Our Credit Guide

What is a Credit Guide?

A Credit Guide is a document that credit licensees and their representatives are required to provide to consumers before providing credit assistance. It contains important information about our services, our obligations, and your rights. We are required by law to give you this guide before we provide you with any credit assistance.

Our Services

We provide credit assistance by comparing home loan, commercial, SMSF, equipment, personal, and rural finance products from over 50 lenders on our panel. We assess your financial situation, objectives, and requirements to recommend suitable loan products. Our role is to act in your best interests and ensure any recommendation we make is not unsuitable for your circumstances.

We do not provide financial planning, taxation, or legal advice. We recommend you seek independent professional advice in those areas where required.

How We Are Paid

We are paid by the lender when your loan settles. This is standard practice across the mortgage broking industry. Our remuneration typically includes:

Upfront commission: Between 0.50% and 0.70% of the loan amount (including GST), paid by the lender at settlement. For example, on a $500,000 loan, this would be between $2,500 and $3,500.

Trailing commission: Between 0.15% and 0.20% per annum of the outstanding loan balance, paid monthly by the lender for the life of the loan. For example, on a $500,000 loan balance, this would be between $750 and $1,000 per year.

Broker fees for complex cases: For certain complex loan scenarios — including commercial lending, SMSF finance, and other non-standard applications — we may charge a broker fee in addition to the commission received from the lender. These cases typically require significantly more time, specialist knowledge, and detailed structuring work. Any fee will be discussed and agreed with you in writing before we proceed, and you will never be charged without your prior consent.

Any other fees applicable to your situation will be discussed with you and agreed upon before proceeding. You are always informed of all costs upfront.

You are entitled to ask us for more details about how we are paid, including the specific commission amounts for any loan we recommend to you.

Clawback

If your loan is repaid or refinanced within a certain period after settlement (typically 12 to 24 months, depending on the lender), the lender may "claw back" part or all of the upfront commission they paid to us. This is an industry-standard practice and is outside our control.

In the event of a clawback, we may pass this cost on to you. If this applies to your situation, we will discuss it with you and include it in your loan documentation before you proceed. The clawback amount is generally calculated on a pro-rata basis — the earlier the loan is discharged, the larger the clawback amount.

Example: If a lender pays an upfront commission of $3,000 on your loan and you refinance within 12 months, the lender may claw back $3,000 from us. If you refinance between 12 and 24 months, the clawback may be reduced to approximately $1,500 (pro-rata). We will always be transparent with you about any potential clawback obligations before your loan settles.

Your Rights

As a consumer of credit services, you have the right to ask us about our commissions, fees, and any other benefits we receive in connection with your loan. You can request copies of any documents we hold relating to your loan application. You have the right to lodge a complaint if you are not satisfied with our services, and to access external dispute resolution through the Australian Financial Complaints Authority (AFCA) if we are unable to resolve your complaint.

Our Complaints Process

If you have a complaint about our services, please contact us first so we can try to resolve it:

Phone: 1300 080 180
Email: info@xcelcorp.com.au

We will acknowledge your complaint within 1 business day and aim to resolve it within 30 calendar days. If we are unable to resolve your complaint to your satisfaction, or if 30 days have passed without resolution, you can refer your complaint to the Australian Financial Complaints Authority (AFCA):

Phone: 1800 931 678
Email: info@afca.org.au
Website: www.afca.org.au
Mail: GPO Box 3, Melbourne VIC 3001