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NCCP Act 2009 mentions two types:

  1. 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
  2. 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.

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Requirements & Objectives

What the customer is looking to achieve and expects from the loan.

Redraw Facility

Redraw facility is a loan feature that allows consumers to access any extra funds that have been contributed to their home loan. Redraw facilities can give customers flexibility when needed and allow them to make extra repayments to pay off their loan faster.

Recommendation

A suggestion to a consumer that they apply for, increase or remain in a particular credit contract. This can only be given once an assessment is completed and the assessment result is that the particular credit contract is ‘not unsuitable’ for the consumer. This is a form of credit assistance.

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