (i.e. commission) for third party referrals. An example of a referrer would be a real estate agent, solicitor or motor dealer. This fee is not payable by you. You may on request obtain a reasonable estimate of the amount of commission and how it is calculated. iChallenge Finance or our representatives may also receive a benefit for referring you to other specialist service providers.
Our Dispute Resolution Procedures
Internal Dispute Resolution
If you are unhappy with our services, please contact us first by contacting our Complaints Manager on the following:
iChallenge Pty Ltd (Complaints Manager)
Telephone 1300 424 255
Email admin@ichallenge.com.au
1/123 William St Port Macquarie NSW 2444
Website ichallenge.com.au
We will endeavor to resolve your complaint quickly and fairly.
If your complaint has not been resolved to your satisfaction, you may contact the Australian Financial Complaints Authority (AFCA), which is an independent dispute resolution scheme for financial services complaints.
For complaints, you can contact:
Australian Financial Complaints Authority (AFCA)
Telephone 1800 931 678
Email info@afca.org.au
Post GPO Box 3
Melbourne, VIC, 3001
Website www.afca.org.au
Things you should know
You should ensure that you have approved finance, in writing from the lender, before entering a binding contract to purchase.
It is important you understand your legal obligations under the loan, and the financial consequences. If you have any concerns, you should obtain independent legal and financial advice before you enter into a loan contract.
We do not make any promises about the value or future prospects of any property you finance with us. You should always rely on your own enquiries.
Before you accept your loan offer, make sure you read the credit contract carefully to understand full details of the loan. If you have any doubts, you should obtain independent legal and financial advice before you enter into any loan contract.
We represent lenders and have obligations to them, and in particular, to not provide any information we know is misleading or deceptive. We also have obligations under the law to report any fraud, forgery, or other illegal activities. Before using our services, it is important that you understand that we have these obligations to lenders, and under the law. iChallenge Finance is required to have adequate arrangements in place to ensure you are not disadvantaged by any conflict of interest.
I Challenge Pty Ltd T/As iChallenge Finance
Australian Credit License 452141