NCCP Act 2009 mentions two types:
- Preliminary Assessment – conducted by a credit assistance provider prior to suggesting or proposing a consumer apply for, increase or remain in a particular credit contract; and/or
- Final Assessment – conducted by a credit provider/lender before they approve the application.
Both types involve making reasonable inquiries and verifying those inquiries. In both cases, it is illegal to proceed if the assessment has not been completed or if the assessment outcome is that the credit contract would be ‘unsuitable’ (see definition below) for the applicant/s.
This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.