AUDIT

Under regulation, LifeX is required to conduct annual lending audit. LifeX is complying with the code of best practise and industry standards. We embraced the opportunity to ensure all compliance obligations are met, and give our clients comfort on business with us.

What to check before you borrow money or sign a contract

All lenders, lessors and finance brokers must be licensed by ASIC or be a representative of someone who is licensed. Search ASIC Connect’s Professional Registers to check your credit provider is licensed before you deal with them. Some businesses that are exempt from licensing, such as retail stores and car yards. While the store may be exempt, the actual credit provider must be licensed. If you are unsure who the provider is, check your credit contract or rental agreement.

Read the credit guide

Any company engaging in credit activities must give you a credit guide and credit proposal disclosure document which will tell you:

• their Australian credit licence number
• contact details
• fees and charges
• details of your right to complain or their external dispute resolution scheme.

They must also give you a quote for providing credit assistance unless:

• they have already entered into a written contract with you that sets out the maximum amount you will pay for their services;
• or they are providing services free of charge.

When lenders can give you credit

Credit providers must not enter into a contract with you that is unsuitable, such as a loan you can’t repay without suffering hardship or a contract that doesn’t meet your requirements and objectives. By law the credit provider must also:

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

For more information, please contact us.