The Oxcel Pty Ltd Compulsory Compliance Documents Guide ensures brokers remain compliant when handling client loan applications. Compliance documentation is mandatory for all loans secured predominantly by residential properties.
1. Mandatory Compliance Documents
To maintain compliance, brokers must complete and appropriately sign the following documents:
Credit Guide & Privacy Consent Form (client signature required)
Client Profile & Recommendation (broker & client signatures required)
Employment Verification Form (EVF) (broker signature required)
Lender Application/Supporting Documents Checklist (broker and client signatures required)
2. Document Completion Process
Step-by-Step Guide
Step 1: Credit Guide & Privacy Consent
Provide to the client immediately after initial discussions.
Must be signed by the client before collecting further documentation.
Step 2: Client Profile & Fact Find
Conduct comprehensive client interviews.
Client signs the completed profile.
Provide client with a signed copy.
Step 3: Employment Verification
For PAYG Applicants:
Google employer information and verify the ABN.
Obtain recent payslips and three months of bank statements.
Contact the employer directly to verify details.
For Self-Employed Applicants:
Confirm company details via an ABN search.
Verify financial documents directly with the accountant.
Conduct banned and disqualified searches on accountants.
Step 3: Preliminary Assessment & Recommendation
Complete after evaluating client information and supporting documents.
Clearly outline the rationale for loan recommendations.
Step 4: Product Comparison & Credit Proposal
Provide at least three suitable lending options.
Document the client's chosen lender clearly in the Credit Proposal.
Obtain the client’s signature on the final document.
Step 5: Submission to Lender
Submit through ioutsource to ApplyOnline (AOL).
Do not lodge directly through lender portals.
2. Living Expenses Verification
Collect at least 3 months (preferably 6 months) transaction statements.
Verify declared expenses line-by-line against bank statements.
Document discussions regarding expenses and retain detailed diary notes.
3. Best Interests Duty (BID)
To meet BID obligations, brokers must:
Clearly document reasons for recommending specific products.
Ensure product selection prioritizes the client’s best interests.
Maintain detailed records and diary notes of discussions, product comparisons, and client decisions.
3. Identifying Clients
Verify client identity using certified ID copies (including Medicare card).
For non-face-to-face transactions, use certified ID methods (ZipID, IDYou, Australia Post, Justice of the Peace, or Consulate).
4. Managing Conflicts of Interest
Brokers must:
Immediately disclose conflicts of interest.
Prioritize client interests above personal gain.
Record all conflicts clearly.
4. Preventing Fraud
Key steps to minimize fraud risk:
Perform thorough Employment Verification.
Cross-check documentation meticulously (payslips, bank statements).
Maintain detailed file notes documenting verification processes.
5. Keeping Secure Records
Store all loan documentation securely for at least seven years.
Avoid using temporary platforms (WhatsApp, WeChat, AirDrop) for document storage.
Use approved platforms like ioutsource for all client communications.
5. Compliance for Non-Resident Borrowers
Extra compliance steps include:
Certifying client ID through consulate officials if overseas.
Employing accredited independent translators for non-English documents.
Adhering to lender-specific requirements for international transactions.
6. Broker's Own Loans
Brokers are prohibited from writing their own home loans.
Utilize another Oxcel-approved broker for your personal loan applications.
Need Further Assistance?
For compliance support, contact:
📧 Email: [email protected]
📞 Phone: 1800 010 001
🌐 Oxcel Compliance Portal
Adhering to these guidelines ensures compliance, transparency, and efficiency in loan processing, protecting you and your clients.