Credit Guide  (last updated Oct 2021)

Credit Guide and Privacy Statement

ABOUT US (“we, us, our”):

Credit Representative Olga Juliana Ardila OspinaCredit Representative Number 468309
An employee of:

Corporate Credit Representative IJE & OJA SPO PTY LTD ACN  625 706 961 T/A Prana Credit SolutionsCredit Representative Number 524525
Contact Details for Credit  Representative and Corporate Credit Representative Address: PO Box A2081 Sydney South NSW 1235

Tel: 0420465576

Fax:

Email address: juliana@pranacreditsolutions.au

Website: www.pranacreditsolutions.com.au/privacy-policy
Credit Representative Olga Juliana Ardila OspinaCredit Representative Number 468309
Licensee BLSSA Pty Ltd ACN 117 651 760 (“BLSSA”)Australian Credit Licence Number:  391237

Level 15, 360 Elizabeth Street

Melbourne VIC 3000

Tel:  03 9070 4852

 
Broker Group  Finance & Systems Technology Pty LtdACN 092 660 912

Credit Representative Number:  392527

This document provides you with information relating to our activities and those of our credit representatives. 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 from a licensee when we are acting as a credit representative, 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 as a credit representative.

WHAT IS A CREDIT REPRESENTATIVE?

A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee. Our licensee is BLSSA.

WHAT IS CREDIT ASSISTANCE?

We give you credit assistance when:

  • we assist you to apply for a particular loan or lease;
  • we suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
  • we suggest you remain in your current loan or lease.

THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE

Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:

  • the loan or lease or increase will meet your requirements and objectives; and
  • you can meet the proposed repayments.

We won’t be able to give you credit assistance if our assessment shows that:

  • you won’t be able to meet the proposed repayments without substantial hardship; or
  • the loan or lease won’t meet your requirements or objectives.

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:

  • within 7 business days after the day we receive your request –  provided you make the request within 2 years of the date of our credit assistance quote; or
  • otherwise, within 21 business days after the day we receive your request.

INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES

We act as a credit representative for BLSSA. We are authorised to engage in credit activities including providing credit assistance on its behalf.

Subject to meeting credit criteria, we are able to assist you to obtain loans and leases for you from a broad range of lenders and lessors through our Broker Group.  Our Broker Group does not require us to recommend any particular lender and our Broker Group does not set any quotas or obligations on us relating to recommending any particular lender.

The following are the Top 6 residential lenders and % of business written in the previous financial year:

1 St George 27%
2 NAB 25%
3 ANZ 14%
4 ING DIRECT 9%
5 Teachers Mutual Bank 9%
6 Adelaide Bank 7%
7 Bankwest 4%
8 Auswide Bank Ltd 4%
100%

The following is a list of all the lenders with which I have accreditation:

Residential Lender Lenders I am accredited for
Adelaide Bank ☒
AMP ☒
ANZ ☒
Auswide Bank ☒
Bank First ☒
Bank of Melbourne ☐
Bank of Queensland ☒
Bank SA ☐
BankWest ☒
Beyond Bank ☐
Bluestone ☒
CBA – Colonial ☒
Citibank ☒
Emoney ☒
FASTCustom ☒
FASTExcel ☒
FASTExcel Mid Doc ☐
FASTExcel SMSF ☒
FASTLend ☒
Firefighters Mutual Bank ☒
FirstMac ☐
Health Professionals Bank ☒
Heritage ☒
HomeStart Finance ☐
ING ☒
Keystart ☐
LaTrobe Financial ☒
Liberty Financial ☐
Loan Ave ☐
Macquarie Bank ☒
ME Bank ☒
Mortgage Mart ☐
MyState ☐
NAB ☒
Pepper Money ☒
PN Bank ☐
Resimac ☐
St George ☒
Suncorp ☒
Teachers Mutual Bank ☒
UniBank ☒
Victorian Mortgage Group ☐
Virgin Money ☒
Westpac ☒

OWNERSHIP

FAST We obtain mortgage aggregation services from the Broker Group. The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, and assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to Broker Group panel of lenders including Broker Group branded products.

FEES AND CHARGES

FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE

We may charge a fee for providing credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.

FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE

We may receive remuneration from our employer, BLSSA and/or Broker Group and do not charge you any fees or charges in relation to acting as a credit representative.

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, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.

COMMISSIONS

COMMISSIONS WE RECEIVE FROM OUR LICENSEE

BLSSA has appointed our Broker Group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which we act as a credit representative and 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 that you make.

Loan Contracts such as Home Loans, Investment Property Loans

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 the 0% and 1.6% of the loan amount. It is usually paid after settlement of the loan.

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% per annum and 0.40% per annum of the outstanding loan amount.

Personal Loans 

Upfront commission payable by lenders in relation to personal loans is calculated as a percentage of the loan amount and is generally in the range 0% and 4%  of the loan amount. It is usually paid after settlement of the loan.

Trail commission payable by lenders in relation to personal 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% per annum and 0% per annum of the outstanding loan amount.

Leases     

Upfront commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of 0% and 5% of the lease amount. It is usually paid after settlement of the lease.

Trail commission is generally not payable in relation to leases.

Further details of the commission earned by us will be included in the credit proposal disclosure, which forms part of the Statement of Credit Assistance document, which 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.

VOLUME BONUS ARRANGEMENTS

We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or our Broker Group may receive a benefit, directly by way of cash bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or our Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.

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.  More detail about those payments will be set out in the credit proposal disclosure, which forms part of the Statement of Credit Assistance document, which we will give to you before we provide you with credit assistance.

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, which forms part of the Statement of Credit Assistance, which we will supply to you when we provide you with our credit assistance.

DISPUTES OR COMPLAINTS

WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT?

We are committed to providing our customers with the best possible service. If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly.

HOW TO MAKE A COMPLAINT AND THE COMPLAINTS PROCESS?

If you have a complaint, we request you follow these steps:

  1. In the first instance, please contact your credit assistance provider.
  1. If your complaint has not been resolved to your satisfaction within 5 business days, please contact our Complaints Area as detailed below:

Telephone:  03 9320 1082 or 1800 763 486 (toll free) Monday to Friday 9am to 5pm (AEST)

Email:  resolutions@BLSSA.com.au

Mail:  BLSSA Advice Complaints, Level 15, 360 Elizabeth Street, Melbourne VIC 3000

  1. We may ask for additional information and request you to put your complaint in writing to ensure your issue is properly investigated.
  1. In cases where your complaint will take longer than 30 days to resolve, we will notify you in writing.

If you are having difficulties managing your debts, you can seek free assistance from the National Debt Helpline on 1800 007 007 or via the website ndh.org.au.

THIRD PARTY PRODUCTS OR SERVICES

If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contact the relevant third party. They will deal with your complaint under their complaints resolution process.

If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details.

KEEPING YOU INFORMED

Our Complaints Area will acknowledge receipt of your complaint within one business day. If unable to resolve the complaint/dispute to your satisfaction within five business days, they will write to you advising the procedures we will follow in investigating and handling your complaint.

Within 30 calendar days from the date you lodged the complaint with us, we will write to you advising you the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete the investigation.

STILL NOT SATISFIED?

If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further.

Our external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:

BLSSA’s external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:

OTHER DISCLOSURES

BROKER BENEFITS DISCLOSURES

In line with industry reforms, I am required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts.

TIERED SERVICING DISCLOSURES

We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts.

Privacy Statement 

Privacy Statement (last updated Oct 2021)

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 collect information from third parties about a loan or lease in relation to which you seek our services;
  • we can’t get hold of you and we rely on public information (for example, from public registers or social media) or made available by third parties to update your contact details; or
  • we exchange information with your legal or financial advisers or other representatives.

When the law authorises or requires collection of information

Some law may require us to collect personal information about you. For example, we may require your information to verify your identity under Australian Anti-Money Laundering law.

How your information may be used

We may use your information for purposes including:

  • giving you credit assistance;
  • giving you information about loan products or related services including help, guidance and advice;
  • considering whether you are eligible for a loan or lease or any related service you requested including identifying or verifying you or your authority to act on behalf of a customer;
  • assisting you to prepare an application for a lease or a loan;
  • administering services we provide, for example, to answer requests or deal with complaints;
  • administering payments we receive, or any payments we make, relating to your loan or lease;
  • telling you about other products or services we make available and that may be of interest to you, unless you tell us not to;
  • identifying opportunities to improve our service to you and improving our service to you;
  • telling you about other suppliers, with whom we have arrangements, that supply goods or services that may be of interest to you;
  • allowing us to run our business efficiently and perform general administrative tasks;
  • preventing or investigating any fraud or crime or any suspected fraud or crime;
  • as required by law, regulation or codes binding us; and
  • any purpose to which you have consented.

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:

  • assist in finding a loan or lease relevant to your circumstances;
  • verify your identity or protect against fraud; or
  • let you know about products or services that might be suitable for your financial needs.

Sharing Your Information

General

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:

  • your representative or any person acting on your behalf (for example, lawyers, settlement agents, accountants or real estate agents); and
  • your referees, like your employer, to confirm details about you.

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:

  • the Broker Group through whom we may submit loan or lease applications to lenders or lessors on the Broker Group’s panel. You can view our Broker Group’s privacy notice at http://www.fastgroup.com.au/privacy. It sets out how that Broker Group manages your personal information and where you can find its privacy policy;
  • the Licensee, BLSSA Pty Ltd, that authorises us to engage in credit activities. You can view BLSSA’s privacy notice at the same internet address as our Broker Group’s privacy notice. It sets out how BLSSA manages your personal information and where you can find its privacy policy;
  • referrers that referred your business to us;
  • financial services suppliers with whom we have arrangements;
  • valuers;
  • lenders, lessors, lender’s mortgage insurers and other loan or lease intermediaries;
  • organisations, like fraud reporting agencies, that may identify, investigate and/or prevent fraud, suspected fraud, crimes, suspected crimes, or other misconduct;
  • government or regulatory bodies as required or authorised by law. In some instances, these bodies may share the information with relevant foreign authorities;
  • guarantors and prospective guarantors of your loan or lease;
  • service providers, agents, contractors and advisers that assist us to conduct our business for purposes including, without limitation, storing or analysing information;
  • any organisation that wishes to take an interest in our business or assets; and
  • any third party to which you consent to us sharing your information.

Sharing outside of Australia

We may use overseas organisations to help conduct our business. As a result, we may need to share some of your information (including credit information) with such organisations outside Australia. The countries in which those organisations are located are:

  • Colombia
  • Venezuela

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. If your information is stored in this way, disclosures may occur in countries other than those listed.

Overseas organisations may be required to disclose information we share with them under a foreign law. In those instances, we will not be responsible for that disclosure.

Privacy Policy

You can find out more about how we manage your information by reading our Privacy Policy available by contacting us.  Please see our contact details above.  [Also, you can read and obtain a copy of that policy at our website address set out at the start of the Credit Guide to which this notice is attached.]  Our Privacy Policy sets out how you can ask us to access and seek to correct information we hold about you and how you may complain against us about a privacy issue.

 

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:

  • we have collected their information to provide those services or for any other purpose set out in this privacy notice;
  • we may exchange this information with other organisations set out in this privacy notice;
  • we handle their personal information in the way set out in our Privacy Policy and this privacy notice and they can:
    • access or request a copy of that privacy policy or this privacy notice; or
    • access the information we hold about that other person,

by using our contact details above; and

  • we may not be able to provide those services to you unless we obtain their information.

Privacy Policy

Respecting your privacy (last updated 30/10/2018)

We respect your personal information, and this Privacy Policy explains how we handle it. The policy covers Olga Juliana Ardila Ospina T/A Prana Credit Solutions.

This Policy also includes our credit reporting policy, that is, it covers additional information on how we manage your personal information collected in connection with a credit application, or a credit facility.  We refer to this credit-related information below as credit information.

 

If you are in a country that is a member of the European Economic Area (EEA), the EU General Data Protection Regulation 2016/679 (‘GDPR’) governs the way we collect, use, hold, process and disclose your personal information. Under the GDPR, we are a data controller. We make decisions on how and why your personal information is processed.

What personal information do we collect and hold?

General information

The types of information that we collect and hold about you could include:

  • ID information such as your name, postal or email address, telephone numbers, and date of birth;
  • other contact details such as social media handles;
  • financial details such as your tax file number; and
  • other information we think is necessary.

When the law authorises or requires us to collect information

We may collect information about you because we are required or authorised by law to collect it. There are laws which require us to collect personal information. For example, we require personal information to verify your identity under Australian Anti-Money Laundering law.

What do we collect via your website activity?

If you’re an internet customer of ours, we monitor your use of internet services to ensure we can verify you and can receive information from us, and to identify ways we can improve our services for you.

If you start but don’t submit an on-line application, we can contact you using any of the contact details you’ve supplied to offer help completing it. The information in applications will be kept temporarily then destroyed if the application is not completed.

We also know that some customers like to engage with us through social media channels. We may collect information about you when you interact with us through these channels. However, for all confidential matters, we’ll ensure we interact with you via a secure forum.

To improve our services and products, we sometimes collect de-identified information from web users. That information could include IP addresses or geographical information to ensure your use of our web applications is secure.

How do we collect your personal information?

How we collect and hold your information

Unless it’s unreasonable or impracticable, we will try to collect personal information directly from you (referred to as ‘solicited information’).  For this reason, it’s important that you help us to do this and keep your contact details up-to-date.

There are a number of ways in which we may seek information from you. We might collect your information when you fill out a form with us, when you’ve given us a call or used our website. We also find using electronic means, such as email or SMS, a convenient way to communicate with you and to verify your details[1].

How we collect your information 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 collect information from third parties about the loan or lease made available to you arising out of the services we provide you;
  • we can’t get hold of you and we rely on public information (for example, from public registers or social media) or made available by third parties) to update your contact details; or
  • we exchange information with your legal or financial advisers or other representatives.

What if you don’t want to provide us with your personal information?

If you don’t provide your information to us, it may not be possible:

  • for us to give you the credit assistance you seek from us;
  • to assist in finding a loan or lease relevant to your circumstances;
  • verify your identity or protect against fraud; or
  • to let you know about other products or services that might be suitable for your financial needs.

How we collect and hold your credit information

We will collect your credit information in the course of you answering the enquiries we make of you relating to the credit assistance you seek from us. In addition to what we say above about collecting information from other sources, other main sources for collecting credit information are:

  • your co-loan applicants or co-borrowers;
  • your guarantors/proposed guarantors;
  • your employer, accountant, real estate agent or other referees;
  • your agents and other representatives like the person who referred your business to us, your solicitors, conveyancers and settlement agents;
  • organisations that help us to process credit applications;
  • organisations that check the security you are offering  such as valuers;
  • bodies that issue identification documents to help us check your identity; and
  • our service providers involved in helping us to process any application you make for credit through us.

What do we do when we get information we didn’t ask for?

Sometimes, people share information with us we haven’t sought out (referred to as ‘unsolicited information’). Where we receive unsolicited personal information about you, we will check whether that information is reasonably necessary for our functions or activities. If it is, we’ll handle this information the same way we do with other information we seek from you. If not, we’ll ensure we do the right thing and destroy or de-identify it.

When will we notify you that we have received your information?

When we receive personal information from you directly, we’ll take reasonable steps to notify you how and why we collected your information, who we may disclose it to and outline how you can access it, seek correction of it or make a complaint.

Sometimes we collect your personal information from third parties. You may not be aware that we have done so. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.

How do we take care of your personal information?

We store information in different ways, including in paper and electronic form. The security of your personal information is important to us and we take reasonable steps to protect it from misuse, interference and loss, and from unauthorised access, modification or disclosure. Some of the ways we do this are:

  • document storage security policies;
  • security measures for access to our systems; and
  • only giving access to personal information to a person who is verified to be able to receive that information

We may store personal information physically or electronically with third party data storage providers. Where we do this, we use contractual arrangements to ensure those providers take appropriate measures to protect that information and restrict the uses to which they can put that information.

What happens when we no longer need your information?

We’ll only keep your information for as long as we require it for our purposes.  We may be required to keep some of your information for certain periods of time under law.  When we no longer require your information, we’ll ensure that your information is destroyed or de-identified.

How we use your personal information

What are the main reasons we collect, hold and use your information?

Collecting your personal information allows us to provide you with the products and services you’ve asked for.  This means we can use your information to:

  • give you credit assistance;
  • give you information about loan products or related services including help, guidance and advice;
  • consider whether you are eligible for a loan or lease or any related service you requested including identifying or verifying you or your authority to act on behalf of a customer;
  • assist you to prepare an application for a lease or a loan;
  • administer services we provide, for example, to answer requests or deal with complaints; and
  • administer payments we receive, or any payments we make, relating to your loan or lease.

Can we use your information for marketing our products and services?

We may use or disclose your personal information to let you know about other products or services we or a third party make available and that may be of interest to you.

We will always let you know that you can opt out from receiving marketing offers.

With your consent, we may disclose your personal information to third parties for the purpose of connecting you with other businesses or customers.  You can ask us not to do this at any time. We won’t sell your personal information to any organisation.

Yes, You Can Opt-Out

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 are the other ways we use your information?

We’ve just told you some of the main reasons why we collect your information, so here’s some more insight into the ways we use your personal information including:

  • telling you about other products or services we make available and that may be of interest to you, unless you tell us not to;
  • identifying opportunities to improve our service to you and improving our service to you;
  • allowing us to run our business efficiently and perform general administrative tasks;
  • preventing any fraud or crime or any suspected fraud or crime;
  • as required by law, regulation or codes binding us; and
  • any purpose to which you have consented.

 

What are the grounds which we will deal with your personal information under the GDPR?

Under the GDPR, we must have a legal ground in order to process your personal information. The legal grounds that we may rely on are:

  • Performance of our contract with you;
  • Compliance with a legal obligation;
  • Where you have provided your consent; and
  • For our legitimate interests:  our main legitimate interests for processing your personal information are: fraud, security, due diligence, business operations and direct marketing.

 

How long do you keep your information?

 

We required to keep some of your information for certain periods of time under law, such as the Corporations Act, the Anti-Money Laundering & Counter-Terrorism Financing Act, and the Financial Transaction Reports Act for example.

We are required to keep your information for 7 years from the closure of accounts,  or otherwise as required for our business operations or by applicable laws.

We may need to retain certain personal information after we cease providing you with products or services to enforce our terms, for fraud prevention, to identify, issue or resolve legal claims and/or for proper record keeping.

 

Who do we share your personal information with?

To make sure we can meet your specific needs and for the purposes described in ‘How we use your personal information’, we sometimes need to share your personal information with others. We may share your information with other organisations for any purposes for which we use your information.

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:

  • your representative or any person acting on your behalf (for example, lawyers, settlement agents, accountants or real estate agents); and
  • your referees, like your employer, to confirm details about you.

Sharing with third parties

We may share your information with third parties in relation to services we provide to you.  Those third parties may include:

  • the mortgage aggregator through whom we may submit loan or lease applications to lenders or lessors on the mortgage aggregator’s panel;
  • the Australian Credit Licence holder that authorises us to engage in credit activities;
  • referrers that referred your business to us;
  • valuers;
  • lenders, lessors, lender’s mortgage insurers and other loan or lease intermediaries;
  • organisations, like fraud reporting agencies, that may identify, investigate and/or prevent fraud, suspected fraud, crimes, suspected crimes, or other misconduct;
  • government or regulatory bodies (including ASIC and the Australian Taxation Office) as required or authorised by law. In some instances, these bodies may share the information with relevant foreign authorities;
  • guarantors and prospective guarantors of your loan or lease;
  • service providers, agents, contractors and advisers that assist us to conduct our business for purposes including, without limitation, storing or analysing information;
  • any organisation that wishes to take an interest in our business or assets; and
  • any third party to which you consent to us sharing your information.

Sharing outside of Australia

We may use overseas organisations to help conduct our business. As a result, we may need to share some of your information (including credit information) with such organisations outside Australia. The countries in which those organisations are located are:

 

  • Colombia
  • Venezuela

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. If your information is stored in this way, disclosures may occur in countries other than those listed.

Overseas organisations may be required to disclose information we share with them under a foreign law. In those instances, we will not be responsible for that disclosure.

Where we transfer your information from the EEA’ to a recipient outside the EEA we will ensure that an adequate level of protection is in place to protect your personal information such as putting in place contractual protections to ensure the security of your information.

How do you access your personal information?

How you can generally access your information

We‘ll always give you access to your personal information unless there are certain legal reasons why we can’t. You can ask us in writing to access your personal information that we hold. In some cases we may be able to deal with your request over the phone.

We will give you access to your information in the form you want it where it’s reasonable and practical. We may charge you a small fee to cover our costs when giving you access, but we’ll always check with you first.

We’re not always required to give you access to your personal information. Some of the situations where we don’t have to give you access include when:

  • we believe there is a threat to life or public safety;
  • there is an unreasonable impact on other individuals;
  • the request is frivolous;
  • the information wouldn’t be ordinarily accessible because of legal proceedings;
  • it would prejudice negotiations with you;
  • it would be unlawful;
  • it would jeopardise taking action against serious misconduct by you;
  • it would be likely to harm the activities of an enforcement body (e.g. the police); or
  • it would harm the confidentiality of our commercial information.

If we can’t provide your information in the way you’ve requested, we will tell you why in writing. If you have concerns, you can complain. See ‘Contact Us’.

How do you correct your personal information?

How we correct your information

Contact us if you think there is something wrong with the information we hold about you and we’ll try to correct it if it’s:

  • inaccurate;
  • out‑of‑date;
  • incomplete;
  • irrelevant; or
  • misleading.

If you are worried that we have given incorrect information to others, you can ask us to tell them about the correction. We’ll try and help where we can – if we can’t, then we’ll let you know in writing.

What additional things do we have to do to correct your credit information?

If you ask us to correct credit information, we will help you with this in the following way.

 

Helping you manage corrections

Whether we made the mistake or someone else made it, we are required to help you ask for the information to be corrected.  So we can do this, we might need to talk to others. However, the most efficient way for you to make a correction request is to send it to the organisation which made the mistake.

Where we correct information

If we’re able to correct the information, we’ll let you know within five business days of deciding to do this. We’ll also let the relevant third parties know as well as any others you tell us about. If there are any instances where we can’t do this, then we’ll let you know in writing.

Where we can’t correct information

If we’re unable to correct your information, we’ll explain why in writing within five business days of making this decision. If you have any concerns, you can access our external dispute resolution scheme or make a complaint to the Office of the Australian Information Commissioner.

Time frame for correcting information

If we agree to correct your information, we’ll do so within 30 days from when you asked us, or a longer period that’s been agreed by you.

If we can’t make corrections within a 30 day time frame or the agreed time frame, we must:

  • let you know about the delay, the reasons for it and when we expect to resolve the matter;
  • ask you to agree in writing to give us more time; and
  • let you know you can complain to our external dispute resolution scheme or the Office of the Australian Information Commissioner.

 

How do you make a complaint?

How do you generally make a complaint?

If you have a complaint about how we handle your personal information, we want to hear from you. You are always welcome to contact us .

You can contact us by using the details below

Olga Juliana Ardila Ospina

Prana Credit Solutions

Mob: 0420465576

Email: juliana@pranacreditsolutions.com.au

Mail: 1/258 Quarry Rd, Ryde NSW 2112

We are committed to resolving your complaint and doing the right thing by our customers. Most complaints are resolved quickly, and you should hear from us within five business days.

Need more help?

If you still feel your issue hasn’t been resolved to your satisfaction, then you can raise your concern with the Office of the Australian Information Commissioner:

If you are located in the EEA, you can contact the relevant data protection authority (for example in the place you reside or where you believe we breached your rights).   For example,  the Office of the UK Information Commissioner:

Office of the UK Information Commissioner
• Online: www.ico.gov.uk
• Phone: 0303 123 1113
• Live chat: https://ico.org.uk/global/contact-us/live-chat

What additional things do we have to do to manage your complaints about credit information?

If your complaint relates to how we handled your access and correction requests

You may take your complaint directly to our external dispute resolution scheme or the Office of the Australian Information Commissioner.  You are not required to let us try to fix it first.

For all other complaints relating to credit information

If you make a complaint about things (other than an access request or correction request) in relation to your credit information, we will let you know how we will deal with it within seven days.

Ask for more time if we can’t fix things in 30 days

If we can’t fix things within 30 days, we’ll let you know why and how long we think it will take. We will also ask you for an extension of time to fix the matter. If you have any concerns, you may complain to our external dispute resolution scheme or the Office of the Australian Information Commissioner.

Letting you know about our decision

We’ll let you know about our decision within 30 days or any longer agreed time frame. If you have any concerns, you may complain to our external dispute resolution scheme or the Office of the Australian Information Commissioner.

 

Your Rights under GDPR

If you reside in the EEA, you can also:

  • object to the processing or your personal information or ask us to delete, or restrict or stop using your personal information.  There may be circumstances where we are required to, or entitled to retain or continue using your information.
  • withdraw your consent to our processing of your information.  We may continue to process our information if we have another legitimate ground to do so.
  • ask us to send an electronic copy of your personal information, including to another organisation.

You can contact us if you wish to exercise these rights.  See ‘Contact Us’ for more information   If we refuse any request you make in relation to these right, we will write to you to explain why and how you can make a complaint about our decision.

 

Contact Us

We care about your privacy. Please contact us if you have any questions or comments about our privacy policies and procedures. We welcome your feedback.

You can contact us by using the details below:

Olga Juliana Ardila Ospina

Prana Credit Solutions

Mob: 0420465576

Email: juliana@pranacreditsolutions.com.au

Mail: 1/258 Quarry Rd, Ryde NSW 2112

What if you want to interact with us anonymously or use a pseudonym?

If you have general enquiry type questions, you can choose to do this anonymously or use a pseudonym. We might not always be able to interact with you this way, however, as we are often governed by regulations that require us to know who we’re dealing with. In general, we won’t be able to deal with you anonymously or where you are using a pseudonym when:

  • it is impracticable; or
  • we are required or authorised by law or a court/tribunal order to deal with you personally.

What do we do with government-related identifiers?

In certain circumstances we may be required to collect government-related identifiers such as your tax file number. We will not use or disclose this information unless we are authorised by law.

 

Changes to this Privacy Policy

This Policy may change. We will let you know of any changes to this Policy by [posting a notification on our website www.pranacreditsolutions.com.au/privacy-policy , correspondence via post or e-mail or you may contact us for a copy of the most up to date policy at any time.

[1] However we’ll never ask you for your security details in this way – if you are ever unsure, just contact us

Your consent
By asking us to assist with your credit needs, you consent to the collection and use of the information you have provided to us for the purposes described above.

Tell us what you think
We welcome your questions and comments about privacy. If you have any concerns or complaints, please contact Olga Juliana Ardila Ospina at info@pranacreditsolutions.com.au or Mob:+614 20 465 576.

Credit Guide (updated 01/07/2019)

ABOUT US (“we, us, our”):

Credit Representative Olga Juliana Ardila Ospina T/A Prana Credit SolutionsCredit Representative Number 468309
An employee or representative of:
Contact Details for Credit  Representative and Corporate Credit Representative Address: PO Box A2081, Sydney South NSW 1235

Tel: 0420465576

Fax:

Email address: juliana@pranacreditsolutions.au

Website: www.pranacreditsolutions.com.au/privacy-policy
Licensee BLSSA Pty Ltd ACN 117 651 760 (“BLSSA”)Australian Credit Licence Number:  391237

Level 10, 101 Collins St

Melbourne VIC 3000

Tel:  03 86161000

Fax:   03 86161677

 
Broker Group  Finance & Systems Technology Pty LtdACN 092 660 912

Credit Representative Number:  392527

This document provides you with information relating to our activities and those of our credit representatives. 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 from a licensee when we are acting as a credit representative, 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 as a credit representative.

WHAT IS A CREDIT REPRESENTATIVE?

A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee. Our licensee is BLSSA.

BLSSA is a member of the National Australia Bank Group of companies (National Australia Bank Group).

WHAT IS CREDIT ASSISTANCE?

We give you credit assistance when:

  • we assist you to apply for a particular loan or lease;
  • we suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
  • we suggest you remain in your current loan or lease.

THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE

Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:

  • the loan or lease or increase will meet your requirements and objectives; and
  • you can meet the proposed repayments.

We won’t be able to give you credit assistance if our assessment shows that:

  • you won’t be able to meet the proposed repayments without substantial hardship; or
  • the loan or lease won’t meet your requirements or objectives.

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:

  • within 7 business days after the day we receive your request –  provided you make the request within 2 years of the date of our credit assistance quote; or
  • otherwise, within 21 business days after the day we receive your request.

INFORMATION ABOUT THE LICENSEE AND ITS CREDIT REPRESENTATIVES

We act as a credit representative for BLSSA. We are authorised to engage in credit activities including providing credit assistance on its behalf.

Subject to meeting credit criteria, we are able to assist you to obtain loans and leases for you from a broad range of lenders and lessors through our Broker Group.  Our Broker Group does not require us to recommend any particular lender and our Broker Group does not set any quotas or obligations on us relating to recommending any particular lender.

The Broker Group’s panel of lenders includes a number of lenders and loan distributors that are part of the National Australia Bank Group.  These include National Australia Bank Ltd and FASTLend Pty Ltd.

The following are the Top 6 residential lenders and % of business written in the previous financial year:

  • NAB 36%
  • ANZ 36%
  • VIRGIN 15%
  • BANKWEST 13%

Total                100%

The following is a list of all the lenders with which I have accreditation:

Residential Lender Lenders I am accredited for
Adelaide Bank ☐
AMP ☒
ANZ ☒
Australian First Mortgage ☒
Auswide Bank ☒
Bank First ☐
Bank of Melbourne ☐
Bank of Queensland ☒
Bank SA ☐
BankWest ☒
Beyond Bank ☐
Bluestone ☒
CBA – Colonial ☒
Citibank ☐
FASTLend ☒
Firefighters Mutual Bank ☐
FirstMac ☐
Health Professionals Bank ☐
Heritage ☒
HomeStart Finance ☐
ING ☒
Keystart ☐
LaTrobe Financial ☒
Liberty Financial ☐
Loan Ave ☐
Macquarie Bank ☒
ME Bank ☒
Mortgage Mart ☐
Mystate ☐
NAB ☒
Pepper Money ☒
PN Bank ☐
Resimac ☐
St George ☒
Suncorp ☒
Teachers Mutual Bank ☒
UniBank ☐
Victorian Mortgage Group ☐
Virgin Money ☒
Westpac ☒
Home Loans Limited ☒

 

 

 

 

 

OWNERSHIP

 

FAST We obtain mortgage aggregation services from the Broker Group. The Broker Group is a member of the National Australia Bank Group. The Broker Group provides services at arm’s-length to our business which include IT systems, loan information and lodgement systems, training and development, commission processing, conferences and professional development events, and assistance with regulatory and compliance obligations. In consideration of the services the Broker Group gives us, we pay fees to the Broker Group or the Broker Group retains some of the commission panel lenders pay on loans we arrange. We have access to Broker Group panel of lenders including NAB Group and Broker Group branded products.
Our business is owned and managed independently from the Broker Group and National Australia Bank Limited (NAB).

 

 

FEES AND CHARGES

FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE

We may charge a fee for providing credit assistance. More detail about those fees will be set out in a quote we will give to you before we provide you with credit assistance.

FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE

We may receive remuneration from our employer, BLSSA and/or Broker Group and do not charge you any fees or charges in relation to acting as a credit representative.

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, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.

 

COMMISSIONS

COMMISSIONS WE RECEIVE FROM OUR LICENSEE

BLSSA has appointed our Broker Group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which we act as a credit representative and 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 that you make.

Loan Contracts such as Home Loans, Investment Property Loans

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 0% and 1.6% of the loan amount. It is usually paid after settlement of the loan.

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% per annum and 0.40%  per annum of the outstanding loan amount.

Personal Loans

Upfront commission payable by lenders in relation to personal loans is calculated as a percentage of the loan amount and is generally in the range 0% and 4% of the loan amount. It is usually paid after settlement of the loan.

Trail commission payable by lenders in relation to personal 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% per annum and 0% per annum of the outstanding loan amount.

Leases

Upfront commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of 0% and 5% of the lease amount. It is usually paid after settlement of the lease.

Trail commission is generally not payable in relation to leases.

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.

Referral fees for Real Estate and other businesses

 

Upfront commission payable by businesses in relation to real estate and other assets is calculated as a percentage of the asset amount and is generally in the range 0% and 2% of the asset amount (ex GST). It is usually paid after settlement of the property.

VOLUME BONUS ARRANGEMENTS

We and our Broker Group do not receive any volume based benefit for residential home loan products. However, from time to time we or our Broker Group may receive a benefit, directly by way of cash bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or our Broker Group write a particular volume of loans offered by lenders for products such as commercial and lease products.

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.  More detail about those payments will be set out in the credit proposal disclosure document we will give to you before we provide you with credit assistance.

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.

 

 

 

 

 

DISPUTES OR COMPLAINTS

WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT?

We are committed to providing our customers with the best possible service. If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly.

HOW TO MAKE A COMPLAINT AND THE COMPLAINTS PROCESS?

If you have a complaint, we request you follow these steps:

  1. In the first instance, please contact your credit assistance provider.
  1. If your complaint has not been resolved to your satisfaction within 5 business days, please contact our Complaints Area as detailed below:

Telephone:  03 8616 1443 Monday to Friday 9am to 5pm (AEST)

Email:  resolutions@BLSSA.com.au

Fax:  03 8616 1918

Mail:  BLSSA Advice Complaints, PO Box 626, Collins Street West, Melbourne VIC 3000

  1. We may ask for additional information and request you to put your complaint in writing to ensure your issue is properly investigated.
  1. In cases where your complaint will take longer to resolve, we will update you progressively.

THIRD PARTY PRODUCTS OR SERVICES

If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contact the relevant third party. They will deal with your complaint under their complaints resolution process.

If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details.

KEEPING YOU INFORMED

Our Complaints Area will acknowledge receipt of your complaint within five business days. If unable to resolve the complaint/dispute to your satisfaction within five business days, they will write to you advising the procedures we will follow in investigating and handling your complaint.

Within 45 calendar days from the date you lodged the complaint with us, we will write to you advising you the outcome of the investigation and the reason/s for our decision, or if required, we will inform you if more time is needed to complete the investigation.

STILL NOT SATISFIED?

If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further.

Our external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:

BLSSA’s external dispute resolution service provider is the Australian Financial Complaints Authority (AFCA), which can be contacted via:

OTHER DISCLOSURES

BROKER BENEFITS DISCLOSURES

In line with industry reforms, I am required to keep a register of benefits received from any lenders or aggregators to the value of $100 or more which is kept current (over a rolling 12 month period and housed for 3 years). In the interest of transparency and good customer outcomes, an applicant may request a copy of this register to ensure there are no lender conflicts.

TIERED SERVICING DISCLOSURES

We have access to service programs available from some residential home loan providers. We access these services based on a number of measures. These programs promote preferential services to a customer and do not entitle us to additional payments or commissions or to preferential customer discounts. MIS

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