Credit guide

Effective January 2019

As a licensed credit provider, we are required to give you a credit guide as soon as practicable after it becomes apparent to us that a credit contract is likely to be entered into. The guide includes information about us, our responsible lending obligations, and our dispute resolution process.

Suitability Assessment

Under the National Consumer Credit Protection Act, we must not enter into a credit contract with you, or increase the credit limit of a credit contract with you, if the contract is unsuitable for you.

The contract will be unsuitable for you if, at the time the contract is entered into or the credit limit is increased, it is likely that: 

• you will be unable to comply with your financial obligations under the contract, or could only comply with substantial hardship; or 
• the contract will not meet your requirements or 
  objectives.

We must make an assessment whether the contract will be unsuitable for you before entering into a credit contract with you or increasing the limit of an existing credit contract.

You can request a copy of our assessment. We must give you a copy (at no charge to you): 

• before entering the credit contract or before the credit limit is increased, if you make the request before then; 
•  within 7 business days, if your request is made within 2 years of entering into the contract or the credit limit increase; and
• otherwise, within 21 business days. 

We do not need to give you a copy of the assessment if: 

• your request is made more than 7 years after entering into the contract or the credit limit increase; or 
• the credit contract is not entered into or the credit limit is not increased. 

Dispute Resolution

P&N Bank offers its members both an internal and an external dispute resolution process that are readily accessible and free. 

When Does a Dispute Arise?

A dispute arises if you make a complaint to P&N Bank about a product or service and you are not satisfied with the response that you receive.

Internal Dispute Resolution

To use our internal dispute resolution procedure you should address a letter, email or fax detailing the dispute to: 

Name: Member Advocate 
Mail: P&N Bank
PO Box 8609 
Perth BC Western Australia 6849 
Phone: 13 25 77 
Fax: (08) 9219 7660 
Email: member.advocate@pnbank.com.au

If the Member Advocate is able to resolve the dispute they will promptly notify you in writing of the outcome and provide reasons for the outcome. If you are still not satisfied with the outcome of a dispute, you can refer the matter to our external dispute resolution scheme.

You are not obliged to pursue a dispute with P&N Bank using its internal dispute resolution procedure. If you do use the internal dispute resolution procedure, you may commence legal proceedings before, after or at the same time as using the internal dispute resolution procedure.

P&N Bank participation in the internal dispute resolution procedure is not a waiver of any rights it may have under the law or under any contract between you and P&N Bank. An example of a contract between you and P&N Bank may be a loan contract, a guarantee, the terms and conditions of an account, or the terms and conditions of a VISA card or ATM card.

External Dispute Resolution

External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.

You must attempt to resolve your complaint with us before contacting our external dispute resolution scheme. If you have a complaint which remains unresolved after speaking to our Member Advocate, you can contact our external dispute resolution provider or get legal advice.

Our external dispute resolution provider is:

Name: The Australian Financial Complaints Authority (AFCA) 
Mail: GPO Box 3 
Melbourne VIC 3001 
Phone: 1800 367 287 
Fax: (03) 9613 6399 
Email: info@afca.org.au 
Website: afca.org.au

Further information regarding AFCA including their Terms of Reference is available from their office or on their website.