FAQ
We often get asked the same questions about smart money management. Here are our answers.
How are you different from a broker?
It's no secret that many brokers are renowned for setting you up with a loan and forgetting about you after settlement.
Mortgage managers, on the other hand, are responsible for the entire process of your money management journey.
This means we:
- Assess where you are at financially.
- Help you tick all the boxes as we gather your financial information in one place.
- Find the right finance solution for your money goals.
- Map your journey for the next 12 months and beyond, including a review of your money aspirations, income direction, tax implications and other financial considerations.
- Get you up and running. After your loan is settled we help you manage every aspect of your loan including how to make additional payments, change repayment dates, or change bank account details.
- We'll check in with you regularly to monitor how you're tracking against your key milestones. This means you'll be ready to grab the next opportunity when it arises.
Remember, we are required to hold and maintain an Australian Credit License (ACL), which a broker is not.
- As an ACL holder we must demonstrate we have the resources and expertise to:
- Manage the on-going financial obligations of our business to remain a viable;
- Implement and manage an effective internal and external dispute resolution process;
- Understand our compliance obligations and have the necessary professional indemnity insurance in place.
This means you can enjoy the comfort of knowing you're dealing with an organisation with the highest level of professionalism and knowledge in this industry.
Do I need to take out a loan to use your other services?
No. Regardless of what stage of life you're at, or what your financial position you're in, we can help give you clarity in all your money matters.
We may suggest different loan products with better rates, or we can help you come up with a strategy to better manage your money from end-to-end. It starts with our free smart money management consultation. Call 1300 780 440.
How long will it take to get my loan approved?
So, you've found the property of your dreams, done the numbers and you're ready to make an offer. But wait, you're still chasing the bank to give you pre-approval.
No one should miss an investment opportunity because the bank is shifting through the paperwork.
As mortgage managers we have exclusive access to the wholesale divisions of Australian banks (who don't deal direct with the public). This means we can quickly approve your loan in-house so you don't have to spend weeks waiting for approval.
How do you make your money?
Believe it or not, we do not charge a fee for our lending advice.
Instead, mortgage managers receive payments from two main sources:
- Application fees, which help offset the cost of establishing your loan; and
- Upfront and ongoing commissions paid by the providers of the funds. This covers the ongoing management of the loan portfolio on their behalf.
As mortgage managers we have the flexibility to adjust the upfront and ongoing commission to suit your money goals.
But remember, not only do we offer a Lifetime Guarantee , our claw-back period is three years. That's up to double that of a broker.
Put simply, if you close your loan within the first three years for whatever reason we don't get paid. That's why it's in our best interest to pass on the most competitive rates to you, and provide you with the highest level of customer service.
Do I have to use your preferred partners for things like superannuation and life insurance?
We have carefully selected our preferred partners because not only are they the experts in their field, but they offer competitive rates, which is important for smart money management.
Plus, all of our partners offer an obligation-free review and consultation.
Alternatively, if you have an existing planner, we will work closely with them to ensure any other services we offer fit in with your overall financial plan.
What is your dispute process?
As mortgage managers we always provide you with an avenue to voice concerns or request compensation if any financial loss is incurred as a result of our advice.
In the rare event that you need to lodge a complaint, you can contact:
Chris Collard
Complaints Officer
p: 1300 780 440
e: ccollard@financepath.com.au
a: Unit 11, 15 Ricketts Rd, Mount Waverley, VIC 3149
Alternatively, you can speak with any FinancePath representative, who will refer your complainant to the Complaints Officer.
We adopt the definition of 'complaint' in AS ISO 10002-2006, namely 'an expression of dissatisfaction made to an organisation, related to its products or services, or the complaints handling process itself, where a response or resolution is explicitly or implicitly expected'. This means we will treat informal complaints seriously and refer them to IDR unless they are resolved by the end of the next business day.
Any complaint which is resolved to the customer's satisfaction by the end of the next business day (starting from when the complaint was received) will not require the full IDR process to be applied. There is no need to capture and record the complaint or respond as set out below.
Investigating complaints
The Complaints Officer will review the complaint carefully and promptly, taking such steps and reviewing such documents as a reasonable person would do.
Responding to complaints within appropriate time limits and referring unresolved complaints to an EDR scheme
The Complaints Officer will provide a written 'final response' to the complainant within 45 days (21 days where the complaint relates to default), which states:
- The final outcome of the dispute at IDR
- The right to take their dispute to EDR (no matter what the result of the investigation was at IDR)
- The name and contact details of your EDR scheme.
If the Complaints Officer is unable to give a final response within the specified period, the Complaints Officer will, before the end of the period:
- Inform the complainant of the reasons for the delay
- Advise the complainant of their right to complain to EDR
- Provide the complainant with the name and contact details of your EDR scheme.
The NCC allows credit providers 21 days to consider hardship and postponement applications. At the end of that period, if there is no agreement, there will be no further time to handle the dispute at IDR, and the complainant must be referred to EDR. When deciding about hardship or postponement applications, the Complaints Officer will give EDR contact details when:
- Advising whether the claim has been agreed to; or
- The notification of variation to the credit contract is given within 30 days after the variation is agreed.
- The complainant can go direct to EDR regarding disputes involving hardship or postponement which also involve issues with default notices.
Legal proceedings
Unless the statute of limitations is about to expire, legal proceedings will not be commenced or continued nor will any other enforcement action be taken during the IDR period and for at least 14 days from giving a final response.
Recording information about complaints and identifying and recording systemic issues
We will record information in the following tabular form.
| Date of Complaint & Reference | Name of Complainant | Type (e.g., rates too high; didn't disclose all fees; didn't return calls) | Acknowledged receipt on | Result of investigation (e.g., our mistake; client mistaken; to EDR for resolution) | Complainant advised/Date (Phone; Fax; Email ;Letter) NB: keep copy of notification on file: |
| 1 July 2010 Complaint # 001 | Fred Bloggs | "Didn't return my calls in time" via email at 5.07pm on 1 July | Emailed Mr Bloggs dated 1 July 2010 | Our mistake: resolved the following day by return email | 2 July at 10.10am. Copy of email on client file # 7631 |
If the complaint discloses a systemic issue, the Complaints Officer will immediately bring the matter to the attention of the business owners
The types of remedies available for resolving complaints or disputes
If a complaint is justified, the Complaints Officer will recommend a solution comprising one or more of the following:
- an apology
- compensation
- vary contractual obligations
- a free service
Internal structures and reporting requirements
The Complaints Officer reports directly to the business owners. The Complaints Officer will make a written report annually as a minimum. The Complaints Officer will ensure that these procedures are reviewed at least annually and a report on the review provided to the business owners.
Guiding principles
Visibility: We will take reasonable steps to ensure customers know about the existence of our IDR procedures and how to make a complaint or apply for hardship or postponement. This information will be readily available, not just at the time a consumer wishes to make a complaint or dispute. All staff who deal with customers, not just complaints or disputes handling staff only, should have an understanding of our IDR procedures.
Objectivity: We will address each complaint in an equitable and objective manner. Where possible, the complaint should be investigated by staff not involved in the subject matter of the complaint.
Charges: The IDR procedures are free of charge.
Confidentiality: We will keep information confidential.
Customer focused approach: We will be helpful, user friendly and communicate in plain English, showing our commitment to resolving complaints.
Commitment: We are actively committed to efficient complaint handling. Our procedures are published on our website.
Analysis and Evaluation of Complaints: All complaints will be classified and then analysed to identify systemic recurring and single incident problems and trends.
Home Loan Interest Rates
Interest rates may vary from 6.29% to 13.05% depending on the product you select and other factors such as loan to value ratio, loan size and loan purpose.
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