Credit Guide

1. About Us

NIK Finance Pty Ltd is a Corporate Authorised Representative authorised under Australian Credit Licence 384704 to engage in credit activities including providing credit assistance and acting as an intermediary.

2. Credit Services We Provide

We provide credit assistance by:

• Suggesting credit contracts or consumer leases that may suit your needs and objectives
• Assisting you to apply for a credit contract or consumer lease
• Suggesting that you remain in your current credit contract
• Suggesting that you apply for an increase to the credit limit of your current contract
• Assisting you to refinance or consolidate existing credit

Types of credit products we arrange:

• Car loans (personal and business use)
• Equipment finance (chattel mortgage, hire purchase, commercial hire)
• Asset finance (trucks, boats, caravans, motorcycles)
• Home loans (owner-occupied and investment)
• Personal loans (secured and unsecured)
• Business loans and commercial finance
• Novated leases

3. Our Lender Panel

We work with a panel of 100+ lenders, including major banks, non-bank lenders, credit unions, and specialist finance providers. We do not represent all lenders in the market.

When providing credit assistance, we will suggest credit products from lenders on our panel that we reasonably believe are suitable for your requirements and objectives. We may not compare all products from all lenders on our panel.

A list of our current lender panel is available on request by contacting us at info@kreddi.finance.

4. Our Fees and Charges

Good news: You pay us $0.

We do not charge you any fees for our credit assistance services. We are remunerated by the lenders when we successfully arrange finance for you. This means our service is free to you - you only pay the fees and interest charged by the lender you choose.

How We're Paid by Lenders

We receive commissions from lenders in the following ways:

Important: These commissions are paid by the lender, not by you, and do not affect the interest rate or fees you pay on your loan. Lenders pay the same commissions to all brokers and do not offer consumers better rates for applying directly.

5. Conflicts of Interest

We are committed to acting in your best interests when providing credit assistance. However, you should be aware of the following potential conflicts of interest:

• Commission rates vary: Different lenders pay different commission rates. We have policies to ensure we suggest suitable products regardless of commission.
• Ownership: We are not owned by or affiliated with any lender.
• Volume bonuses: Some lenders may pay volume-based bonuses if we meet certain settlement targets. These do not influence our recommendations.

If we become aware of any conflict of interest that may affect the credit assistance we provide to you, we will inform you of that conflict.

6. Our Process

1. Preliminary Assessment: We'll discuss your needs, objectives, and financial situation to understand what you're looking for.
2. Credit Proposal: We'll suggest suitable credit products and provide you with information about those products, including interest rates, fees, and terms.
3. Application: If you choose to proceed, we'll assist you in completing the credit application and submitting it to the lender(s).
4. Assessment: The lender will assess your application according to their credit criteria. We'll liaise with the lender on your behalf.
5. Approval & Settlement: If approved, we'll help you review the loan contract and coordinate settlement.

7. Information We Need From You

To provide you with credit assistance, we need to collect information about:

• Your financial situation (income, expenses, assets, liabilities)
• Your credit history
• Your employment status and history
• Your requirements and objectives
• Identification documents (driver's licence, passport, etc.)

It is important that you provide us with accurate and complete information. If your circumstances change, please let us know immediately as this may affect the suitability of the credit assistance we provide.

8. Your Obligations

Before you sign a credit contract, you should:

• Read the contract and all disclosure documents carefully
• Ensure you understand the terms, fees, and charges
• Consider whether you can meet the repayment obligations
• Seek independent legal, financial, or taxation advice if needed

Remember: Credit is a serious financial commitment. Defaulting on a loan can negatively impact your credit rating and result in enforcement action.

9. Privacy and Credit Reporting

We handle your personal information in accordance with the Privacy Act 1988 (Cth) and our Privacy Policy. By using our services, you consent to us:

• Collecting personal and credit information about you
• Disclosing your information to lenders, credit reporting bodies, and other third parties as necessary
• Obtaining credit reports from credit reporting bodies (Equifax, Experian, Illion)

For full details, please read our Privacy Policy.

10. Complaints and Disputes

If you have a complaint about our services, please contact us:

We will investigate your complaint and provide a response within 30 days. If you are not satisfied with our response or we have not responded within 30 days, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA):

AFCA provides fair and independent financial services complaint resolution that is free to consumers.

11. Professional Indemnity Insurance

We hold professional indemnity insurance that covers our credit activities. This insurance satisfies the compensation arrangements required under section 48 of the National Consumer Credit Protection Act 2009 (Cth).

12. Contact Us

If you have any questions about this Credit Guide or our services, please contact us: