Credit Guide
Who we are, what we are authorised to do, what we are paid, and your rights. Issued under the Australian Credit Licence of Purple Circle Financial Services Pty Ltd.
About us
Licensee
Purple Circle Financial Services Pty Ltd (Australian Credit Licence 486112) holds an Australian Credit Licence issued by the Australian Securities and Investments Commission (ASIC). It conducts business through a network of finance brokers appointed as Credit Representatives under its licence. Purple Circle Financial Services is responsible for the advice and conduct of your finance broker as set out in this Credit Guide and will ensure they always act in your best interests.
Broker group
Purple Circle Financial Services Pty Ltd has a broker arrangement in place with Mortgage Specialists Pty Ltd (the broker group), ACN 050 601 093, Australian Credit Licence 387025, from which it obtains mortgage aggregation services.
Credit Representative
Lend Dreams (Giri J Pty Ltd, ACN 688 213 443, ABN 88 688 213 443) is a Credit Representative of Purple Circle Financial Services. A Credit Representative is a person authorised by a credit licensee to engage in specified credit activities on its behalf. Kumar Daksh is Credit Representative number 570799.
What this guide covers
This Credit Guide gives you the essential information about Lend Dreams and our Credit Representatives so you can decide whether to engage our services. It sets out who we are, the credit services we are authorised to provide, the fees, commissions and benefits we may receive, any arrangements that may influence our advice, how your personal information is handled, and how complaints are managed.
Credit assistance services
Our Credit Representatives are authorised to engage in regulated credit activities on behalf of our licensee. This includes supplying information about available loan or lease products and related services, assessing your eligibility for a loan, lease or other financial product, recommending a suitable credit contract, credit limit increase or the retention of your existing contract, assisting with loan or lease applications, recommending or helping you retain a consumer lease, and supporting applications for a new or renewed consumer lease.
Our responsible lending obligations
We have a legal obligation to ensure that any loan, lease or credit product we help you apply for is not unsuitable for your financial circumstances. To meet this obligation we make reasonable inquiries about your goals, needs and financial situation, take steps to verify the information you provide, and assess whether the proposed loan or lease meets your requirements and can be repaid without substantial hardship.
It is important that the information you give us is accurate, complete and current. If we rely on incorrect or incomplete details, it could result in a breach of your obligations with the lender. We cannot proceed with credit assistance if our assessment finds that you would experience substantial hardship meeting the repayments, or that the loan or lease does not align with your objectives.
We document our recommendation in a Statement of Credit Assistance, which you can request at any time up to seven years from the date of service. We will provide it within seven business days if requested within seven years of the original assessment, or within twenty-one business days otherwise.
Identity verification
Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 we must verify your identity and the source of your funds. This involves collecting identification documents such as a valid passport or driver’s licence, copies of which are securely retained. We cannot provide credit assistance if these requirements are not met.
Conflicts of interest and related entities
At times we may refer you to other businesses your broker is associated with, such as accounting, financial planning, real estate, insurance or property development firms. These services operate under different regulatory authorities and are separate from our mortgage broking activities. You are under no obligation to use any referred service, and we encourage you to compare them with other options in the market.
We may also access free tools such as credit or property reports offered by lenders. We believe these do not compromise the impartiality of our advice. Any potential conflict of interest will be fully disclosed in the Statement of Credit Assistance before your loan application is submitted.
Lenders and lessors
Subject to credit criteria, we can assist you to obtain loans and leases from a broad range of lenders and lessors through our broker group.
Our fees
Lend Dreams may charge a fee for providing credit assistance. If a fee applies it will be clearly disclosed in a Credit Quote, which you will receive before any service is provided. We will not proceed without your full knowledge and consent.
Other fees and charges
You may also incur costs charged by third parties involved in the loan or lease process, such as lender application or establishment fees, valuation fees, settlement and government charges, and ongoing account or lease administration fees. These are not charged by Lend Dreams or by Purple Circle Financial Services. Refer to your lender’s disclosure documents and your credit contract for a full explanation.
Commissions
Lend Dreams operates as a Credit Representative under the authority of Purple Circle Financial Services Pty Ltd (ACL 486112). Purple Circle has appointed a broker group to receive commissions from lenders and lessors on its behalf. A portion of those commissions may be paid to Lend Dreams for arranging your finance.
How commissions are determined
The commission we may receive varies with the lender or lessor selected, the size of the loan or lease, the product structure and features, and the repayment terms and frequency.
- Home and investment loans: upfront commission is usually between 0.50% and 1.00% of the loan amount, typically paid after settlement. Ongoing trail commission, calculated on the outstanding balance, is generally paid monthly or quarterly and ranges from 0% to 0.30% per annum.
- Personal loans: upfront commission is typically between 1.65% and 2.75% of the loan amount. Trail commission is generally not payable.
- Consumer leases: upfront commission may range from 0.50% to 4.00% of the lease amount. Trail commission is usually not payable.
Statement of Credit Assistance
When we provide credit assistance you will also receive a Statement of Credit Assistance detailing any commissions we receive, who pays them and how they are calculated. You may ask us at any time about the commissions we are likely to receive in connection with your application.
Volume bonus arrangements
From time to time Purple Circle Financial Services, the broker group or Lend Dreams may receive additional non-cash benefits or incentives from lenders or lessors, such as bonus commissions, sponsorship, training or professional development events. These are not tied to any specific loan or customer and do not influence the advice we provide.
Referral fees
Lend Dreams may pay a referral fee or commission to third parties who refer clients to us, such as real estate agents, financial planners, accountants or solicitors. These fees are paid by us, not by you. A reasonable estimate of the amount and how it is calculated is available on request and will be disclosed in your Statement of Credit Assistance. Purple Circle Financial Services and our Credit Representatives may also receive a benefit for referring you to external specialist providers; if so, we will tell you at the time of the referral.
Ownership
Our broker group provides Lend Dreams with IT systems, lender and product information, loan application platforms, training, commission processing and compliance support. In return we either pay fees to the broker group or the broker group retains a portion of the commissions paid by lenders. Lend Dreams is owned and operated independently of the broker group.
Dispute resolution
If we do not meet your expectations, please tell us so we can put it right. Start with your Lend Dreams Credit Representative. If the matter is not resolved within five business days you may escalate it to our licensee’s Complaints Manager:
- In writing: 14A Porter Street, Beaconsfield WA 6162
- Phone: 1300 366 406
- Email: compliance@purplecfs.com.au
We will acknowledge your complaint within 24 hours. If it is not resolved within five business days we will write to you explaining the process we will follow, and we aim to provide a written outcome within 30 calendar days. If your complaint concerns a third party such as a lender, we may ask you to contact them directly; if you remain dissatisfied you can refer the matter to their external dispute resolution scheme, the Australian Financial Complaints Authority (AFCA): 1800 931 678 (free call), www.afca.org.au, GPO Box 3, Melbourne VIC 3001. Our full process is on the Dispute Resolution page.
Privacy statement
To provide broking and related credit services, Lend Dreams needs to collect personal information about you. This statement explains how we collect and use it and who we may share it with. Where we collect information that identifies you, we take reasonable steps to notify you at the time. When giving credit assistance we may also need to collect sensitive information, such as health information, on behalf of a lender.
How we collect information
Wherever possible we collect information directly from you, through conversations, forms and applications. Where permitted by the Privacy Act 1988 we may also collect it from other sources, for example details of a loan or lease you seek assistance with, publicly available data to update your contact details, or your legal or financial representatives.
How we use it
Your information may be used to provide credit assistance, offer information about loan or lease products, assess your eligibility for finance, assist with applications, administer our services, respond to enquiries or complaints, verify your identity, promote services that may interest you, refer you to suppliers we have relationships with, manage our business, prevent or investigate fraud, meet regulatory obligations, or for any other purpose you consent to. You can tell us at any time that you do not want direct marketing and we will remove you from our lists as soon as practicable.
If you choose not to provide your information we may be unable to find you a suitable loan or lease, verify your identity, protect you from fraud, or tell you about products that may meet your needs.
Who we share it with
We may share your information with your representatives (lawyers, settlement agents, accountants, real estate agents) and referees such as your employer, and with third parties involved in delivering the products and services you enquire about: the broker group we lodge applications through, product providers, our licensee, referral partners, financial service providers, valuers, lenders, lessors, mortgage insurers, fraud prevention agencies, government and regulatory bodies, guarantors, our service providers and advisers, or any third party you consent to. The broker group’s privacy policy is at specialistfinancegroup.com.au.
We may use overseas service providers or cloud platforms, so your information may be stored or accessed outside Australia, and we may not always know in which countries. Overseas recipients may be required to disclose your information under foreign laws; we are not responsible for such disclosures.
Information about other people
If you give us personal information about another person, such as a co-applicant, you are responsible for telling them that we have collected it, that we may disclose it as described here, and that they can contact us to access or correct it. We may be unable to provide services without the other person’s information.
Feedback on how we handle your information
If you are dissatisfied with how your personal information has been handled, contact us and we will investigate. If we cannot resolve your complaint you may contact the Office of the Australian Information Commissioner: 1300 363 992, enquiries@oaic.gov.au, GPO Box 5218, Sydney NSW 2001, oaic.gov.au.
Our full Privacy Policy explains how to request access or corrections to your data and how to lodge a privacy complaint. By doing business with us you consent to the collection, use and disclosure of your information as described here unless you tell us otherwise.
Your consents
- Credit reporting bodies. You authorise us to act as an access seeker under section 6L of the Privacy Act to obtain credit information on your behalf for the purpose of identifying suitable products. We may disclose your name, date of birth and address to a credit reporting body to match and retrieve your credit data, which may include credit history, defaults, repayment records, court judgments, insolvency status and serious credit infringements.
- Marketing. Unless you tell us otherwise, we may occasionally send you information about products and services from us or associated businesses. Consent is implied unless you opt out.
- Electronic documents. You consent to receiving documents electronically, understand that paper copies may not be provided unless you withdraw that consent, and accept responsibility for checking your email regularly.
- Recorded meetings. You consent to us collecting personal, financial and credit-related information during video or audio conferences and to those sessions being recorded for the purpose of arranging credit or providing credit assistance.