As an appointed Credit Representative under Connective’s Australian Credit Licence (ACL), you must obtain Compliance approval before submitting an application to a lender that is not on Connective’s approved panel.
Off-panel lender approval is required each time you wish to use a non-panel lender.
Selecting Lenders Based on Product Type
Lender selection in the CRM depends on the compatibility between the Opportunity’s product type and the lender’s product category. For example:
Commercial Lenders: Lenders like Judo Bank are categorized as commercial lenders. They will only appear as options for Opportunities with a commercial loan type.
Residential Lenders: Similarly, residential lenders will only appear for Opportunities with a home loan type. If a lender does not appear as an option, ensure the Opportunity’s product type matches the lender’s category. You may need to create or switch the Opportunity to the appropriate loan type.## Adding Lenders to the CRM To add a lender to the CRM, follow these steps:
Request Submission: The Principal Owner of your Partner group must email the helpdesk to request the addition of a lender. Ensure the email specifies whether the lender is for commercial, residential, or both purposes.
Custom Lender Setup: Once the request is approved, the lender will be added as a custom lender and enabled for your group.
Lender Availability: After setup, the lender will appear in the Lender Options within the CRM.
When is off-panel approval required?
You must submit an approval request for:
Regulated (consumer) loans
Unregulated loans
Commercial loans
Asset finance applications
Blanket or ongoing approval is not provided.
Information required in your request
Your off-panel lender request must include:
Customer and loan details
Customer name or borrowing entity
Proposed lender
Loan purpose
Loan amount
Interest rate
Security address*
Security value*
Loan-to-Value Ratio (LVR)*
Reason for borrowing (e.g. purchase, refinance)
* Not required for personal loans.
Lender regulatory details
Provide:
Australian Credit Licence (ACL) or Australian Financial Services Licence (AFSL) number
Australian Financial Complaints Authority (AFCA) membership details
Connective will not approve a consumer lender that does not hold:
An ACL or AFSL (as applicable); and
AFCA membership.
You can verify:
Licence details via the ASIC Professional Registers
AFCA membership via the AFCA Financial Firm Search
Suitability and Best Interests Duty (BID)
You must also provide:
Which panel lenders were considered
Why panel lenders were not suitable
Why the off-panel lender meets the customer’s requirements
For consumer loans, how the loan meets the customer’s best interests
Confirmation that the client falls within the lender’s Target Market Determination (TMD)
TMD reminder
Review the lender’s Target Market Determination to ensure the client’s objectives, needs and financial position align with the product’s intended market.
Commission details
Include:
Upfront commission amount
Trail commission amount
Before submitting your request
Ensure the following are saved in Mercury:
Detailed file notes and correspondence
All supporting documents
NCCP compliance documents (if applicable)
Connective off-panel approval (once received)
We recommend obtaining written acknowledgement from the lender confirming they will accept the proposed application. This ensures that the lender is willing to process the application and avoids potential delays.
What happens next?
Once all required information is received, Connective Compliance will:
Review your submission
Assess regulatory and best interests considerations
Provide a decision
You will be advised once a determination has been made.
Submit your request
Submit your off-panel lender approval request via the designated submission process. Ensure that all required documents are attached and that the lender has confirmed acceptance of third-party business before submission.
Complaints relating to off-panel products
If you receive a customer complaint relating to an off-panel product, you must notify the lender directly in accordance with their dispute resolution procedures.
Need help?
If you require assistance with an off-panel lender request, contact the Compliance Support team:
Email: [email protected] Or raise a Helpdesk ticket in Mercury.
FAQs
Why can’t I select a specific lender in the CRM? Ensure the Opportunity’s product type matches the lender’s product category. For example, Judo Bank will not appear for a home loan Opportunity as it is a commercial lender.
How do I add a new lender to the CRM? Submit a request through the Principal Owner of your Partner group, specifying the lender type (commercial, residential, or both).