The online mortgage broker


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.

Add a Comment

You might also be interested in

White Label

A ‘home-branded’ loan, a similar concept to home-branded products found in supermarket aisles.

VOI

Verification of Identity is a process to ensure that applicants are who they claim to be.

Variable Rate

Loan products that have fluctuating interest rates.

Search.
Compare.
Settle.
Strut.

Get started

Find out if your home loan is any good

Get your loanScore