As an appointed Credit Representative under Connective's ACL, a request to submit a client’s application to a non-panel lender needs to be referred to Connective compliance for approval.
Review Connective's requirements and submit your request using the button below.
Off Panel Lender requests
We don't provide a blanket 'open' approval for a Connective Credit Representative to deal with off-panel lenders. To use an off-panel lender, you must email an approval request to the Compliance team. You must do this each time you wish to use an off-panel lender.
Off-panel lender requests are mandatory for all types of loans, including regulated and unregulated ones, such as consumer, commercial, and asset finance applications.
The following information must be included in your request:
Your customer’s name or borrowing entity
Proposed lender
Loan purpose
Loan amount and interest rate
*Security address
*Security value
*LVR
Australian Credit Licence (ACL) or Australian Financial Services Licence (AFSL) and Australian Financial Complaints Authority (AFCA) membership details for the proposed lender. Connective will not approve a lender that does not hold an ACL, AFSL or AFCA membership.
Reason for borrowing (i.e. purchase / refinance)
Which panel lenders were considered and why these were not suitable
Why this off-panel lender meets the customer’s requirements
For a consumer loan, how does this loan and lender meet the best interests of the customer?
Confirmation from you that the customer’s objectives, needs and financial position fall within that target market (TMD) for that product as described in the lender’s Target Market Determination**
The upfront and trail commission amount for this application
**TMD: Refer to the lender's Target Market Determination (TMD) to ensure the objectives, needs, and financial position of a customer fall within that target market for that product.
If you receive a customer complaint relating to a product, you are required to notify the lender.
* Not required for personal loans.
For any ‘Off Panel’ application, please ensure the following are held in Mercury:
all detailed notes and correspondence
supporting documents
NCCP compliance documents; and
Connective off-panel approval.
Once all this information is received, Connective will make a decision and advise you accordingly.
Please don’t hesitate to contact our Compliance Support team at [email protected] or through the Helpdesk on Mercury for any further assistance.