Use this guide to understand how your top six lenders are generated and how to update them so your Credit Guide accurately reflects your lending activity.
The Combined Industry Forum (CIF) recommends that brokers disclose their top six lenders and the percentage of settled business from the previous financial year in their compliance disclosure documents. This information helps demonstrate transparency around lender usage.
How your top six lenders are generated
Mercury Nexus automatically generates your top six lenders based on loans settled with lenders on Connective’s approved panel. This information populates your Credit Guide.
All brokers operating under Connective’s Australian Credit Licence (ACL) must use the Credit Guide. Connective also recommends that ACL holders and their authorised credit representatives use it.
Important: Automated data only includes settlements with Connective panel lenders. If your lending activity extends beyond the panel, you must update your information manually.
When you need to update lenders manually
You need to manually update your top six lenders if:
You submit loans to lenders outside Connective’s panel
A lender was on the panel during the reporting period but is no longer accredited
Your automated data does not accurately reflect your settled loan mix
Manual updates ensure your Credit Guide remains accurate and compliant for the relevant reporting period.
How do I update my Top Six lenders?
Note: Any manual updates override the top six lenders automatically generated from the Commissions App.
Update your top six lenders in the Accreditations app
Note: Any manual updates override the top six lenders automatically generated from the Commissions App.
To update your lenders:
Open the Accreditations app.
Select the lender you want to update.
Select Update status.
Under Top 6 lender, select Yes.
Select Submit.
Once updated, the lender is automatically added to your Credit Guide.
What happens if you’re new to Connective
If you are new to Connective, your Credit Guide will automatically include a disclaimer confirming:
Your start date, and
Your status as a new representative under your ACL
Once settlement data becomes available, the disclaimer is automatically removed and replaced with your top six lenders.
What happens if you break away to a new business
If you move from an existing business to a new one, any manual updates you make to your top six lenders will override lenders generated from the Commissions App. Review your Credit Guide to ensure it reflects your current business activity and reporting period.
Need help?
If you need help updating your top six lenders or understanding how they appear in your Credit Guide, contact your Partnership Manager or email [email protected].