FIVE TEES PTY LTD – CREDIT & INSURANCE
SERVICES GUIDE, CREDIT GUIDE AND CREDIT QUOTE
ABN 91 617 875 993 – Australian Credit Licence 506065
Trading as: Alpha390 Finance, Tradie Finance, Car Buyers Assist, Homes &
Domes Finance, Little Home Loans
Business address: 6A/2958 Logan Road, Underwood QLD 4119
Postal address: PO Box 2074, Sunnybank Hills QLD 4109
Phone: 1300 390 390
Email: brokerteam@alpha390.com.au
Website: https://alpha390.com.au
Important: This document provides
important information about our credit assistance and our role as a distributor
of certain insurance products. Please read it carefully and keep it for
your records.
1. About Us
Five Tees Pty Ltd (ABN 91 617 875 993) holds
Australian Credit Licence 506065 and trades as:
- Alpha390
Finance - Tradie
Finance - Car
Buyers Assist - Homes
& Domes Finance - Little
Home Loans
We only act as a credit assistance
provider/broker. We do not provide credit ourselves; all loans are
provided by third-party credit providers.
We also act as a distributor (not an
advisor) of certain general insurance products under separate
distributor/authorised arrangements with insurers.
2. Services
We Provide
2.1 Credit Assistance Services
We can help you with:
- Car /
motor vehicle loans (consumer) - Personal
loans (unsecured) - Chattel
mortgage / commercial asset finance (ABN) - Novated
leases - Business
loans / cash flow finance - Equipment
/ machinery finance - Marine
/ boat finance - Caravan
/ RV / motorhome finance
We provide credit assistance by:
- Helping
you decide which credit product(s) and features you would like to apply
for - Identifying
one or more suitable credit providers from our panel - Preparing
and submitting applications and supporting documents on your behalf.
Consumer vs Small Business
- Where
your loan is predominantly for personal, domestic or household purposes,
or is otherwise regulated under the National Credit Code, we must comply
with NCCP responsible lending obligations. - Where
your loan is wholly or predominantly for business or investment
(non-NCCP), those particular obligations may not apply, but we still
act honestly, efficiently and fairly under our Australian Credit Licence.
We source loans from a panel of lenders,
not from all lenders in the market. This means there may be other products
available that we do not consider or recommend.
2.2 Insurance Distribution – Factual
Information Only
We distribute certain general insurance
products. We provide factual information and assistance with
applications only – we do not provide personal or general advice
about whether these products are right for you.
We currently distribute:
- Motor
Insurance - Underwriter/AFSL
holder: AAI Limited trading as Suncorp Insurance - We
can provide factual information about Suncorp motor insurance products
and assist you to apply if you choose. - Let’s
Go Caravan Insurance (e.g. caravans, motorhomes) - Distributor/AFSL
holder: NM Insurance Pty Ltd (AFSL 227 186) - Product:
Let’s Go Caravan Insurance - We
can provide factual information about this product and assist you to
apply if you choose.
We do not compare all available
insurance products in the market and we do not provide advice tailored to your
objectives, financial situation or needs. You should consider the Product
Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding
whether to acquire any insurance product.
3. Our
Panel of Credit Providers
We obtain credit products from a panel of
lenders. Our panel may change over time, but currently includes providers such
as:
- Latitude
Financial Services – consumer secured motor and unsecured personal loans - WISR –
consumer secured motor and unsecured personal loans - NOW
Finance – consumer secured motor and unsecured personal loans - Pepper
Money – both consumer and commercial credit - Branded
Financial Services – both consumer and commercial credit - The
Asset Financier – both consumer and commercial credit - Westpac
Equipment Finance – commercial credit - Angle
Finance – commercial credit - Dynamoney
– commercial credit
This is not a complete list of every
lender we may use, but represents our key panel at the time of preparing this
document.
4. Fees and
Charges You May Pay
4.1 Origination Fee (Brokerage Fee)
If we arrange credit for you, we may charge
you an Origination Fee for our services.
- Name
of fee: Origination Fee - Amount: UP TO
but often less than $2,500
including GST - When
charged: Only if your loan settles - How
paid: Usually added to the loan amount and
paid to us by the credit provider from loan proceeds.
If your loan does not settle, no
Origination Fee is payable.
Once your loan has settled and the Origination
Fee has been paid to us by the credit provider, it is generally
non-refundable, even if you repay the loan early, unless required by law.
We do not charge any other separate
fees to you for arranging finance, unless specifically agreed and disclosed to
you in writing.
4.2 Insurance Fees
We do not charge you any separate fee
for arranging insurance. Our remuneration for insurance distribution consists
only of:
- Commissions
paid by the insurer, and - Any
sponsorships or non-cash benefits that may be provided under our
distributor agreements.
5. How We
Are Paid (Credit)
5.1 Upfront Commissions from Lenders
If your loan settles, we usually receive an
upfront commission from the credit provider. This is generally calculated as a percentage
of the amount financed.
Typical ranges are:
- Consumer
loans: approximately 1%–2% of the amount
financed - Commercial/ABN
loans: approximately 1%–4% of the amount
financed
The exact amount depends on the lender, loan
product and term, and will be disclosed to you in your Credit Quote
and/or Credit Proposal Disclosure Document.
We do not receive any trail or ongoing
commissions from lenders on the loans we arrange.
5.2 Volume-Based Payments from Aggregator
We may receive additional remuneration from
our aggregator in the form of volume-based payments that depend on the total
volume of loans written with some lenders over a period of time.
- These
payments may vary by lender and in some cases may be 0%. - They
are not paid by you directly and do not affect the fees we charge you, but
they may influence which lenders appear on our panel.
5.3 Payments to Referrers/Introducers
We may pay a referral fee or a share of our
commission to third parties who refer customers to us, such as:
- Car,
marine, caravan or equipment dealers - Builders
or tiny-home providers - Other
introducers we have relationships with
These payments are not an additional cost
to you. They are paid by us out of the commission or other income we
receive.
Typical arrangements might involve:
- A
small percentage of the amount financed (for example, around 0.5%–2%),
and/or - A
share of the commission we receive from the lender (for example, around 10%–30%
of the commission).
If you were referred to us by someone and you
would like to know how they are remunerated, you can ask us and we will provide
that information in writing.
5.4 Conflicts of Interest
We do not hold any ownership interest
in the lenders or insurers whose products we arrange. Our relationships with
lenders and insurers are limited to:
- Standard
commissions - Possible
volume-based payments from our aggregator, and - Commissions
and rewards under distributor agreements for insurance products.
6. How We
Are Paid (Insurance Distribution)
For insurance products we distribute:
- Suncorp
Motor Insurance (AAI Limited trading as Suncorp Insurance) - We
may receive a commission of up to 31.5% of the insurance premium
(excluding government charges). - We
may also receive sponsorships, training or other non-cash benefits from
Suncorp from time to time. - Let’s
Go Caravan Insurance (NM Insurance Pty Ltd, AFSL 227 186) - We
may receive a commission of 20% of the premium (excluding government
charges) for new business, and - 10%
of the premium (excluding government charges) for renewals.
These commissions are paid by the insurer,
not by you directly, and are included in the premium you pay.
We do not charge any separate insurance
fee to you.
7.
Responsible Lending (Consumer Credit Only)
For loans regulated by the National Credit
Code, we are required to make a preliminary assessment about whether a credit
contract or credit limit increase is not unsuitable for you.
This means we will:
- Ask
you about your requirements and objectives for the credit (e.g. what you
are using it for, how long you need it, preferred structure). - Collect
information about your financial situation, including income, expenses,
existing debts and other commitments. - Take
reasonable steps to verify this information (for example, using payslips,
bank statements or other documents). - Make a
preliminary assessment as to whether the product is not unsuitable for
you, including whether you would be able to meet your financial
obligations without substantial hardship.
You can request a copy of our
preliminary assessment:
- Up to
2 years after the date of the credit assistance – we will provide it within
7 business days; - Between
2 and 7 years after the date of the credit assistance – we will provide it
within 21 business days.
We keep a record of each preliminary
assessment (and any updated assessments) for 7 years from the date we
provide credit assistance.
For business-purpose loans and other
non-NCCP credit, these responsible lending obligations may not apply, but we
still aim to ensure the product is appropriate for your stated purposes.
8. Privacy
and Use of Your Information
We collect personal, financial and
credit-related information about you to:
- Assess
your credit application and suitability for credit products - Arrange
and manage finance and, if requested, insurance - Comply
with our legal and regulatory obligations - Manage
our relationship with you.
We may disclose your information to, for
example:
- Credit
providers and insurers on our panel - Our
aggregator and service providers - Credit
reporting bodies (where applicable) - External
dispute resolution schemes and regulators.
We handle your personal information in
accordance with our Privacy Policy, available at https://alpha390.com.au
or by contacting us on 1300 390 390.
You can request access to, or correction of,
the personal information we hold about you by contacting us using the details
at the start of this document.
9.
Complaints and Dispute Resolution
We are committed to resolving complaints fairly,
efficiently and promptly.
9.1 How to Make a Complaint
If you have a complaint or concern about our
services, please contact us first so we can try to resolve it:
- Phone: 1300
390 390 - Email:
brokerteam@alpha390.com.au - Post:
Complaints Officer
Five Tees Pty Ltd
PO Box 2074
Sunnybank Hills QLD 4109
Please provide as much detail as possible
about your complaint. We will acknowledge your complaint, investigate it and
aim to provide you with a written response within the timeframes required by
law.
9.2 External Dispute Resolution – AFCA
If you are not satisfied with our response, or
we do not respond within the required timeframe, you may refer your complaint
to the Australian Financial Complaints Authority (AFCA).
AFCA is an independent external dispute
resolution scheme that is free for consumers.
- Website: www.afca.org.au
- Phone: 1800
931 678 (free call) - Email:
info@afca.org.au - Mail:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Five Tees Pty Ltd is a member of AFCA.
10. Credit
Quote
Before we provide credit assistance or lodge
an application with a credit provider, we will provide you with a Credit
Quote that sets out:
- The
maximum Origination Fee payable by you - Any
other fees or charges payable by you to us (if applicable) - A
summary of the commissions we expect to receive from the credit
provider - Whether
we will pay any referral fee to a third party in relation to your
transaction.
You will be asked to acknowledge and accept
the Credit Quote before we proceed.