Your privacy is important to us
Lifestyle Loans is committed to being the leading provider of mortgage services, and as such we are sensitive to privacy issues and treat very seriously the ongoing trust our clients have placed in us.
Our policy is to respect the confidentiality of information and the privacy of individuals and is bound by the National Privacy Principles contained in the Commonwealth Privacy Act.
Lifestyle Loans (Vic) Pty Ltd intends to use your information to provide services to you. Any personal information regarding you will not be used for any marketing purpose by Lifestyle Loans (Vic) Pty Ltd without your permission.
Lifestyle Loans (Vic) Pty Ltd is committed to safeguarding your personal privacy. We recognise that you have a right to control how your personal information is collected and used. We know that providing personal information is an act of trust and we take that seriously.
- We obtain most of the information directly from our customers through our application and or other forms. We may also obtain information from other sources if required.
- We may ask for other information voluntarily from time to time to enable us to improve our service or consider the wider needs of our potential customers.
- If you choose not to provide the information we need to fulfill your request for a specific product or service, we may not be able to provide you with the requested product or service/s.
We collect personal information when we provide our services to you. Generally we will tell you why we are collecting information when we collect it and how we plan to use it or these things will be obvious when we collect the information.
Use of Information
We use your information to provide our service to you, to fulfill administrative functions associated with providing this service. We may share your information with other companies that are related to or have relationships with, within and outside of Australia, for the primary purpose of supplying the service requested. We or they may use your personally identifiable information to assist us in improving our service and any of us might be in touch to let you know about goods, services, or promotions which may interest you or be of benefit to you e.g. advising you of improved products or services.
When we collect your information, we will give you the ability to indicate that you do not want us to use your personal information for disclosed secondary purposes. You may notify us of your preference on this issue by contacting our administration officer as set out at the end of this document.
When we will contact you
We may contact you by e-mail, by phone or other address, which you provide us in order to:
- Provide you with information about services provided directly by or third party relationships.
- Provide you with information that you requested or deemed important to you for your business operation.
- To send you news letters
If you are receiving communications from and do not wish to receive this information any longer you may remove your name from our list by contacting us at firstname.lastname@example.org.
How do we store personal information?
Safeguarding the privacy of your information is important to us, whether you interact with us personally, by phone, mail, over the Internet or other electronic medium. We hold personal information in a combination of secure computer storage facilities and paper-based files and other records, and take steps to protect the personal information we hold from misuse, loss, unauthorised access, modification or disclosure.
Accessing personal information held
Under the Commonwealth Privacy Act, you have the right to obtain a copy of any personal information that holds about you and to advise of any perceived inaccuracy. The Act does set out some exceptions to this. If at any time you want to know what information we hold about you, you are welcome to request your personal information by e-mailing or calling directly. We will acknowledge your request within 14 days and respond promptly to it. We may charge a fee to cover the cost of verifying and locating, retrieving and copying any material requested. If the information sought is extensive, we will advise likely cost in advance and help refine your request if required.
How information is collected from you
We will collect information about you from you directly whenever we can. Most information will be collected from the application and from the records we maintain about the products or services you receive from us. We may verify that information from sources referred to in the application or in this privacy notice and consent.
How information is collected from other sources
Sometimes we will collect information about you from other sources as the Privacy Act 1988 permits. We will do this only if it’s reasonably necessary to do so, for example, where:
- we obtain information (including commercial credit information concerning your credit worthiness or history, consumer information and collection of overdue payments information) from a credit reporting body for any purpose described below;
- we obtain information about your loan or a guarantee of the loan from another organisation described above;
- we can’t get hold of you and we rely on publicly available information to update your contact details;
- we check property, you offer as security, through public registers or our service providers; or
- we exchange information with your legal or financial advisers or other representatives.
When the law authorises or requires collection of information
There are laws that affect organisations that may require us to collect personal information about you. For example, we may require information about you to verify your identity under Australian Anti-Money Laundering law.
How your information may be used
A lender, the loan servicer or the mortgage manager may use information about you for purposes including:
- giving you information about loan products or related services;
- considering whether you are eligible for a loan or any related service you requested;
- processing the application and providing you with a loan or related service;
- administering your loan or any related service, for example, to answer requests or deal with complaints;
- identifying you;
- telling you about other products or services it or its related companies make available and that may be of interest to you, unless you tell them not to;
- allowing it to run its business efficiently and to perform administrative and operational tasks;
- preventing or investigating any fraud or crime or any suspected fraud or crime;
- as required by law, regulation or codes binding it; and
- any purpose to which you have consented.
You can let the lender, loan servicer or the mortgage manager know at any time if you no longer wish to receive direct marketing offers from them. They will process your request as soon as practicable.
Also, a lender, the loan servicer or the mortgage manager may use credit information about you to:
- enable an insurer to assess the risk of providing insurance to the lender or to address the lender’s arrangements with the insurer;
- assess whether to accept a guarantor or the risk of a guarantor being unable to meet their obligations;
- consider hardship requests; and
- assess whether to securitise loans and to arrange securitising loans the lender makes.
An LMI insurer may use information about you:
- to decide whether to insure a lender under an LMI policy;
- to assess the risk of you or a guarantor defaulting on your obligations to a lender;
- to administer and vary the insurance cover including for securitisation and hardship applications;
- to verify information that the LMI insurer collects about you;
- to deal with claims and recovery of proceeds including, among other things, to enforce a loan or a guarantee in place of a lender if the LMI insurer pays out an insurance claim on your loan or the loan you guarantee;
- to conduct risk assessment and management involving credit scoring, portfolio analysis, reporting and fraud prevention;
- to comply with legislative and regulatory requirements including requirements under the Privacy Act 1988 and Insurance Contracts Act 1984 as amended from time to time;
- for a mortgage insurance purpose relating to you; and
- for any other purpose under the insurance policy the LMI insurer issues to the lender relating to your loan.
The title insurer or its related entities may use information about you:
- to assess the risk of providing title insurance to the lender;
- for the subsequent administration or variation of the title insurance policy;
- for risk assessment, reporting, fraud prevention, enforcement and claim recovery activities;
- to discharge your existing mortgage over the security property and register your new mortgage over the security property where a refinance is taking place;
- to deal with claims and to enforce a loan or a guarantee in place of a lender if the title insurer pays out an insurance claim on your loan or the loan you guarantee;
- for a title insurance purpose relating to you;
- to comply with legislative and regulatory requirements; and
- for any other purpose under the contract between a lender and the title insurer.
What happens if you don’t provide information
If you don’t provide your information to us, it may not be possible:
- to provide you with the product or service you want. For example, if information is not disclosed to an insurer, it may not be able to process a lender’s request for insurance. In that case, the lender may not be able to assess this application;
- for the lender, loan servicer or a mortgage manager to manage or administer the loan the lender makes to you;
- verify your identity or protect against fraud; or
- in the case of the lender, loan servicer or mortgage manager, to let you know about other products or services that might be suitable for your financial needs.
Sharing Your Information
We use and share information about you with other organisations described above for the purposes described above.
Sharing with related companies
We may share information about you with our related companies for the purposes described above.
If you have a complaint against us about a privacy issue, please tell us about it. You can find out how to make a complaint (including special rights for credit information complaints) and how we will deal with a complaint, by visiting our complaints page, calling us or writing a letter.
Lifestyle Loans (Vic) Pty Ltd’s commitment to be the quality leading provider of mortgage services to clients means that our business will continue to evolve as we introduce new services and features.