Responsible Lending Principles
When providing credit to you we are required to make a final assessment that a credit contract is 'not unsuitable' for you before you enter a credit contract.
The National Credit Act responsible lending obligations require us to:
- make reasonable inquiries about your requirements and objectives in relation to the credit;
- make reasonable inquiries about your financial situation (ie. to determine whether you can repay the loan);
- take reasonable steps to verify your financial situation; and
- make a final assessment about whether the credit contract is 'not unsuitable' for you.
In addition, we must assess a credit contract as unsuitable where it is likely that:
- you will be unable to comply with your financial obligations under the contract, or could only comply with substantial hardship; or
- the contract will not meet your requirements or objectives.
The responsible lending obligations also require that we must not:
- provide credit to you by suggesting that you remain in an unsuitable credit contract, or by assisting the you to enter into, or increase the limit on, an unsuitable credit contract; or
- provide credit to you by suggesting that you apply for, or remain in, an unsuitable consumer lease.
We acknowledge our obligation to market our products responsibly and only lend affordable amounts of credit to our customers. For further details, please read our Responsible Lending Principles.
AFS Responsible Lending Principles