COMPLIANCE
Austfin has always taken a responsible approach to its lending in ensuring, as far as possible, borrowers have the capacity to service their commitments and, within reason, are not likely to be disadvantaged by the provision of finance to them. This is never a clear cut decision because while nobody borrows money with the aim of losing it, borrowers plans don’t always work out. Income streams may deteriorate, forcing them to realise security to reduce commitments.
Where Austfin considers the loan may not be in the borrowers best interest, we may require that they receive professional advice on their undertakings. An example could be a retiree or person with a limited income wishing to help a relative by borrowing against their unencumbered home on the assumption the relative will cover the debt repayment.
If Austfin comes to the decision that the borrower could be materially disadvantaged and/or stands to gain little from the loan (such as the example above), it would normally not approve the facility.
Austfin adheres to the responsible lending guidelines contained in the National Consumer Credit Protection Act.
COMPLAINTS
Austfin treats all complaints seriously and has a procedure for ensuring all complaints are properly dealt with. Austfin is a member of the Financial Ombudsman Service (FOS). If any party feels Austfin has not properly addressed a complaint they have made they can have it investigated by FOS who can be contacted on 1300 78 08 08 or www.fos.org.au
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