Money One Terms and Conditions

The information provided on this web site has been compiled for your convenience. Money One PTY LTD makes no warranties about the accuracy or completeness of any information contained on this web site.


Privacy Disclosure Statement and Consent

Overview

Money One Pty Ltd, ACN 141798638, (‘we’, ‘us’, ‘our’) collects information about you for the purposes you agree to in this Privacy Disclosure Statement and Consent. When you sign below, you agree we can, consistently with Australia’s privacy and credit reporting laws, collect, use and exchange credit and personal information about you for those purposes.

Privacy Disclosure Statement and Consent

We are collecting credit and personal information (information) about you, as applicable:

  • To source for you, or a company of which you are a director:
    • Consumer credit for personal, household, domestic or residential investment purposes;
    • Commercial credit for business purposes; or
    • Other services stated in this Privacy Disclosure Statement and Consent (Consent); or
  • To support a guarantor application you will provide.

As your broker, we require the information we collect from you to assess your credit, or guarantor, application or the credit application of a company of which you are a director, source a suitable credit provider and any required insurances and to manage the application process, where required. If you do not provide the information sought we may be unable to process your application, or the company’s application, or we may be limited in the other services we can offer you or the company.

Your information – Collection and Credit Reporting Body(‘CRB’) Disclosures

When we collect information from you in the credit application process, we use that information in a number of ways to assess your credit application and to source a suitable credit provider or lessor and/or insurance provider. We may:

  • Disclose your identification information to a CRB if you wish us to obtain a report on your behalf;
  • Use any information the CRB provides in that report to assist us to preliminarily assess your consumer credit or guarantor application
  • Disclose your personal information to an insurer or insurers to source any insurances you wish to obtain
  • Disclose your credit information to a credit provider or credit providers to apply for finance on your behalf

The information we obtain from you is used, subject to compliance with Australia’s privacy and credit reporting laws, only for the purposes listed in this Consent and is not disclosed to any other person except with your permission or as permitted, or required, by law.

Credit Providers

As part of providing our services to you, we may undertake tasks for a credit provider which are reasonably necessary to manage the application process. When doing so, we are acting as agent for the credit provider, with the same privacy law requirements applying to both of us.

We may submit your application to one or more credit providers. Those credit providers and their website addresses are set out in the Schedule at the end of this document.

A credit provider, to whom we submit an application, may disclose information about you to, and collect information about you from, one or more CRBs.

The website of each credit provider contains details of each CRB with which it deals and other detail about information held about you and describes your key rights. This detail may be described on the credit providers’ websites as ‘notifiable matters’, ‘privacy policy’, ‘credit reporting policy’ or ‘privacy disclosure statement and consent’, and includes –

  • That the CRB may include information the credit provider discloses about you to other credit providers to assess your credit worthiness
  • That, if you become overdue in making consumer credit payments or you commit a serious credit infringement, the credit provider may disclose that information to a CRB
  • How you can obtain the credit provider’s and/or CRB’s policies about managing your credit information
  • Your right to access and/or correct information held about you and to complain about conduct that may breach the privacy and credit reporting laws
  • Your right to request a CRB not to undertake pre- screening for purposes of direct marketing by a credit provider
  • Your right to request a CRB not to release information about you if you believe you are a victim of fraud
  • This detail will also be included by the credit provider who approves your application in the privacy disclosure statement and consent document it will provide to you.

Each credit provider website includes information on how to contact the credit provider and how to obtain a copy of its privacy documents in a form that suits you (e.g. hardcopy or email).

Your rights

You have the right to ask:

  • To provide you with all the information we hold about you
  • To correct the information we hold if it is incorrect
  • For copies of our privacy policy and this document, in a form that suits you (e.g. hardcopy or email)
  • The CRB not to use your information for direct marketing assessment purposes, including pre-screening
  • The CRB to provide you with a copy of the information it holds about you

You can gain access to the information we hold about you by contacting our Privacy Officer Peter Decunto at the address above or by telephone on 1800 666 391 or email at info@money1.com.au. In some cases an administration fee may be charged to cover the cost of providing the information.

Our Privacy Policy is available on our website at or we will provide you with a copy if you ask us.

You can contact the CRB by telephone on 1300 762 207 (Opening hours: Mon-Fri, 8.30am-6pm EST). or email at assist.au@veda.com.au

Disclosure and Consent

By signing below, you agree we may:

  • Use your personal and credit information:
    • To assess your consumer or commercial credit and/or guarantee application and/or to assess a credit application by a company of which you are a director
    • To source any finances you required
    • To source any insurances you require
    • As the law authorises or requires;
  • Disclose to, and obtain from, any prospective credit provider or insurer, information about you that is reasonably necessary to obtain the finance and insurances you require;
  • Obtain from, and disclose to, any third party, information about you, the applicant(s) or guarantor(s) that is reasonably necessary to assist you obtain the finance and insurances required;
  • Provide your information, including your credit report(s), to one or more of the credit providers specified in the Schedule of Credit Providers below so they can assess your application, or the application of a company of which you are a director, or your suitability as a guarantor
  • Provide credit information about you to a guarantor, or prospective guarantor;
  • Provide you, or the company of which you are a director, with offers or information of other goods or services we, or any of our associated entities, may be able to provide to you or the company, unless you tell us not to;
  • Disclose your personal and credit information to the extent permitted by law to other organisations that provide us with services, such as contractors, agents, printers, mail houses, lawyers, document custodians, securitisers and computer systems consultants or providers, so they can perform those services for us; Money One and our Credit Providers.
  • Disclose your personal information to any other organisation that may wish to acquire, or has acquired, an interest in our business or any rights under your contract with us, or the contract with us of a company of which you are a director.

You also agree and consent to, as appropriate:

  • A CRB disclosing consumer credit information to one or more credit providers specified in the Schedule of Credit Providers below for the purpose of assessing your application for consumer or commercial credit or your guarantor application, and/or assessing a credit application by a company of which you are a director
  • When you are a prospective guarantor, a credit provider using that information to assess your suitability as a guarantor
  • A credit provider disclosing your credit information (including information obtained by it from a CRB) to a guarantor, or a prospective guarantor
  • A credit provider disclosing to another credit provider, for a particular purpose, information it holds about you

Where the applicant, or guarantor, is a company of which you are a director, you consent to the use of your information, in addition to the company’s information, in each of the ways listed above.

Authorisation

By signing below, you also authorise us to make a request on your behalf to obtain credit reporting information about your consumer and commercial credit worthiness from a CRB. That information will assist us in providing our services to you. This authorisation ceases when we undertake a task on behalf of a credit provider.

 


 

Money One Pty Ltd

ABN: 441 417 986 38 | ACL: 395516 | 23 Buckhurst Street, South Melbourne VIC 3205

What is a credit guide?

A Credit Guide sets out important information about the services that we provide as a licensee broker, any fees and commission payable to us, our responsible lending obligations and our internal and external dispute resolution procedures and how you can access them. 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.

What is credit assistance?

We provide credit assistance when we:

  • Suggest or assist you to apply for a particular consumer lease with a particular lessor; or
  • Suggest you remain in a particular consumer lease with a particular lessor.

Who will provide me with credit assistance?

Your credit assistance will be provided by Peter Decunto, Authorised Credit Representative ACR: 395516 of Money One Pty Ltd, ACL: 395516. Your Representative is located at 23 Buckhurst Street, South Melbourne VIC 3205 and is authorised by Money One Pty Ltd to engage in credit activities other than as a credit provider.

Which lessors do we utilise when providing credit assistance?

We source leasing products from a limited number of banks, lenders and other credit providers. At present, we can write leases with the following banks, lenders and other credit providers:

  • GE Finance
  • Liberty Financial Services
  • Macquarie Bank
  • Money3
  • Esanda
  • RACV Financial Services

How will I pay for the credit assistance provided?

The actual fee depends on the extent of work we need to undertake on your behalf. The actual amount will be confirmed in the credit proposal we present to you prior to your acceptance of the lease we have obtained. This fee will be payable at the time the funds are released by the credit provider and which is included in your loan. No fee is charged if you do not accept the credit proposal. We will provide you with a credit quote containing details of our fees and any payments made to us by credit providers before we provide you with credit assistance.

What information is required to receive credit assistance?

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.

We may also request documentation in order to verify the information contained in the preliminary assessment, such as pay slips, letter of employment and bank statements.

What information is kept on my credit file and can I examine my file?

We maintain a record of your personal profile including details gathered as part of our preliminary assessment. You are entitled to request a copy of our Preliminary Assessment, and we must give you a copy if requested. There is no charge for requesting or receiving 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.

We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of
your personal information.

Are commissions, fees or other benefits paid to Money One Pty Ltd by the lessor?

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

  • Upfront Commission.
  • Additional Commission depending on the total volume of business we place with the lessor.

We can provide, on request, a reasonable estimate of the commission, fees and benefits and how they are
calculated.

Are commissions paid by Money One Pty Ltd to other parties?

We may pay a referral fee to people or organisations that refer clients to us who receive credit assistance from Money One Pty Ltd. All amounts paid to the referrer are from Money One Pty Ltd share of the commission and benefits. You won’t pay any additional amount if we pay a referral fee. A referral fee is only paid to the referrer by Money One Pty Ltd on settlement of a lease. We can provide, on request, a reasonable estimate of the commission and how it is calculated.

What is a suitability assessment?

By law, we must not provide you with credit assistance if the consumer lease is unsuitable for you. If unsuitable, we cannot:

  • Suggest or assist you to apply for a particular consumer lease with a particular lessor; or
  • Suggest that you remain in your particular consumer lease with your particular lessor.

When is a consumer lease unsuitable?

A consumer lease will be unsuitable if:

  • It is likely that you will be unable to comply with the financial obligations under the consumer lease; or
  • 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
  • It is likely that the consumer lease 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.

What should I do if I have a complaint about the Credit Licensee?

If you have a complaint or concern about the service provided to you by the licensee, please contact their Complaints Resolution Manager. As part of the Internal Dispute Resolution policy they will investigate the matter and endeavour to address it as quickly as possible.

Complaints Resolution Manager for Money One Pty Ltd
23 Buckhurst Street, South Melbourne VIC 3205
Ph: 03 9040 2359 Email: peter.decunto@money1.com.au

Our aim is to completely resolve any issues you raise. If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with you can refer your complaint to an independent External Dispute Resolution Scheme. We belong to the following external, independent dispute resolution scheme, which can be contacted as follows:

Credit Ombudsman Service Ltd
Case Management Team
C/- Credit Ombudsman Service
PO Box A252
SYDNEY SOUTH NSW 1235
Ph: 1800 138 422
Fax: (02) 9273 8440
Web: www.cosl.com.au
A copy of COSL’s dispute resolution policy is available at www.cosl.com.au or by request to Money One.

 


 

Credit Proposal – Credit Contract

Customer Name: Money One Pty Ltd

ABN: 441 417 986 38| ACL: 395516| 23 Buckhurst Street, South Melbourne VIC 3205

What is a credit proposal?

A Credit Proposal sets out important information about the particular credit contract that you have selected or are interested in. We are required to provide this Credit Proposal to you at the same time that we provide credit assistance to you.

What is credit assistance?

We provide credit assistance when we:

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

What is a reasonable estimate of the fees and charges payable to the credit provider and Money One Pty Ltd?

The fees and charges payable may vary depending on which credit provider approves your loan. At the time of providing this document we have not received any formal approval for your loan therefore we can only provide an estimate of fees and charges of the credit provider which Money One Pty Ltd believes best suits your needs. The credit providers we suggest best meets all your requirements are

  • Liberty
  • GE Money
  • Macquarie Bank
  • RACV
  • Esanda
  • Money3

In order to make a sharper decision we will need to acquire further documentation. A consultant will contact you and discuss this further.

What commissions are payable to Money One Pty Ltd regarding my loan?

Commission maybe paid by the credit provider to Money One Pty Ltd (or our directors, employees and authorised credit representatives) for assisting you to obtain finance. Commission can include Upfront Commission and Volume Bonus. Commission payable to us is paid by the Credit Provider and is included in your repayments to the Credit Provider.

What commissions are paid by Money One Pty Ltd to other parties?

We may pay a referral fee to people or organisations that refer clients to us who receive credit assistance from Money One Pty Ltd. All amounts paid to the referrer are from Money One Pty Ltd’s share of the commission and benefits, and only paid to the referrer by Money One Pty Ltd on settlement of a loan.

Will I receive additional information once my loan is approved?

On finalisation of your credit proposal we will provide you with the Money One Pty Ltd Credit Services Summary for your review and acceptance.

Where can I find out additional information regarding this proposal?

Should you have any questions about the information contained in this Credit Proposal, please contact Peter Decunto on 1300 770 599.