THIS CREDIT GUIDE WILL ONLY APPLY TO YOU IF YOUR LOAN IS PREDOMINANTLY FOR PERSONAL, DOMESTIC OR HOUSEHOLD PURPOSES (INCLUDING FOR THE PURPOSE OF INVESTING IN RESIDENTIAL REAL ESTATE). IT WILL NOT APPLY IF YOU ARE A COMPANY.
Thank you for considering Possibl to assist you with with your borrowing needs. This document is provided by Possibl and it sets out information about our services. It is designed to help you decide whether or not to enter into one of our loans.
Possbl Finance Pty Ltd ACN 652 339 350 Australian Credit Licence number 536978 (Possibl, ‘we‘, ‘our‘ and ‘us’) is the lender of all loans provided under the Possibl Lending Program. Possibl has been established to assist its clients to finance costs associated with selling a property. We also assist landlords with financing expenses that arise in relation to their rental properties.
You can contact Possibl on:
Phone: 1800 30 42 10
Possibl has a number of different loans available to its clients. These are briefly described below.
Possibl Marketing Loan
The Possibl Marketing Loan provides finance to vendors to assist them with:
- the costs of making minor repairs to a property prior to marketing the property for sale; and
- the upfront marketing expenses payable to your real estate agent in order to market your property for sale.
Possibl Marketing Loans are regulated as a ‘bridging finance contract’ under the National Consumer Credit Protection Act, 2009 (NCCP). This means it is provided on the basis that you reasonably expect to repay your loan from the proceeds of sale of your property.
Possibl Deposit Loan
The Possibl Deposit Loan can be used to:
- pay the deposit on the purchase of a new property; and
- assist with the other costs of moving
once your existing property has been sold but is awaiting settlement.
Possibl Deposit Loans are also regulated as a ‘bridging finance contract’ under the National Consumer Credit Protection Act, 2009 (NCCP) and Possibl makes these loans on the basis that you reasonably expect to repay your loan from the proceeds of sale of your property.
Obligations in assessing you for a Possibl Loan
Under the NCCP, any loan or loan variation offered to you must not be ‘unsuitable’ for you.
You may therefore be asked some questions in order to ensure that:
- you can comply with your financial obligations under the loan;
- you can meet your financial obligations under the loan without substantial hardship; and
- the loan will meet your requirements and objectives.
It is therefore very important that the information you provide is true, current and accurate and includes any likely future changes that will impact your ability to repay the loan contract.
To complete the credit assessment, Possibl will make reasonable inquiries about your requirements and objectives for the loan contract or loan contract limit increase. We must also make reasonable inquiries about your financial situation and take reasonable steps to verify your financial information.
Before entering into a Possibl Loan, you may ask for a copy of the credit assessment and it will be provided to you as soon as possible after receiving your request. If requested within 2 years of the assessment, it is provided within 7 business days. After that (up to 7 years) within 21 business days of your request. If you decide not enter into a Possibl Loan or we do not provide a Possibl Loan to you, you are not entitled to a copy of your credit assessment.
Before you accept your loan contract, make sure you read the loan contract carefully to understand full details of the loan. If you have any doubts, you should obtain independent legal and financial advice before you enter any loan contract.
Fees and commissions
Possibl Marketing Loans and Possibl Deposit Loans
Under your loan contract, you will be required to pay a ‘Possibl Fee’ when the loan is advanced. This fee covers Possibl’s costs associated with funding and managing your Possibl Marketing Loan. It will be paid to Possibl. You are required to pay this fee only once.
There are no other fees or charges payable by you under your Possibl Marketing Loan (unless you fail to make a payment by the due date, in which case late payment fees may also be payable).
Possibl Rental Loans
There are no fees associated with the Possibl Rental Loan ((unless you fail to make a payment by the due date, in which case late payment fees may also be payable). Rather Possibl charges interest on these loans and you are required to make principal and interest repayments throughout the term of the loan.
All Possibl Loans
In addition, in relation to all loans under the Possibl Lending Program, Possibl sources referrals from a broad range of sources. For example, Possibl may pay fees to real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts and accord with usual business practice. These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how the commission is worked out.
We collect personal information from you to process your application, provide you with our products or services, and manage your products or services. We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, prevent fraud, crime or other activity that may cause harm in relation to our products or services, and help us run our business. We may also use your information to tell you about products or services we think may interest you.
If you do not provide all the information we request, we may need to reject your application or we may no longer be able to provide a product or service to you.
We may disclose your personal information to anyone we engage to do something on our behalf, and other organisations that assist us with our business.
Our Privacy Policies cover how we collect, use, handle, process and exchange your information.
Internal dispute resolution scheme
We hope that you are delighted with your Possibl Loan, but if you have any complaints please contact us in the first instance by contacting Possibl’s Complaints Officer by:
telephoning: 1800 30 42 10
writing to: Level 12, 90 Arthur St, North Sydney, NSW 2060
You should explain the details of your complaint as clearly as you can. You may do this verbally or in writing. When we receive a complaint, we will attempt to resolve it promptly. We hope that in this way we will stop any unnecessary and inappropriate escalation of minor complaints.
External dispute resolution scheme
Possibl is a member of the Australian Financial Complaints Authority (AFCA), the ASIC approved External Dispute Resolution (EDR) Scheme.
If we cannot resolve your complaint, you may refer your complaint to AFCA contract by
telephoning: 1800 931 678
writing to: www.afca/org/au
This Combined Credit Guide is Version 1 dated 1 July 2022We may update this Credit Guide from time to time by publishing a new version on the Possibl website.
If you have any questions about this credit guide or anything else about our services, just ask at any time. We’re here to help you.