Credit Guide & Quote
Information about the credit assistance we provide, our obligations, the fees we may charge and the credit providers we work with.
Licensee Details - Contact Details
RK & AR Pty Ltd T/As Fairstone Asset Finance
ABN: 40 700 530 427
ACN: 700 530 427
Sunbury VIC 3429
Phone: 0410 768 021
Credit Representative #581084 of Australian Credit Licence #414426 (AFAS Group Pty Ltd, ABN 12 134 138 686)
Credit Guide Overview
The National Consumer Credit Protection Act 2009 states we must provide consumers with a Credit Guide and Quote as soon as practical after it becomes clear we are likely to provide credit assistance. The Credit Guide and Quote contains information on the service we provide, details of our obligations under the NCCP Act 2009 to ensure credit is not unsuitable for your circumstances, maximum fees and charges payable to us by you as the consumer, a guide to the commissions we may receive from credit providers, and details of fees that may be payable by Fairstone Asset Finance to third-party referrers.
Services we Provide
Our Credit Assistance services in sourcing and arranging a suitable loan include:
Obtaining further information from, including but not limited to, employers, accountants, and credit reporting agencies;
Investigating suitable loans and providing you with information about one or more loans that meet your objectives;
Assessing, verifying and documenting information, ensuring the chosen loan is not unsuitable for you;
Helping you complete the application, compiling the document required by the credit provider and submitting the application to the credit provider;
Liaising with the credit provider during the approval process, providing any further information that may be required and notifying you of the credit providers decision;
Assisting with the finalisation of the loan required
Our “Licensee” obligations to ensure credit is not “unsuitable”
To help us ascertain a credit contract is not unsuitable, we are required by law to:
Make reasonable enquiries about your requirements and objectives
Make reasonable enquiries about your current financial situation
Take reasonable steps to verify the information
If at the time of assessment there is evidence suggesting you are unable to afford the repayments of the credit provided, or the credit provided will cause substantial hardship, or the credit provided will not meet your requirements/objectives, then the credit will be deemed unsuitable.
Due to the importance of proving credit is not unsuitable, we will require a significant amount of information. It’s crucial for us to ensure this information is accurate.
To ensure a credit contract is not unsuitable, we will complete a preliminary assessment of your requirements and financial position. We must keep this preliminary assessment for 7 years. You may request a copy of this preliminary assessment within 7 years of the assistance being provided. We are only required to provide a copy of this assessment if we give you credit assistance.
Consent and Acknowledgement
By signing this document, acknowledging acceptance by submitting your enquiry, emailing your acceptance to us, e-signing this document, or respond by sending through your supporting documentation requested for an application, you:
Accept the quote provided for providing credit assistance;
Confirm the appointment of the credit license to provide credit assistance and to arrange credit on my/our behalf;
Authorise the Credit Licensee to perform the actions outlines in the Privacy Statement section of this document, and acknowledge that I/ We have received a copy of the Credit Guide;
Our Quote for providing you with Credit Assistance
We may charge you up to $2,500 (incl. GST) or up to 10% of NAF as an Origination Fee for our services when providing credit assistance, although this is only payable should the loan proceed. It is a one-off fee, payable at loan settlement. This fee may be paid directly by you, or part of the loan disbursements. If via loan disbursement, this will increase your loan by the fee amount.
Our “Consumer” Credit Providers
We source credit products from a range of banks, lenders and other credit providers. The table below shows the 6 lenders to whom we introduce the most business. It shows the lenders, their estimated establishment fees and other fees that may be payable. Some lenders may charge a risk fee which can range between 1% - 10% of the car price.
| Lender | App Fee | Monthly Fee | PPSR |
|---|---|---|---|
| Plenti | $599 | $9.90 | $6.80 |
| Pepper | $499 | $8.90 | $8.00 |
| RACV | $550 | $0.00 | $0.00 |
| Firstmac | $499 | $8.00 | $0.00 |
| AFS | $495 | $15.00 | $17.60 |
| Liberty | $595 | $10.00 | $8.00 |
If you have a complaint
Internal Dispute Resolution
Within our business we follow specific procedures to try to resolve any complaints that you may have. If you have a complaint, please contact our office via email at robin@fairstoneaf.com.au. They will try to resolve all concerns quickly and fairly.
External Dispute Resolution
In the unlikely event we cannot resolve your complaint in a satisfactory manner, or you have not received a response from us after 30 days, you can escalate your complaint to the below Ombudsman, a free and independent dispute resolution service provider.
Australian Financial Complaints Authority (AFCA)
Free call number: 1800 931 678
A copy of AFCA’s dispute resolution policy is available at https://www.afca.org.au.
Fairstone Asset Finance’s membership number is 124743.
The full document
The complete Credit Guide, Quote and Privacy Disclosure Statement and Consent, including the full Schedule of Credit Providers, is available to read in full.