This credit guide provides you with the key information you need to know to make an informed and confident choice when engaging our services.
We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
We aim to provide you with information from a range of lenders and products / loans. Once you have chosen a loan that is suitable for you, we will help you obtain an approval
The list below documents the 6 most commonly used Lenders by Oxygen. This does not reflect all of the financial institutions that Oxygen is able to conduct business through.
(Previous financial year)
|Rank||Lender||% of Loan Settled|
|3||St George Bank||10.4|
By law, before entering into a specific credit contract, we are obliged to conduct a Preliminary Credit Assessment to determine what kind of loans would be suitable for you. In consultation with you, we will explore and discuss with you your financial situation, financial objectives and borrowing needs before we determine which loan product may suit your requirements.
For the purposes of the Preliminary Credit Assessment, we will need to ask you some questions in order to assess whether the loan or lease is not unsuitable.
The law requires us to:
The assessment will be conducted prior to recommendation of a particular product. The assessment will involve collection and verification of financial information to determine the appropriate loan amount and the loan costs associated with entering a credit contract. This will ensure that your circumstances will be assessed appropriately and that the options suggested will not place you in financial hardship. Once completed, this Preliminary Credit Assessment is only valid for 90 days. A copy of the Preliminary Credit Assessment will be available to you, on request - this will be available up to 7 years after we provide you with credit assistance.
Prior to the Preliminary Credit Assessment being con-ducted, we may provide you with Product summaries that highlight various key features and benefits of the product. We may also provide you with Product Comparison documents that allow you to compare the features and benefits of each product and assess the suitability to your requirements.
When the credit application (loan) is submitted, you may need to pay the lender's application fee, valuation fees, or other fees that are associated with the loan application process, even if the loan is ultimately unsuccessful.
If a fee is payable by you, this will be disclosed in a Credit Quote that will be provided to you. If a Credit Quote is not supplied, this will indicate that we do not charge consumers any fees.
Please take notice that the licensee may receive fees, commissions, or financial rewards from Lenders or Lessors in connection with any finance we arrange for you. These fees are not payable by you.
The commission / brokerage amount depends on the amount of the finance and may vary from product to product. We can provide you with information about a reasonable estimate of those commissions and how the commission is worked out if you require.
Commissions are paid based on a percentage of the loan balance that is drawn down which in most cases will be net of any amounts you hold in an offset account. The way commissions are calculated and paid to us by lenders may vary. By following the responsible lending requirements, we will ensure the loan recommended to you is not unsuitable for your situation and objectives.
We may pay fees to call centre companies, real estate agents, accountants, or lawyers and others for referring you to us. These referral fees are generally small amounts in accordance with usual business practice.
These are not fees payable by you. On request you can obtain a reasonable estimate of the amount of the fee and how it is worked out.
From time to time, we may also remunerate other parties through payments, rewards or benefits.
When providing credit assistance, we are obliged to act in your best interests (Best Interests Duty). This means that any products we recommend to you must be in your best interests, and the reasons for these recommendations will be documented, recorded, and explained and provided to you. In order to ensure your best interests have been met, we will assess what product(s) and what credit assistance will be in your best interests.
This recommendation will include information about why this is in your best interests and how it is aligned to your needs and objectives.
Through your broker’s relationships with lenders they may have access to tiered servicing arrangements. The benefits of this access to these arrangements can include faster processing, better information or greater levels of assistance provided for obtaining loan approval. Your broker will advise you of any tiered service arrangements that are in place with a particular lender that they have proposed at the time recommendations are made.
Access to this program is not based solely on the volume of new or existing lending your broker’s customers have with each respective lender and does not entitle them to any additional commissions outside of what they have disclosed to you, any additional payments or preferential customer discounts.
Your Oxygen broker is prohibited from accepting gifts or inducements over $350. Any benefit given to your broker greater than $100 and less than $350 will be recorded in a Gifts Register. A copy of your broker’s register is available to inspect on request. If you wish to inspect the register, please contact your broker.
We may receive obtain referrals from a range of sources, including accountants, financial planners, real estate agents and others. If you were introduced or referred to us, we may pay the referrer a commission, fee or remunerate them in other ways. Details of any commission or fees being paid to the referrer will be included in the Credit Proposal Disclosure document provided to you.
We may be provided access to free services such as credit report and valuations from our lenders. Details of any relevant services we may receive because of a recommendation we make to you, will be included in the Credit Proposal Disclosure document we provide to you.
I may act in other roles or capacities related to the credit assistance provided to you. Each business activity is separate however I may be paid remuneration in my other business activities as a result of the credit assistance provided to you. Further details any relevant remuneration we may receive because of a recommendation we make to you, will be included in the Credit Proposal Disclosure document we provide to you.
Where I am unable to act in more than one capacity, I will refer you to another party who will provide you services due to a conflict of interest that cannot be managed appropriately by me.
We have relationships with a number of related parties and associates. Details of any remuneration or possible conflicts these relationships will be included in the Credit Proposal Disclosure document provided to you.
I may directly or indirectly hold shares in Oxygen, AFG or the lenders I recommend. Details of any material holdings will be included in the Credit Proposal Disclosure document provided to you. If my material holding does not enable me to act in more than one capacity, I will refer you to another party who will provide you services due to a conflict of interest that cannot be managed appropriately by me.
I may act in other roles or capacities related to the credit assistance I provide to you. Each of business activities are separate from another however I may be paid remuneration in my other business activities as a result of the credit assistance we provide to you. Further details any will be included in the Credit Proposal Disclosure document I provide to you.
Where I am unable to act in more than one capacity, I will refer you to another party who will provide you services that I am unable to due to a conflict of interest that cannot be managed appropriately by me.
AFG Home Loans Pty Ltd (including AFG Securities Pty Ltd) are wholly owned subsidiaries of AFG. AFG may receive additional remuneration for any white label AFG Home Loans or securitised AFG Securities products that are settled. The remuneration received is in addition to those amounts paid to AFG as a mortgage broker aggregator and/or licensee. Details of this remuneration will be disclosed in your AFG Home Loan documentation.
Accurate as at publication. Our lenders change from time to time, with new lenders coming onboard and some leaving. Every Oxygen broker has accreditation with a wide variety of the lenders listed above, but usually not with every lender. If there is a particular lender you wish to use but is not listed, we are happy to see if we can add them to our list.
Irrespective of our status as a licensee, representative or credit representative, our reputation is built on matching the appropriate product(s) to the individual’s requirements. We go to great lengths to ensure satisfaction with our services and offerings.
However, there may be instances from time to time, where applicants may be dissatisfied with the outcomes of our consultation process. If you have a complaint about the service that we provide, the following steps or avenues for resolution are available to you.
Most complaints arise from miscommunication and can usually be fixed quickly. So, please contact your Oxygen broker first and express about your concerns.
If the issue is not satisfactorily resolved within 5 working days by talking with your broker, we will apply our internal complaints process to manage your complaint appropriately. In this instance, the complaint will be internally escalated to our Complaints Officer. You may also contact the Complaints Officer directly via post, phone or email.
Note: In some instances your broker may also be fulfilling the role of the Complaints Officer. This will not affect the capacity to have your complaint dealt with appropriately. By using our internal complaints process we hope to assist you to resolve your complaint quickly and fairly. The maximum timeframe in which to provide a written response to you is 30 days, although in pursuit of best practice and the reputation of our organisation, we aim to resolve these issues in a much shorter time frame
Although we try hard to resolve a customer’s concern in the most considerate and direct manner, if you are not completely satisfied after the above steps have been attempted, you still have other avenues available to resolve the dispute. This is then managed externally and independently.
This external dispute resolution (EDR) process is available to you, at no cost.
Each consent given in this document continues until withdrawn in writing.
During your relationship with us, we may tell you more about how we handle your personal information in application forms or terms and conditions, for example. You should read these documents carefully.
We recognise that any personal information we collect about you will only be used for the purposes we have collected it or as allowed by law. It is important to us that you are confident that any personal information we hold about you will be treated in a way that ensures protection of your personal information.
Our commitment in respect of personal information is to abide by the Australian Privacy Principles for the protection of personal information, as set out in the Privacy Act 1988 and any other relevant laws.
When we refer to personal information we mean information from which your identity is reasonably apparent. This information may include information or an opinion about you
The kinds of personal information we may collect about you include your name, date of birth, address, email address, phone number, account details, occupation, transaction history and any other information we made need to identify you.
If you are applying for finance we may also collect the ages and number of your dependants and cohabitants, the length of time at your current address, your employment details and proof of earnings and expenses, and your Tax File Number or tax residency status. When you visit our websites or use our mobile apps, we collect your location information, IP address, mobile device and network information and any third party sites you access. For more information on how we do this, see the heading 'Cookies' below.
The personal information we collect and hold about you may include credit information. Credit information is information which is used to assess your eligibility to be provided with finance and may include any finance that you have outstanding, your repayment history in respect of those loans, and any defaults. Usually, credit information is exchanged between credit and finance providers and credit reporting bodies.
If you want to make purchases from or through us we will also collect your payment information. We will also collect this information if we need to make payments to you. If you apply for employment with us we will collect information about your work history and ask your referees about you.
If you apply for finance with us, we collect personal information for the purposes of assessing your application and managing that finance (including designing and pricing our products). We may also collect your personal information for the purposes of direct marketing and managing our relationship with you. From time to time we may offer you other products and services.
If you apply to become a finance broker with us or apply for employment with us, we will collect information about you to assist us to decide whether to appoint you and to manage that relationship, including to offer other services and products to you
We collect payment information in order to process your payments.
We also collect your personal information (including credit information) to minimise risks and identify or investigate fraud and other illegal activities and to comply with laws and assist government or law enforcement agencies.
To enable us to maintain a successful business relationship with you, we may disclose your personal information to other organisations that provide products or services used or marketed by us. See the heading 'Do we disclose your personal information?' below for further information.
Where reasonable and practical we will collect your personal information directly from you. We may also collect your personal information from credit reporting bodies, finance brokers and other people such as accountants, lawyers and referees.
We may disclose your personal information:
Prior to disclosing any of your personal information to another person or organisation, we will take all reasonable steps to satisfy ourselves that:
We use cloud storage to store personal information that we hold. The cloud storage and the IT servers may be located outside Australia.
We may disclose your personal information to overseas entities that provide support functions to us (including in USA, Canada, Malaysia, India, Ireland, the United Kingdom and the Philippines). You may obtain more information about these entities by contacting us.
New technologies and data analytic software allows us to combine information we have about you and our other customers, with data sources, such as third party websites or the Australian Bureau of Statistics. We are able to analyse this data to learn more about you and other customers, and how to improve our products and service we provide to you. We may use this combined data to help other businesses better understand their customers, however we will not provide any personal information about you unless we are legally required to.
If you ask us for credit or choose to be a guarantor, we may collect the following kinds of credit information and exchange this information with credit reporting bodies and other entities:
We exchange this credit information for the purposes of assessing your application for finance and managing that finance. We also share your credit information with credit reporting bodies so they can provide credit reports to others. This credit information may be held by us in electronic form on our secure servers and may also be held in paper form. We may use cloud storage to store the credit information we hold about you.
I/We hereby authorise you to receive Credit Information from any lender about my/our credit affairs, and to provide any relevant real estate agent, lawyer, conveyancer, agent or person authorised by me access to my Credit Information, with details of whether finance has been approved for us, and if it has, the terms of that approval, including providing a copy of any approval letter.
I/We appoint you as our agent and authorise you to obtain our Credit Information (including both consumer and commercial credit reporting and eligibility information) from a credit reporting body on our behalf. You are authorised to use that Credit Information to assist you to provide services, including credit assistance, to me/us and to assist me/us to apply for credit. I/We acknowledge that you consent to these authorizations being provided in an electronic form (if applicable).
In this document ‘Credit Information’ includes information such as my/our identity information, the type, terms and maximum amount of credit provided to me/us, repayment history information, default information (including overdue payments), court information, new arrangement information, personal insolvency information, disciplinary proceedings, complaints, delinquency, fraud investigations and details of any serious credit infringements.
The credit reporting bodies we use are Equifax Pty Ltd, Experian Australia Credit Services Pty Ltd and Illion Australia Pty Ltd. You can download a copy of their privacy policies at: equifax.com.au; experian.com.au; or illion.com.au.
I/We consent to receiving credit assistance documentation and loan application information electronically. I/We acknowledge and agree that paper documents may no longer be given, electronic communications must be regularly checked for documents and this consent to receive electronic communications may be withdrawn at any time.
I/We consent to you obtaining Personal Information, financial information and Credit Information about me/us by way of video conference and/or by way of audio conference for the purpose of arranging or providing credit, providing credit assistance or insuring credit and give my/our permission for that video and/or audio conference to be recorded and provided to a credit provider, insurer or government agency for this purpose.
From February 2018, the Privacy Act 1988 includes a new Notifiable Data Breaches ('NDB') scheme which requires us to notify you and the Office of the Australian Information Commissioner ('OAIC') of certain data breaches and recommend steps you can take to limit the impacts of a breach (for example, a password change).
The NDB scheme requires us to notify about a data breach that is likely to result in serious harm to affected individuals. There are exceptions where notification is not required. For example, where we have already taken appropriate remedial action that removes the risk of serious harm to any individuals.
If we believe there has been a data breach that impacts your personal information and creates a likely risk of serious harm, we will notify you and the OAIC as soon as practicable and keep in close contact with you about the nature of the breach, the steps we are taking and what you can do to reduce the impacts to your privacy. If you believe that any personal information we hold about you has been impacted by a data breach, you can contact us.
From time to time we may use your personal information to provide you with current information about finance offers you may find of interest, changes to our organisation, or new products or services being offered by us or any company with whom we are associated.
If you do not wish to receive marketing information, you may at any time decline to receive such information by emailing us. If the direct marketing is by email you may also use the unsubscribe function. We will not charge you for giving effect to your request and will take all reasonable steps to meet your request within a reasonable timeframe.
It is important to us that the personal information we hold about you, such as current home address, email address and phone number, is accurate and up to date. During the course of our relationship with you we may ask you to inform us if any of your personal information has changed.
If you wish to make any changes to your personal information, you may contact us. We will generally rely on you to ensure the information we hold about you is accurate and complete.
We will provide you with access to the personal and credit information we hold about you. You may request access to any of the personal information we hold about you at any time.
We may charge a fee for our costs of retrieving and supplying the information to you. We will provide an estimate of this cost so you can decide whether you would like to proceed.
We aim to respond within 30 days of receiving your request. We may need to contact other entities to properly investigate your request.
There may be situations where we are not required to provide you with access to your personal information, for example, if the information is commercially sensitive or relates to existing or anticipated legal proceedings, or if your request is vexatious.
An explanation will be provided to you if we deny you access to the personal information we hold about you.
If any of the personal information we hold about you (including credit information) is incorrect, inaccurate or out of date you may request that we correct the information. If appropriate we will correct the personal information. We will not charge you a fee to correct your personal information. We aim to provide you with details about whether we have corrected the personal information within 30 days of receiving your request.
We may need to consult with other entities as part of our investigation.
If we refuse to correct personal information we will provide you with our reasons for not correcting the information.
When we collect government identifiers, such as your tax file number, we do not use or disclose this information other than as required by law. We will never use a government identifier to identify you.
In most circumstances it will be necessary for us to identify you in order to successfully do business with you, however, where it is lawful and practicable to do so, we will offer you the opportunity of doing business with us without providing us with personal information, for example, if you make general inquiries about interest rates or current promotional offers.
We will only collect sensitive information about you with your consent except where otherwise allowed by law. Sensitive information is personal information that includes information relating to your racial or ethnic origin, political persuasion, memberships in trade or professional associations or trade unions, sexual preferences, criminal record, or health or biometrics (for example, your fingerprints).
We will take reasonable steps to protect your personal information by storing it in a secure environment. We may store your personal information in paper and electronic form. We will also take reasonable steps to protect any personal information from misuse, loss and unauthorised access, modification or disclosure.
If you are dissatisfied with how we have dealt with your personal information, or you have a complaint about our compliance with the Privacy Act, you may contact us. We will acknowledge your complaint within seven days. We aim to provide you with a decision on your complaint within 30 days. We will let you know if we will take longer than 30 days and the relevant extension of time we will require to complete the complaints process.
If you are dissatisfied with our response after you have been through the internal complaints process, you may make a complaint to our External Dispute Resolution Scheme, the Australian Financial Complaints Authority (AFCA) which can be contacted on either www.afca.org.au or 1800 931 678 (free call); or the Office of the Australian Information Commissioner (OAIC) which can be contacted on either www.oaic.gov.au or 1300 363 992.
We exchange your credit information with credit reporting bodies. We use the credit information that we exchange with the credit reporting body to assess your creditworthiness, assess your application for finance and manage your finance. If you fail to meet your payment obligations in relation to any finance that we have provided or arranged or you have committed a serious credit infringement then we may disclose this information to a credit reporting body.
You have the right to request access to the credit information that we hold about you and make a request for us to correct that credit information if needed. Please see the heading 'Access and correction to your personal and credit information' below.
Sometimes your credit information will be used by credit reporting bodies for the purposes of 'pre-screening' credit offers on the request of other credit providers. You can contact the credit reporting body at any time to request that your credit information is not used in this way.
You may contact the credit reporting body to advise them that you believe that you may have been a victim of fraud. For a period of 21 days after the credit reporting body receives your notification the credit reporting body must not use or disclose that credit information. You can contact any of the following credit reporting bodies for more information:
The information that we collect from you when you interact with us online depends on the tasks you complete on this website. When you visit and browse through the website, we collect general information that is not capable of identifying you for statistical and maintenance purposes that enables us to continually evaluate the performance of this website.
This general information includes the number of users visiting this website and the number of pages viewed as well as the path taken through this website.
This information is used to generate aggregated, anonymous information about how you and other users use this website and its features. For instance, we collect information about which pages on this website you visit most often, if you open or read the communications we send, which advertisements you view or interact with on this website or other websites on which our advertisements appear, and if you receive any error messages. The information collected may be used to improve users' online experience generally, to collate statistics, or customise your online experience by showing you content we think you will like. We do not collect information that identifies you personally; however, if you have a registration account with us, the information collected by us using the cookies may be associated with your registration account.
We also may allow third-party advertisers to place their cookies on your device through their advertisements on this website. The information these third-party cookies collect is used to determine which third-party advertisements to display on this website, how often to display them, and in which locations of this websites the third-party advertisements perform best. These third-party cookies do not collect information that identifies you personally.
Any information, which is not capable of identifying you, is collected through code embedded in the webpages of this website. You cannot disable the code on these pages.
Other information, such as browser type, is included in a 'cookie' that is sent to your computer when you are completing certain tasks on this website. A cookie contains bits of information that enables our servers (i.e. the computers that house this website) to identify and interact efficiently with your computer. Cookies are designed to provide a better, more customised website experience, and to make it easier for you to use this website.
You can configure your browser to either accept all cookies, reject all cookies or to notify you when a cookie is being sent to your computer. The 'help function' on your browser will provide you with details on how to change your browser configurations. You will need to accept cookies in order to use some functionality on this website. If you do not wish to receive any cookies you may set your browser to refuse them. However, your use of our website may be affected.
You may request further information about the way we manage your personal or credit information by contacting us.
We are constantly reviewing all of our policies and attempt to keep up to date with market expectations. Technology is constantly changing, as is the law and market place practices.