Credit Guide

About this Credit Guide

This Credit Guide explains how finance works through Compare City: who we are, who writes the loans, how everyone is paid, the fees you may be asked to pay and what to do if something goes wrong. Please keep it for your records.

Who we are: licence and contact details

Compare City is a comparison and enquiry service. The credit assistance itself is carried out by our brokerage partners, who are authorised credit representatives of Australian Credit Licence holders.

Those partners are MyChoice Finance Pty Ltd (ABN 90 687 213 912), Credit Representative Number 570856 of Australian Credit Licence Number 384704, AFCA member 116362. Loan You Pty Ltd (ABN 36 684 937 666), Credit Representative Number 567367 of Australian Credit Licence Number 511803, AFCA member 113532. Manifest Financial Group Pty Ltd T/A Loanfind (ABN 59 665 385 973), Credit Representative Number 542942 of Australian Credit Licence Number 511803, AFCA member 97193. Australian Credit Licence Number 511803 is held by Fintelligence Pty Ltd (ABN 80 625 017 174).

You can reach Compare City by phone on 1300 267 273 or by email at hello@comparecity.com.au.

The credit services we provide

Your enquiry is passed to one of those partners, who will assist you to select a loan or lease to meet your needs. From that point they are your broker and they hold the credit licence obligations set out below.

Information we collect and share

To assess your enquiry and arrange finance, we and the brokerage partner handling your application collect personal and credit information from you, and disclose it to the lenders on our panel so they can assess your application. As part of that process a credit report may be obtained about you from a credit reporting body.

You can ask us for a copy of our Privacy Policy at any time, or read it at comparecity.com.au/privacy-policy.

Lenders we work with

The credit providers most commonly used are Secure Funding Pty Ltd (Liberty), NOW Financial, Branded Financial Services and Bank of Queensland, although others are used as well.

How we are paid

Commissions received: commissions may be payable to your broker by the credit provider for any loan or lease that is settled. The amount varies between lenders and with the amount of credit that you receive. These are not directly payable by you, and they will be disclosed in the Credit Proposal document provided to you before you apply for finance. You can ask for an estimate of these commissions and how they are worked out.

Commissions payable by us: if you are referred to us by a third party, we may pay that entity a commission for the introduction of your business. For example, we may pay commissions to real estate agents, car or boat dealerships and accountants. These commissions are not directly payable by you. You can ask us for an estimate of these payments and how they are worked out.

Fees you may pay

Fees payable to your broker: your broker may charge you for their services when providing credit assistance. If a fee is to be charged, it will be disclosed in the Credit Quote, which is provided to you before you apply for finance. You can ask how it is worked out. Using Compare City itself costs you nothing.

Fees payable by you to third parties: when the application for a loan or lease is submitted and proceeds to settlement, you may be required to pay fees to third parties associated with the application, such as the credit provider's application fee, security registration fee, inspection fee or other fees. Where these apply, they will be detailed in the Credit Proposal document and provided to you before you apply for finance. You can ask how they are worked out.

Our responsible lending obligations

Your broker is obliged to ensure any loan or lease they suggest, or assist you to apply for, including an increase to an existing credit limit, is not unsuitable for your purposes. It is unsuitable if it does not meet your requirements or objectives, if you are unable to make the repayments, or if you could only do so with substantial hardship.

To meet that obligation they will need some information from you. It is important that the information you provide is entirely accurate.

Documents you will receive

Before you apply for finance your broker will provide you with a Credit Quote, covering any fee they charge, and a Credit Proposal, covering third party fees and the commissions they receive.

At any time within 7 years of receiving credit assistance, you may request a copy of the preliminary credit assessment from your broker. They will provide it within 7 business days of receiving your request. If your request is made more than 2 years after the date of the Credit Quote, they may take up to 21 business days.

If you have a complaint: internal dispute resolution

We hope you are pleased with our service. If you do have a complaint, you can contact us on 1300 267 273 or by email at hello@comparecity.com.au. If your complaint is about the credit assistance itself, we will pass it to the brokerage handling your application, who has their own internal dispute resolution process.

Please give us as much detail as possible so we can address it promptly and resolve it to your satisfaction.

External dispute resolution

If you are not satisfied with the outcome of our attempt to resolve your complaint, you may refer the matter to the Australian Financial Complaints Authority on 1800 931 678, or in writing to GPO Box 3, Melbourne VIC 3001. The brokerage handling your application is the AFCA member; its membership number is listed with its licence details above.

The Australian Financial Complaints Authority is a no charge, external and independent dispute resolution service.

Your rights

You can ask your broker how their fees are worked out, ask for an estimate of the commissions they receive and the commissions they pay, and request a copy of your preliminary credit assessment.

If you have any questions about this Credit Guide or any other aspect of our services, please do not hesitate to ask.