THIS CREDIT QUOTE HAS BEEN GENERATED BY:
Organisation: CoverU Pty Ltd
Address: Suite 408, 12 Century Circuit, Norwest, NSW, 2153
Phone: 1300 122 211
Mobile: (??mobile??)
Email: info@myplbroker.com.au
Australian Credit Licence Holder Name: CoverU Pty Ltd
Australian Credit Licence Holder Number: ACL#520253
Australian Company Number of ACL holder: 164 789 593
Client Name(s): (??name??)
Client Type: Sole Applicant
Client Address: (??address??)
This Credit Proposal incorporating Preliminary Credit Assessment provides you with information on:
- Your requirements and objectives for this loan
- The preliminary assessment we completed to ensure we recommend a loan which is not unsuitable for you
- The product(s) selected
- Fees payable by you to the Financial Institution if you proceed with the loan
- Fees payable by you to us
- Commissions and remuneration that we will receive if you proceed with the loan
During our communications, you identified the main features and outcomes you require to be met when considering your lending needs. These key objectives are:
| Purpose of Loan | ##LOAN_PURPOSE## |
| Term of Loan | ##LOAN_TERM## |
| Required Funds | (??required funds??) |
| ##PURCHASE_PRICE## | |
| Repayment Frequency | ##REPAYMENT_FREQUENCY## |
| Payout of Existing Finances | ##FINANCE_PAYOUT## |
| ##ADDITIONAL_FUNDS## | |
| ##PERSONAL_BUSINESS_PURPOSE## | |
| Additional Requirements or Objectives | ##ADDITIONAL_REQUIREMENTS## |
"If your broker is a Credit Representative, this Credit Proposal incorporating Preliminary Credit Assessment is being provided on behalf of the Licensee"
The purpose of this Preliminary Credit Assessment Report is to assess whether:
Entering into a particular credit contract or increasing the credit limit of a particular credit contract will be suitable or unsuitable for you, OR- Remaining in an existing credit contract will be suitable or unsuitable.
A credit contract will be unsuitable where it is likely that:
- You will be unable to comply with your obligations under the credit contract or could only comply with substantial hardship, i.e. by selling your principal place of residence, OR
- The credit contract will not meet your requirements and/or objectives.
We have used information found within the fact find, provided by you within the credit application or any other communication to assist with this process and our own inquiries so that we can assess your objectives and financial situation. Should any of the information in the fact find or other information no longer be correct, please advise us immediately and we will review this Preliminary Credit Assessment (PCA) accordingly.
Based on our dealings with you and the information you have provided, the credit contract detailed in this proposal document will be not unsuitable for you if entered into (or the credit limit increased) prior to the Assessment End Date.
AND
Based on our dealings with you and the information you have provided, it will be not unsuitable for you to remain in the existing credit contract detailed above prior to the Assessment End Date.
Period Covered by the Assessment is 90 days from date of assessment.
Assessment Date:
Warning: Before settlement, the lender will send you the formal loan offer contract. When signing these lenders documents, you should check the contract carefully to ensure that the terms of the loan meet your requirements. The terms of the loan offer may be different from the terms set out in this document.
| ITEM | INFORMATION |
| Net Income – Applicant 1 | ##NET_INCOME_APPLICANT1## |
| Additional Income | ##APPLICANT1_ADDITIONAL_INCOME## |
| Total Net Income | ##TOTAL_NET_INCOME## |
| Total ongoing expenses per month | ##TOTAL_EXPENSES## |
| Net Servicing Income | ##NET_SERVICING_INCOME## |
| Estimated new loan repayments | ##ESTIMATED_NEW_LOAN_REPAYMENTS## per month inclusive all fees and charges |
| Net Servicing Income less margin for assessment (@10%) | ##MARGIN_LESS_NET_SERVICING_INCOME## |
Note; Where a negative surplus figure is evident we must provide a valid reason to proceed to application as you, the applicant(s) may not be able to service the proposed loan without “undue hardship”.
Reason to proceed:
Based on your Key Objectives, as well as your credit needs; the following is the suggested loan structure, product and lender that I recommend as being not unsuitable for your overall requirements.
Should any details not be relevant or suitable to your requirements and objectives you should notify us immediately.
| ITEM | INFORMATION |
| Credit Provider | ##CREDIT_PROVIDER## |
| Product | ##PRODUCT## |
| Total Amount Financed | ##TOTAL_AMOUNT_FINANCED## |
| Structure | ##STRUCTURE## |
| Term of the Loan | ##TERM_OF_THE_LOAN## |
| Repayment Frequency | ##ITEM_REPAYMENT_FREQUENCY## |
| Repayment Amount | ##REPAYMENT_AMOUNT## |
| Repayment Basis | ##REPAYMENT_BASIS## |
| Security Offered | ##SECURITY_OFFERED## |
| Indicative Interest Rate | ##INDICATIVE_INTEREST_RATE## |
| Fixed or Variable Interest Rate | ##FIXED_VARIABLE_INTEREST_RATE## |
| Other Lenders Considered | ##OTHER_LENDERS## |
| Reason loan recommended | ##LOAN_RECOMMENDED_REASON## |
Fixed interest rate loans have a pre-determined interest rate for a defined term of the loan. When choosing a fixed interest rate loan, it is important to understand that paying out all or any part of the loan prior to the official end date of the fixed term could result in significant fees/costs being charged to you. These fees are often called Break Cost/Economic Cost/Early Repayment Amount and are calculated differently by each credit provider, usually on a daily basis.
If you are not certain that you wish to keep your fixed rate loan for the term as recommended here it is imperative that you communicate this with me as soon as possible so that we may review your options before settlement.
When refinancing or paying out loans early you may encounter costs, fees and or charges from the financier.
Credit contract
Australian Finance Group Ltd (‘AFG’) receives a commission from Lender between 0.9% to 3.3% (inclusive of GST) of the net amount financed. Based on a loan amount of $20,000.00 this would result in a maximum payment of up to $660.00. CoverU Pty Ltd may receive a maximum of 1.76% (inclusive of GST). Based on $20,000.00 loan this would result in a payment of up to $352.00.
| Fees Payable to the Credit Representative | ||
|---|---|---|
| Fee or Charge | Frequency of Charge | Total amount (GST incl.) |
| Lending Assistance Fee/ Origination Fee | ##LENDING_FREQUENCY_CHARGE## | ##LENDING_TOTAL_AMOUNT## |
| Total | ##LENDING_FINAL_TOTAL_AMOUNT## | |
| These fees are payable by you to CoverU Pty Ltd or the credit representative for the purpose of the loan application and subsequent settlement. These figures are reasonable estimates and may change. The final figures payable will be shown in your credit contract or lease where these fees have been included in the loan amount and paid from the finance proceeds at settlement. There are no fees payable by you to us, unless a Credit Quote has been previously issued indicating those fees payable. | ||
| Fees Payable to the Credit Provider | ||
| Fee or Charge | Frequency of fee or charge | Total amount (GST incl.) |
| Establishment Fee | ##ESTABLISHMENT_FEE_CHARGE## | ##ESTABLISHMENT_FEE_TOTAL_AMOUNT## |
##PSR_TOTAL_AMOUNT## | ||
(??Additional Fees??) | ||
| TOTAL | ##ESTABLISHMENT_PSR_TOTAL## | |
| These fees are payable by you to the funder for the purpose of the loan application and subsequent settlement. These figures are reasonable estimates and may change. The final figures payable to the lender will be shown in your credit contract or lease. Some or all of these fees may be included in the loan amount and paid from the finance proceeds at settlement. There are no fees payable by you to us, unless a Credit Quote has been previously issued indicating any fees payable. | ||
A maximum referral fee of $
inclusive GST will be paid to
This amount (if applicable) is paid once only and no further fees or rewards will be paid to the referrer in relation to this finance contract.
The amount has been included in the total commission/ fees received by CoverU Pty Ltd.
It is important that you consider the relevant interest rate applicable to your loan. Lower rates and fees may be available with other lenders/ financiers we are not currently accredited with.
It is important that you consider any relevant information, product disclosure statements and/ or financial services guides for any applicable general insurance products or cover related to this loan contract or your purchase.
CoverU Pty Ltd may be able to provide some or all of these insurances at your request or you should contact a suitably authorised/ qualified person to discuss your needs.
This may include; Comprehensive Vehicle Insurance, Compulsory Third Party, GAP Insurance, Consumer Credit Insurance, Loan Termination Insurance and/ or Extended Warranties amongst others.
Any information we provide in regard to insurance is general advice and may not be applicable to your circumstances, financial situation, needs or objectives.
You confirm that you have read and understand this document. You agreed to:
- Engage me to arrange the loan described above on your behalf; and
- To pay all fees and charges in relation to the loan.
I recommend that you obtain your own legal/ professional advice regarding the suitability of any loan.
##SIGNATURE_SECTION##
Credit Representative’s Signature:
(??signature??)
Date:
(??date??)
