Westminster National meets client needs across diverse industries in the following areas:
- Commercial & business finance
- Equipment finance
- Home & investment loan finance
How We Provide Services to You?
Our process involves talking to you to understand your needs and objectives in seeking credit, as well as understanding your financial position.
Once we have assessed your requirements and obtained the information and documentation we need, we will provide our credit recommendation to you. We are required by law to ensure that any credit product with which we assist you can be deemed “not unsuitable” for you. In simple terms, this means that the product fits your needs and objectives in seeking credit.
We will then provide you with assistance in obtaining the loan from our Panel of Lenders.
Other Documents You May Receive?
Other than this Credit Guide you may receive any or all of the following documents depending on the loan arranged:
- Fact Finder (Client Needs Analysis)
- Preliminary Assessment
- Credit Quote
- Credit Proposal Disclosure Document
- Fact Sheet
What Information Should I Provide to Receive Credit Services?
You should provide us with a list of your personal requirements in relation to the credit contract, details of your current financial situation and any relevant information so that we can offer you the most appropriate information. To assist you prepare this information you should complete a Fact Finder document. We will also request information in order to verify the information contained in the Fact Finder, such as pay slips, bank statements, past tax returns and loan schedules.
Panel of Lenders/Credit Providers
We currently have different Panels of Lenders depending on the type of loan arranged for you.
The names of the Lenders in our Panel include:
Commonwealth Bank, ANZ, Westpac, National Australia Bank, Bankwest, Adelaide and Bendigo Bank, AMP, Citibank, Fastlend, ING Direct, Suncorp, Macquarie, Liberty Financial, Pepper, Bluestone, La Trobe Financial, ME Bank, Latitude Finance, MoneyPlace, Better Choice Home Loans, RAMS, Resimac,
Plenti RE Limited, FAST Edge, FASTCustom, FastExcel, Think Tank, 86 400, Firstmac, Heritage Bank, BOQ, Virgin Money, Judo Bank, P&N Bank, Beyond Bank, Teacher’s Mutual Bank, Oak Capital.
Westminster National’s top six lenders by volume for the financial year ended 30 June 2021 were: ANZ 18.08%, CBA 17.31%, Bankwest 15.00%, Westpac 10.77%, NAB 8.85%, and Macquarie 6.54%.
Westminster National operates and manages its own business and pays FAST for aggregation support services including software and access to a panel of lenders. Westminster has access to a panel of lenders through FAST. FAST is part of National Australia Bank (NAB) Ltd. Westminster National has access to products from lenders including NAB and a branded loan (FASTLend) branded with our aggregator, FAST.
How Will I Pay for the Credit Assistance Services Provided?
In some circumstances a fee may be payable depending on the complexity and nature of your situation.
If fees are payable by you they will be detailed in a Credit Quote and not incurred without your prior written consent.
Can I Request a Copy of the Preliminary Credit Assessment?
We maintain a record of all preliminary credit assessments undertaken that assess whether the loan is not unsuitable for your particular circumstances. You can request a copy of the assessment if the request is made within 7 years of your credit contract. We will give you a written copy of the assessment (at no charge to you):
- Within 7 business days of receiving the request, if your request is made within 2 years of the Credit assessment; or
- Otherwise, within 21 business days of receiving the request.
We are not required to give you a copy of the assessment if your request is more than 7 years after the date of the credit contract.