Responsible Lending
We're committed to responsible lending practices that protect borrowers and ensure sustainable lending
Our Commitment: We work with lenders who follow responsible lending obligations under the National Consumer Credit Protection Act 2009 (NCCP) and ASIC guidelines.
What is Responsible Lending?
Responsible lending means that lenders must take reasonable steps to assess whether a loan is suitable for you before approving it. This includes:
- Verifying your income and employment
- Understanding your existing debts and commitments
- Assessing your living expenses and spending patterns
- Ensuring you can meet loan repayments without substantial hardship
- Considering your objectives, financial situation, and needs
Our Assessment Process
Income Verification
- • Recent pay slips and employment letters
- • Tax returns for comprehensive income picture
- • Bank statements showing regular income
- • Additional income sources (rental, investments)
Expense Analysis
- • Living expenses and household costs
- • Existing loan and credit commitments
- • Credit card limits and usage patterns
- • Discretionary spending analysis
Credit Assessment
- • Credit history and repayment behaviour
- • Current credit enquiries and applications
- • Defaults, judgments, or bankruptcies
- • Overall credit risk profile
Suitability Check
- • Loan purpose and objectives
- • Repayment capacity under stress scenarios
- • Long-term financial sustainability
- • Alternative product suitability
Your Rights as a Borrower
Before You Apply
- • Receive clear information about loan terms and costs
- • Understand all fees, charges, and interest rates
- • Get explanations of loan features and risks
- • Access to product disclosure statements
During Assessment
- • Fair and non-discriminatory assessment
- • Reasonable time to provide required documents
- • Clear communication about assessment progress
- • Explanation if your application is declined
After Approval
- • Clear loan contract terms and conditions
- • Cooling-off period for certain loans
- • Regular statements and account information
- • Access to hardship assistance if needed
If Things Go Wrong
- • Internal dispute resolution processes
- • Access to external dispute resolution
- • Hardship variation options
- • Consumer protection under Australian law
Red Flags We Watch For
We work with lenders to identify and prevent potentially unsuitable lending practices.
Income and Employment Issues
- • Unstable or declining income
- • Casual or contract employment without history
- • Income that cannot be verified
- • Over-reliance on overtime or bonuses
Financial Stress Indicators
- • High debt-to-income ratios
- • Multiple recent credit applications
- • Irregular banking patterns
- • Minimal savings or deposit funds
Getting Help
If you're experiencing financial difficulty or have concerns about responsible lending, help is available:
Financial Counselling
Free, confidential financial counselling services:
- • National Debt Helpline: 1800 007 007
- • Financial Counselling Australia
- • Local community financial counsellors
Dispute Resolution
If you have a complaint about lending practices:
- • Australian Financial Complaints Authority
- • ASIC's MoneySmart website
- • Consumer protection agencies
Contact Our Responsible Lending Team
If you have questions about responsible lending or need assistance with your application:
Email: responsible.lending@refii.com.au
Phone: 1300 REFII (1300 733 44)
Hours: Monday to Friday, 8:30 AM to 6:00 PM AEST