Bright Capital Finance is committed to complying with the Privacy Act 1988 and the National Privacy Principles, when handling your personal information.
How and why we collect your personal information:
We collect personal information from you when you apply for or use our products and services. We collect this information so we can:
- provide you with the products and services you require, which may include financial and insurance products and services; and
- provide you with information about products and services available to you from Bright Capital Finance and associated businesses.
Providing Your Personal Information to Other Organisations:
In providing products and services to you it may be necessary for us to provide your personal information to other organisations with which we conduct business. This includes Vow Financial Pty Ltd (ACN 138 789 161) which is our mortgage aggregator.
Other such organisations include related entities, mortgage managers, lenders, solicitors and legal advisers, accountants and auditors, printers and mailing services, insurers, collection agents, conveyancers and government agencies which regulate our products and services. Your personal information is only provided to those entities to the extent necessary to enable us to provide our products and services to you.
Authority for an agent to obtain access to an individual’s credit information file:
- Unless you tell us not to, you authorise Bright Capital Finance to act as your agent in seeking access to your consumer credit information file held by a credit reporting agency. This authority only applies to enquiries made by Bright Capital Finance regarding an application, a proposed application or having sought advice in relation to existing credit.
If you consent to us doing so, we may provide you with information from time to time about new products and services available to you from Bright Capital Finance or other businesses with whom we have a relationship. Your consent to our providing this information to you will be implied unless you notify us that you do not wish to receive this information
If your personal information is not provided:
We require your information to provide products and services and to assist you in applying for finance and related products and securities. If you do not provide us with all the information required we may be unable to supply the product or service you require.
The Privacy Act gives you rights to access the personal information we hold about you, and you can ask us to correct any incorrect information. You can gain access to the information we hold about you by contacting us at Bright Capital Finance on 1300 16 48 48.
Bright Capital Finance is licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
Australian Credit Representative: Bright Capital Finance
Australian Credit Representative Number: 492635
Services Offered: We will attempt to assist clients with various credit products including home loans, investment loans, personal loans and consumer leases.
Services we provide
Bright Capital Finance is a privately owned financial services company. We assist in finding the best finance solution to meet your individual needs. We are committed to saving you time, hassle and money. Brokers within the group assist clients with various credit products including home loans, investment loans, personal loans and consumer leases.
We will help you choose a loan or lease suitable for your purposes. Additionally, we provide you with information on a broad range of financiers and products. Once you have chosen a loan or lease that is suitable, we will help you to obtain an approval.
Our panel lenders:
We source finance from a panel of lenders. ANZ, National Australia Bank, Commonwealth Bank, St George, Macquarie Bank , Westpac, are some of the more popular lenders used by us.
We will need information from you:
Under the NCCP Act, we are obliged to ensure that any loan, principal increase to a loan or lease we help you to obtain, is not unsuitable for you. We may need to ask you some questions to assess whether the loan or lease is unsuitable.
The Act requires us to:
- make reasonable enquiries about your requirements and objectives;
- make reasonable enquiries about your financial situation;
- take reasonable steps to verify that financial situation.
Credit will be unsuitable if at the time of the assessment, it is likely that:
- 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. You would be asked to provide a significant amount of information. It is therefore very important that the information you provide us is accurate.
We must provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we assist you. We are only required to give you a copy of the credit assessment if we give you credit assistance.
If we arrange a loan for you to purchase or refinance real estate, remember you must 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 be relied upon.
Fees payable by you:
Important – if the loan is repaid with 2 years (Clawback Clause):
- In most circumstances, Bright Capital Finance will not charge you for the services it provides. However, in unique situations we may charge a mandate or fee in relation to your application. If this occurs it will be outlined in our Credit Quote and Proposal Document. In most cases Bright Capital Finance and its credit representatives get paid by the introduced lending institution.
- You may also be required to pay the lender’s application fee, valuation fee, government charges and other transaction fees.
- Depending on your loan type, commission payments made to Bright Capital Finance for organising your loan can be subject to ‘clawback’ for early repayment of the loan. If this occurs, Bright Capital Finance reserves the right to invoice you an amount equivalent to the clawback amount. The clawback of commission can only occur if the loan is completely repaid with a certain term, usually within the first 2 years.
If you are aware that you may repay your loan within 2 years please let Bright Capital Finance know so we can address this situation.
Commissions received by us:
We may receive commissions from the lenders and lessors who provide finance for you as our customers. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commissions are worked out.
Commissions payable by us:
Bright Capital Finance and our credit representatives source referrals from a broad range of sources. For example, we may pay fees to call centre companies, real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts and accord with usual business practice. These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how the commission is worked out.
We, at Bright Capital Finance, believe that it is essential for our customers to be able to identify and deal with a broker who has the ability, authority and proper training to hear and respond appropriately to any complaints or disputes. We are committed to the effective handling of complaints and timely resolution of disputes.
Our internal dispute resolution scheme
Receiving complaints and the complaint process:
If you have a complaint or a dispute, you have the option of either contacting your broker or lodging the complaint directly with Bright Capital Finance. You can lodge complaints with Bright Capital Finance by contacting the Complaints Officer by:
Phone: 1300 16 48 48
Address: Level 19, 1 O’Connell Street, Sydney NSW 2000
You can also speak with any representative of our business who will refer you to the Complaints Officer. 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.
We will observe the following principles in handling your complaint:
- there is no requirement for face-to-face contact between you and us, although it may be useful for us to come to a satisfactory resolution;
- we expect that both parties will make a genuine attempt to resolve a complaint promptly;
- we expect that both parties will provide all essential and relevant information, documents, written statements and any other materials that may properly and reasonably be believed to assist in resolving the complaint;
- we expect that both parties will comply with all reasonable requests from the other party to provide information within a reasonable time frame.
Time frames for response:
If your request cannot be resolved immediately, we will respond to your request within two (2) business days of receipt of the complaint. We will keep you informed of the progress of the investigation.
Our external dispute resolution scheme:
If we do not reach agreement on your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is COSL (Credit Ombudsman Services Limited). External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 138 422
Mail: Case Management Team
C-/Credit Ombudsman Service
PO Box A252
Sydney South NSW 1235
Phone: 02 9273 8400
Fax: 02 9273 8440