presupposes should ‘you continuation of consolidate all existing home your debts into loan) your existing ANZ personal loan’ Activities in the column amount to providing credit assistance. ‘cannot’ The licensee considers the tipping point when considering whether advice is credit assistance is whether or not the advice is generic advice with regard to strategies. You can say, for example: personal loan interest rate is well above the ‘“your market rate’; is desirable that your mortgage has the following ‘it features...’; should repay your Westpac credit card debt as it has the highest ‘you interest rate amongst your debts’; should approach your lender and renegotiate your loan on the ‘you basis of hardship’; should make larger loan or ‘you repayments’; should consolidate your credit card debt into one credit card with ‘you a low interest (not naming products). rate’ What you can and cannot do The table (below) summarises the type of dealing services that you can and cannot provide (i.e. what is caught and not caught by the Act). Category of Permitted Examples Prohibited Examples Dealing Dealing Dealing Apply for a You cannot No permitted Assisting to Completing credit product assist dealing apply for a or lodging consumers to particular credit application apply for a product with a forms for a credit product particular credit consumer provider Increase the You cannot No permitted Assisting to Completing limit in a credit assist dealing increase the or lodging product consumers to limit in a forms which increase their particular credit will increase limit in a credit product the limit in a credit product
presupposes continuation of existing home loan) ‘you should consolidate all your debts into your existing ANZ personal loan’ Activities in the ‘cannot’ column amount to providing credit assistance. The licensee considers the tipping point when considering whether advice is credit assistance is whether or not the advice is generic advice with regard to strategies. You can say, for example: ‘“your personal loan interest rate is well above the market rate’; ‘it is desirable that your mortgage has the following features...’; ‘you should repay your Westpac credit card debt as it has the highest interest rate amongst your debts’; ‘you should approach your lender and renegotiate your loan on the basis of hardship’; ‘you should make larger loan repayments’; or ‘you should consolidate your credit card debt into one credit card with a low interest rate’ (not naming products). What you can and cannot do The table (below) summarises the type of dealing services that you can and cannot provide (i.e. what is caught and not caught by the Act). Category of Dealing Permitted Dealing Examples Prohibited Dealing Examples Apply for a credit product You cannot assist consumers to apply for a credit product No permitted dealing Assisting to apply for a particular credit product with a particular credit provider Completing or lodging application forms for a consumer Increase the limit in a credit product You cannot assist consumers to increase their limit in a credit No permitted dealing Assisting to increase the limit in a particular credit product Completing or lodging forms which will increase the limit in a credit product