Credit
Guide

This Credit Guide gives you important information about the products we provide which are regulated by the National Credit Code (“consumer lending products”).  In this document, the words “we”, “us”, “our” and “Salt&Lime” refer to Salt and Lime Pty Ltd ABN 82 619 815 833, Australian Credit Licence Number 501633.

This document provides you with information about credit we may provide to you that is regulated under the National Consumer Credit Protection Act (NCCP Act). It contains important information about:

  • a description of our key obligations before entering into a credit contract with you; and

  • our complaints procedures and how you can access them.

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We Will Need Information From You

Under the NCCP Act, we are obliged to ensure that any loan, lease, or principal increase to a loan we arrange for you is not unsuitable.  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 inquiries about your requirements and objectives;

  • Make reasonable inquiries about your financial situation;

  • Take reasonable steps to verify that financial situation.

 

We must not enter into a credit contract with you if the contract is unsuitable for you. A credit contract is unsuitable for you if, at the time you enter it:

  • You could not pay or could only pay with substantial hardship;

  • The credit will not meet your requirements and 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 therefore very important that the information you provide to us is accurate.  

Loan Suitability Assessment

We assess your credit application to ensure that a loan is not unsuitable for you. This is the Loan Suitability Assessment.

If, before you enter into a loan contract with us, you request a copy of your Loan Suitability Assessment, we will provide you with a copy before you enter into the loan contract.

You may request a copy of your Loan Suitability Assessment up to 7 years after entering into the loan contract. If your request is made within 2 years of you entering into the loan contract, we will provide you with the copy of the Loan Suitability Assessment within 7 business days of your request.

Otherwise, we will provide the copy of the Loan Suitability Assessment within 21 business days of your request. We will not charge you any amount for providing a copy of the Loan Suitability Assessment to you.

We are only required to give you a copy of the credit assessment if you enter into a loan or lease contract or the credit limit is increased.

We are not required to provide you a copy of the assessment if the credit application or increase has been declined.

 

Our Internal Dispute Resolution Scheme

We hope you are delighted with our services, but if you have any complaints you should notify us by contacting our Complaints Officer.

At Salt&Lime, we commit to take responsibility to work with you to resolve your questions and complaints at your first point of contact with us.

 

We aim to resolve the majority of complaints within a maximum of five business days. If your complaint will take longer to resolve, we will update you progressively.

We encourage you to raise your complaint at the below email contact:

 

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.  We hope that in this way we will stop any unnecessary and inappropriate escalation of minor complaints. 

 

Our External Dispute Resolution Scheme

If your complaint cannot be resolved to your satisfaction by us, you have the right to refer the matter to our external dispute resolution provider, the Australian Financial Complaints Authority (AFCA) for an independent review by contacting them on:

Mail:     GPO Box 3 Melbourne VIC 3001

Phone: 1800 931 678

Email:   info@afca.org.au

Web:     www.afca.org.au

Their services are free of charge.

Things You Should Know

If we arrange a loan for you to purchase or refinance real estate, you should make your own enquiries about the value of the real estate and its potential for future growth.  Although we may obtain a valuation, that is for our own use and you should not rely on it. 

 

We don’t provide legal or financial advice unless specified in a separate contract.  It is important that you understand your legal obligations under the loan, and the financial consequences. 

 

Before you accept your loan offer, make sure you read the credit contract/loan agreement carefully to understand full details of the loan.  If you have any doubts, you should obtain independent legal and financial advice before you enter any loan contract.

 

Questions

If you have any questions about this Credit Guide or anything else about our services, please contact us at any time. We are here to help you.

This policy was last updated on 1st November 2018, Version 1.