The Loan Process
HM Finance brokers follow a specific process when processing a loan:
- HM Finance contacts a borrower. HM Finance will make enquiries in a borrower’s financial position, requirements & objectives and will confirm that the broker is able to assist the borrower. This call only takes 5 minutes and can really help with the process of buying a property.
Note: At this stage we may collect private information;
- HM Finance arranges an appointment with a borrower, providing selection and guidance information on suitable products for the borrower.
Note: This will include us providing you with a Credit Guide, completing a Preliminary Assessment and providing you with a Credit Proposal;
- HM Finance collects the Application and supporting documents for the best product selected;
- HM Finance packages up and electronically submits the application directly to the lender;
- HM Finance liaises with the lender and ensures a quick approval is obtained with the least amount of hassle. At this point HM Finance can also assist your customer with obtaining a deposit bond. Note: It is advised that you do not exchange on a Contract of Sale unconditionally without a Formal Approval.Should the lender not formally approve your loan you may lose your deposit;
- HM Finance will coordinate the valuation process and secure formal approval. Note: Now you are in a position to Exchange on a Contract of Sale. We always recommend a customer use qualified conveyancers or qualified legal representatives to facilitate the exchange on their behalf;
- HM Finance will coordinate the lenders mortgage documents and make sure the loan settles on time. Note: We always recommend the customer seeks independent legal and financial advice;
- Loan settles;
- After settlement, HM Finance will contact the borrower and will ask them how satisfied they were with the HM Finance Brokers services. They will also contact you periodically throughout the loan to see how the loan and your personal circumstances are.
Note: if you do not want to be contacted by HM Finance you should make your broker aware that you do not wish to be contacted.
National Consumer Credit Protection Act 2009
1 October 2010, the new National Consumer Credit Protection Act 2009 (NCCP) legislation regulates the way brokers, such as HM Finance, conduct business. NCCP is legislation, enforced by ASIC, designed to protect consumers and ensure ethical standards in the finance industry through the National Credit Code. The legislation also applies to referrers and requires any person giving credit advice to be licensed. Note: The legislation permits Real Estate Agents to refer you to HM Finance.
In accordance with Privacy Act 1988, Spam Act 2003, Do Not Call Register Act 2006 and the National Consumer Credit Protection Act 2009, we may store and use your personal information collected from you for security purposes on behalf of our clients in manners, such as at Open for Inspections.
This legislation allows HM Finance to use your personal information to contact you by means of any officer, contractor, employee or agent in relation to this property as well as other properties, products and services which we believe may be of interest to you and for customer feedback on our services.
In providing your personal information, you consent to us collecting, storing and using your personal information in the manner set out above and you consent to us disclosing your personal information to our related bodies corporate and each of their officers, contractors, employees and agents who may collect, store and use of your personal information in the manner set out above.
You acknowledge and agree that this consent is effective for the purposes of the Do Not Call Register Act 2006, Spam Act 2003,Privacy Act 1988 and National Consumer Credit Protection Act 2009 and is deemed to be for an indefinite period (unless you advise us differently). If the information is not provided by you, or you limit access to your personal information, we may not be able to provide an effective service to you.
If you require more information you can contact
The General Manager, HM Finance, PO Box 278, BALMAIN NSW 2041.
Phone: 0404 099 674, or email firstname.lastname@example.org.
General Referrer NCCP Obligations
The general obligations applied to Referrers are as follows:
- Are restricted in the credit product information they can provide to a consumer;
- Cannot be banned from engaging in credit activities under State, Territory or Commonwealth law;
- Cannot charge a fee to the consumer for the referral;
- Must disclose commissions or other benefits they receive from HM Finance. Detail of these commission are disclosed in this document and made available at the Open House for inspection;
- The Referrer obtains the consent of the consumer to pass their name, contact details and the purpose for which the credit is sought to HM Finance. Note: consent is inferred when you give an Agent your contact details. May not share confidential information;
- Complies with HM Finance’s Referrer Terms and Conditions;
- Complies with all relevant laws including but not limited to, Property Stock and Business Agents Act, National Consumer Credit Protection Act, Privacy Act, Spam Act and Do Not Call Act.
HM Finance Referrer Terms & Conditions
If you refer potential borrowers to HM Finance, you will be deemed to have agreed to the terms below.
- only engage in credit activities as a referrer incidentally to another business you are carrying on;
- not charge a fee to the consumer for the referral;
- only inform the consumer that we are able to arrange loans and leases but
- not specify any particular product, and not provide any recommendations or
- advice concerning loans or leases;
- inform the consumer of any commissions or other benefits you may receive;
- obtain the consent of the consumer to pass their name, contact details and
- a short description of the purpose for which the consumer may want the credit
- or lease; and
- pass the consumer’s contact details to us within five (5) business days of informing the consumer that we areable to arrange loans and leases but not any specified particular product.
- not be listed on the ASIC banned or disqualified register.