We ask you to read this document pack carefully and, if you agree to all the contents, sign and date at the bottom of the final page and return to the Fox Home Loans. The pack contains documents entitled:
Fox Property Finance Pty Ltd
ABN: 46120502392 | ACN: 648 057 498 | Australian Credit Licence 384704 | Suite 14, The Corporate Centre, 13 Norval Ct, Maroochydore, Qld, 4558.
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.
We provide credit assistance when we:
We source credit products from a number of banks, lenders and other credit providers. At present, we can write loans with the following (and others not listed) banks, lenders and other credit providers:
How will I pay for the credit assistance (broker services) provided by Fox Home Loans?
The credit assistance (brokerage) fee depends on the choice of lender and the extent of work we need to undertake on your behalf and generally from $500 to a maximum of $1,100, calculated at 11% of the amount of funds you need to borrow for your intended purchase. The actual amount will be confirmed in the credit proposal we present to you prior to your acceptance of the credit we have obtained. This fee will be payable only if you accept the loan offer we facilitate and at the time the funds are released by the credit provider and is normally borrowed and included as part of the total amount (the loan principal) in your approved loan contract. 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 before we provide you with credit assistance.
Such final amount to be calculated at an amount being no more than 11% of the gross amount borrowed.
Before we provide you with credit assistance, we are required to complete a Preliminary Assessment. Prior ro making the Preliminary Assessment as to whether or not a credit contact would be suitable for you, the legally required processes involve:
This will involve a request for certain documentation and assist us with an understanding of your repayment capacity, over the term of any proposed loans, without your enduring financial hardship”.
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:
Commission is payable by the credit provider to Fox Home Loans (or our directors, employees and authorised credit representatives) for assisting you to obtain finance. Commission can include Upfront Commission and Volume Bonus. An estimate of our commissions are:
By law, we must not provide you with credit assistance if the credit contract is unsuitable for you. If unsuitable, we cannot:
A credit contract will be unsuitable at the time we provide you with credit assistance
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.
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.
Suite 14, The Corporate Centre, 13 Norval Ct, Maroochydore, Qld, 4558.
Ph: 1300 665 906
E: dan@foxfinancegroup.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 for free to an independent External Dispute Resolution Scheme. We belong to the following external, independent dispute resolution scheme, which can be contacted as follows:
Case Management Team
Credit and Investments Ombudsman Service
PO Box 252
SYDNEY SOUTH NSW 1234
Ph: 1800 138 422
Fax: (02) 9273 8440
Web: www.cio.com.au
A copy of CIO’s dispute resolution policy is available at www.cio.com.au or by request to Fox Home Loans.
Fox Home Loans ABN: 46120502392 | ACN: 120 502 392 | Australian Credit Licence 382952 Suite 14, The Corporate Centre, 13 Norval Ct, Maroochydore, Qld, 4558.
This Credit Quote sets out out important information about the credit assistance that we provide as a broker. We are required to provide this Credit Quote to you, and receive your signed acceptance, before we provide any credit assistance to you.
We provide credit assistance when we:
You have requested that we provide you with the credit assistance. The maximum fee payable to Fox Home Loans for this service is $1100 (including GST). However, if there is an opportunity to in anyway reduce this amount, there may be a reduction in this amount. Fox Home Loans does not pay any amounts in regard to any other charges on the consumers behalf and will not incur charges for matters associated with providing the credit assistance, as we do all the work within the company. You may be charged less depending on the amount of time and effort to obtain your loan. This is a one-off fee and is normally added into your loan. Please note that if your loan application is unsuccessful you will not be charged this fee. The actual amount will be confirmed in the credit proposal we present to you prior to your acceptance of the credit we have identified on your behalf. This fee will be payable at the time the funds are released by the credit provider and is normally included in your new loan.
Should you have any questions about the information contained in this Credit Quote, please speak directly to our staff or contact us on 1300 665 906.
To receive credit assistance you simply need to sign below. In doing this you are acknowledging and accepting the maximum fees, associated with us providing you with credit assistance. A fully signed copy of this quote will be returned to you for your records. Once you have signed this quote we will conduct a preliminary assessment. This will enable us to determine if there is a suitable loan for you. If there is a suitable loan for you we will prepare a credit proposal for you to review prior to the Fox Home Loans proceeding with its credit assistance services for you. The credit proposal will contain information on the finalised fees payable for the credit assistance.
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Calculate NowStamp duty is a tax that we pay when we buy a house and is payable when the home contract becomes unconditional. The stamp duty amount that you are required to pay is different in each Australian State. Note that stamp duty is an overhead fee and cannot be included in your home loan (stamp duty is not included in the Loan-To-Value Ratio calculation). Call our Home Loan Specialists on 1300 665 906 today to learn more about home loans as well as applicable stamp duties, fees, charges and concessions in your area.
Refinancing is available to any property loan product pending terms and conditions. Considering a refinance each year gives you a clear indication as to where you can be saving money- whether it’s a lower interest rate, through a cashback offer, or a product with lower fees. Being open to all options your Lending Specialist will discuss is crucial for the investment property refinancing process. Options tailored to your profile mean that you are getting the most competitive products supplied to you upon review.
Rental income helps to strengthen a clients application by injecting surplus income on the profile. For example, if a joint application is made for an investment property; both applicants incomes will be included in addition to the calculated or current rental income figure. EG: Having 3 contributing sources of income on an application provides for a lower risk application.
Several genuine tax deductions can be made for an investment property. These can include maintenance costs (upkeep of the dwelling, gardening, plumbing etc.), any property agent fees, and land taxes. We have partners that can assist in discussing what you can and can’t claim. Just ask one of our friendly Lending Specialists to find out more.
The general rule for a property loan deposit is between 20-30% of the purchase price as a minimum. The higher the deposit, the lower the risk is for the lender to offer the loan product. Speaking to your Lending Specialist will give you a clear indication of how much deposit will be required to propose an offer for the investment property.