Credit Guide

 

Credit Guide

 

Royal Rentals Pty Ltd
ACN 147 577 419 ABN 11 147 577 419 trading as Royal Rentals

 

Australian Credit Licence 394762

 

(Called ‘Royal Rentals, ‘we’, ‘us’, ‘our’ in this document)

 

This Credit Guide is dated 1 July 2014

 

Version 2.0

 

How to contact us:

 

A  PO Box 64

   Clarinda VIC 3169

T 1300 28 28 27

E [email protected]

 

Contents

 

Purpose of this Credit Guide

Who We Are

What Credit Services are we Authorised to Provide?

Our Services

How We Provide Services to You

Who is Responsible for the Credit Services Provided?

What Information Should I Provide to Receive Credit Services?

What is a Suitability Assessment?

Can I Request a Copy of the Final Credit Assessment?

Referral Fees

What Should I do if I Have a Complaint?

AML/CTF Act 2006

 

Purpose of the Credit Guide

 

This Credit Guide (‘Guide’) is an important document. Please read it carefully and ensure that you understand it.

 

This Guide is designed to provide you with information about us to assist you in deciding whether to use our services and contains information about:

  • who we are;
  • what services we provide;
  • how we are remunerated for services provided to you; and
  • how complaints are resolved.

 

It also gives you information about our obligation to you to not allow you to enter into an unsuitable credit contract or lease and how you can request a copy of the written assessment we need to make to comply with our legal obligations.

 

Warning

 

This document sets out important legal rights for you. If you do not understand or speak english, or cannot read or understand this document, please immediately contact us who will either explain the document to you or will refer you to an interpreter who can.    

 

Who We Are

 

Royal Rentals is a specialist consumer leasing provider.  We work closely with our customers and meet their needs by providing them with leasing arrangements for consumer household goods.  

 

Royal  Rentals holds an Australian Credit Licence and our leasing/credit activity is regulated under the National Consumer Credit Protection Act (Cth) 2009 (NCCP Act).

.Our experienced staff ensures a strong product emphasis, customer satisfaction and professionalism. Our knowledge and finance industry experience ensures that you receive appropriate solutions available.

 

Our commitment is to provide helpful, courteous service geared to save you time, money and effort. One of the great advantages of dealing with us is that we do the work for you.

 

What Credit Services are we Authorised to Provide?

 

Through our Australian Credit licence Royal Rentals is able to provide consumer credit to you in relation to credit contracts and consumer leases.

 

We are able to provide credit to you when you:

  • apply for a particular credit contract;
  • increase the credit limit on a particular credit contract;
  • remain in your current credit contract;
  • provide consumer leases;
  • being a lessor under a consumer lease; and
  • provide credit assistance in relation to a consumer lease or proposed consumer lease for which the licensee is the lessor.

 

Our Services

 

Royal Rentals provides access to credit for the following products:

  • Household Appliances
  • Furniture
  • Electronics

We mainly provide consumer leasing contracts to enable our customers to enjoy household appliances and pay for the use of these products through regular fixed rental payments.

 

How We Provide Services to You

 

The first step in deciding if the financial product is right for you is to determine your needs and objectives. At first glance this may seem obvious but for any given lease there are many variables to be considered. Royal Rentals considers the client’s requirements before providing any options.

 

Once we have assessed your requirements and have obtained the information we need we will provide the requisite information in relation to your requirements based on the purpose of the lease and your capacity to meet the financial commitment under the lease.

 

Who is Responsible for the Credit Services Provided?

 

Royal Rentals is responsible for the credit services provided including the distribution of this Credit Guide

 

What Information Should I Provide to Receive Credit Services?

 

You must disclose to us all relevant information pertaining to your requirements, the product you are after and your financial situation.  We rely and verify the information give us which is why it is critical that you provide us with accurate information.

 

You should provide us with details of your current financial situation including any income and expenses to enable us to assess whether to provide you with credit. To assist you in the disclosure process we have provided you with a form entitled “Fact Finder”. We will verify the information you provide. 

 

What is a Suitability Assessment?

 

Under the NCCP Act, we are obliged to ensure that any loan or lease arranged or an increase to a loan or the taking of an additional leased product is not unsuitable for you. To decide this, we need to ask you questions in order to assess whether the loan or lease is not unsuitable. The law requires us to:

  • make reasonable inquiries about your requirements and objectives;
  • make reasonable inquiries about your financial situation;
  • take reasonable steps to verify that financial situation.

 

Credit will be unsuitable if at the time of the assessment, it is likely that at the time the credit is provided:

  • you could not pay or could only pay with substantial hardship;
  • the credit will not meet your requirements and objectives.

 

For example, if you can only make repayments by selling your car, it is presumed that the loan will cause substantial hardship unless the contrary is proved. For this reason we must ask you to provide a significant amount of information. It is therefore very important that the information you provide us is accurate.  

 

Can I Request a Copy of the Final Assessment?

 

We maintain a record of all final assessments undertaken that assess whether the loan is not unsuitable for your particular circumstances. We will provide you with a written copy of the assessment at no charge to you:

  • Before entering the contract or lease or before the credit limit is increased, if you make the request before then;

 

  • Within 7 business days, if your request is made within 2 years of entering into the contract, lease or the credit limit increase; or
  • Otherwise, within 21 business days of receiving the request.

 

We are not required to give you a copy of the assessment if:

  • Your request is made more than 7 years after entering into the contract, lease or the credit limit increase; or
  • The lease or credit contract is not entered into.

 

Referral Fees/Commission and Fees

 

We currently have no referral arrangements where fees are paid or received. We do not receive any commission from a third party in relation to the consumer lease we provide to you.  We will disclosure to you in the Schedule of the consumer lease any fees and charges that we charge you under the lease agreement.

 

What Should I Do if I Have a Complaint?

 

If you have a complaint or concern about the service provided to you, please contact our Internal Dispute Resolution Officer. Once we receive your complaint, we will investigate the matter and endeavour to address it as quickly as possible.   For further details about dispute, you can also review our Complaint and Dispute Policy available from our website at www.royalrentals.com.au.    

 

Please contact:

A  PO Box 64

    Clarinda VIC 3169

E [email protected]

T 1300 28 28 27

We expect that we will be able to completely resolve any issues you raise. If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with, or if you have not received a response within 45 days, you may wish to refer your complaint for External Dispute Resolution to  Australian Financial Complaints Authority (AFCA).

 

You can contact AFCA free of charge at:

GPO Box 3

Melbourne VIC 3001 

T 1800 931 678

F 03 9613 6399

E [email protected]afca.org.au 

W www.afca.org.au    

 

You may also lodge a complaint with the Australian Securities & Investments Commission (ASIC):

PO Box 9149

Traralgon VIC 3844

T 1300 300 630    

 

AML/CTF Act 2006

 

In accordance with the Anti-Money Laundering and Counter Terrorism Financing Act 2006 you are required to provide such documents as the lender requires to confirm your identification at the time of becoming a customer.