Broker Terms and Conditions

This website (loanprep.com.au) (the LoanPrep App) and the Services made available through the LoanPrep App are owned and operated by LoanPrep Pty Ltd (ACN 698 131 789) (LoanPrep, we, us or our).

By using, browsing or accessing the LoanPrep App and Services, you acknowledge that you have read, understood and accept these LoanPrep App Broker Terms and Conditions (agreement), together with our Privacy Policy, and agree to abide by them. If you do not accept this agreement, you must not access and use the LoanPrep App and Services.

In this agreement, Broker, you and your means the individual or legal entity who subscribes to the LoanPrep App as a mortgage broker and whose details are listed in the Account Login page (and includes anyone acting on your behalf or with your express or implied authority).

The LoanPrep App is a technology platform that matches potential borrowers with potential lenders and connects borrowers with mortgage brokers should a borrower choose to be introduced to a mortgage broker (Services). These matches are provided for preliminary information only and do not constitute a credit recommendation, product recommendation or approval. LoanPrep is not a credit provider, lender, mortgage broker or financial advisor.

Brokers must conduct their own assessment and due diligence before providing credit assistance or recommending a lender or product to a Consumer. The LoanPrep App and our role in providing you with access and use of the LoanPrep App and the Services should be construed strictly in this context only.

LoanPrep reserves the right to change any provision of this agreement in any way and we may, in our absolute discretion, add or remove any function or feature of the LoanPrep App, or suspend, add or discontinue all or any part of the Services provided in connection with the LoanPrep App by providing you with reasonable written notice or by otherwise posting it on the LoanPrep App.

If you do not agree to these changes, you may terminate the agreement at any time in accordance with clause 15.

To access and use the LoanPrep App and Services as a mortgage broker, you must:

1. (a)create and setup an account on the LoanPrep App (Account). Your Account will be operated by a username and password (Password). You may change your Password at any time in the Account Login page;
2. (b)be an authorised credit licensee or authorised credit representative. We require you to provide us with your Australian Credit Licence Number or Credit Representative Number as proof that you are an authorised credit licensee or authorised credit representative. The setup process for your Account will not be completed until satisfactory proof is provided; and
3. (c)be at least 18 years of age and legally able to enter into contractual relations. If you are not at least 18 years of age, you should not access or use the LoanPrep App and Services. We reserve the right to ask for proof of age from you, and your Account may be suspended until satisfactory proof of age is provided.

We may at any time request that you provide identification documents to verify your identity and status as an authorised credit licensee or authorised credit representative.

You are responsible for:

1. (a)maintaining control over, and the confidentiality of, your Account;
2. (b)keeping your Account registration information current, complete, accurate, and truthful. All Personal Information as well as the information you provide to setup your Account is subject to our Privacy Policy. You must not impersonate another account holder or provide false identity information to gain access to or use the LoanPrep App or the Services;
3. (c)promptly notifying us in writing of any changes to: (i) your Account registration information; (ii) your status as an authorised credit licensee or authorised credit representative; and (iii) any other information you provided to us;
4. (d)notifying us immediately in writing of any unauthorised access to, or use of, your Account;
5. (e)for all activities or transactions that occur using your Account. We are not liable for any loss or damage arising out of, or in connection with, any unauthorised access or use of, your Account.

LoanPrep has the right to suspend or terminate any Account or your access or use of all or any part of the LoanPrep App, at any time, if, in our opinion, you have failed to comply with any of the provisions of this agreement.

Subject to your compliance with the terms of this agreement, LoanPrep shall use reasonable endeavours to provide you with access to and use of the LoanPrep App and Services.

The Broker agrees that any Consumer will have been duly referred and received by you upon an email containing the Contact Details of a Consumer being sent to the email address which is nominated by the Broker when you create an Account.

The undertaking in clause 6.1 shall not apply in the event of:

1. (a)any non-conformance which is caused, or contributed, by use of the LoanPrep App contrary to our instructions or the terms of this agreement;
2. (b)modification or alteration of the LoanPrep App by any party other than us or our duly authorised Personnel;
3. (c)the unsuitability or malfunction of the LoanPrep App when used in conjunction with any software, platforms, applications and tools supplied by a third party provider; and
4. (d)Force Majeure Events.

In the event that LoanPrep fails to provide you with the Services in accordance with clause 6.1, we will use reasonable endeavours to correct any such non-conformance, or provide you with an alternative means of accomplishing the desired performance. The foregoing constitutes your sole and exclusive remedy for any breach of clause 6.1.

When accessing and using the LoanPrep App and the Services, you must:

1. (a)obtain and maintain all compatible hardware, software and communications equipment necessary to download, access, and use, the LoanPrep App and the Services;
2. (b)ensure that all information you provide to us is true, accurate, complete and not misleading;
3. (c)comply with all Relevant Laws (including, but not limited to, the National Consumer Credit Protection Act 2009 (Cth), Privacy Laws and any other credit reporting rules, regulations and codes that apply to you) and only use the Services and LoanPrep App responsibly, lawfully and for its intended purpose;
4. (d)only use the Contact Details of a Consumer to provide them with credit assistance (and not for any other purpose); and
5. (e)comply with all of our directions, policies and guidelines advised in writing to you or as displayed on the LoanPrep App from time to time.

LoanPrep will not be liable to you or anyone else if, for any reason, the LoanPrep App and the Services are unavailable at any time or for any period. From time to time, we may suspend or restrict access to all, or some parts of the LoanPrep App and the Services.

You must not:

1. (a)not misuse or abuse the LoanPrep App by sending false alerts, engaging in unlawful activity, or interfering with the operation or security of the LoanPrep App;
2. (b)introduce, access, store, distribute or transmit any viruses, worm, trojan or other malicious code into the LoanPrep App;
3. (c)violate any LoanPrep IP or any third party’s Intellectual Property Rights;
4. (d)copy, modify, duplicate, create derivative works from, frame, mirror, republish, transmit or distribute all or any portion of the LoanPrep App, or any other third party software that you may access or use through the LoanPrep App, in any way;
5. (e)access all or any part of the LoanPrep App and/or the Services in order to build a product, service or code which competes or reproduces the LoanPrep App and/or the Services (in full or part);
6. (f)modify, alter, adapt, reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the LoanPrep App in any way, or otherwise learn the source code or algorithms underlying the LoanPrep App;
7. (g)license, sell, rent, lease, sub-let, white-label, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, encumber or otherwise make the LoanPrep App and the Services available to any third party; and
8. (h)use the LoanPrep App or the Services for any unlawful purpose or other purpose not authorised by us in writing.

We reserve the right to limit your use of the LoanPrep App, the Services and/or any other ancillary products or services made available to you on, or via, the LoanPrep App, including the right to restrict, suspend or terminate your Account if we believe you are in breach of this agreement or you are misusing the LoanPrep App.

Subject to your compliance with the terms of this agreement, LoanPrep shall use reasonable endeavours to refer potential Consumers (Referrals) to Brokers for a period of two hours by displaying or listing the Referrals on the LoanPrep App. The first Broker to accept the Referral will:

1. (a)receive via the email the following: (i) the Contact Details of the Consumer; (ii) the Consumer’s Credit Readiness Report; (iii) the information contained in the mortgage readiness questionnaire completed by the Consumer; and (iv) the Credit Score of the Consumer; and
2. (b)automatically be charged a Referral Fee by LoanPrep.

If no Broker accepts the Referral within two hours of LoanPrep displaying or listing the Referral on the LoanPrep App, then the Referral will be removed from the LoanPrep App, and LoanPrep may, at our absolute discretion, refer the Referral to any Affiliate of LoanPrep or any third party.

When providing the Services through the LoanPrep App, we shall use reasonable endeavours to provide the Broker with correct and complete Contact Details of Consumers. By providing you with the Contact Details of a Consumer in accordance with the terms of this agreement, we warrant that the Referral has consented to the collection and use of its Personal Information for the purposes contemplated and implied by the agreement.

Following receipt of the Referral, if the Broker rejects the Referral for any reason, including on the basis that the Referral is an existing customer of the Broker, the Broker must notify us of this rejection within 48 Business Hours of receiving the Contact Details of the Consumer and the Broker will not be entitled to a refund of the Referral Fee.

If the Broker is unable to contact the Consumer using the Contact Details, the Broker may use the in-app ‘log-call attempt’ function which sends the Consumer a notification that the Broker has tried to make contact (and which includes the Broker’s contact details). If the Broker is unable to contact the Referral after three attempts, then the Broker may make a written request for Referral Credit. LoanPrep may, at our absolute discretion, accept or reject the Broker’s request for a Referral Credit. LoanPrep will only consider a request for a Referral Credit on the condition that such request:

1. (a)is made by the Broker within 48 Business Hours following receipt of the Contact Details; and
2. (b)the Broker provides evidence that three attempts were made to contact the Referral using the Contact Details.

A Referral Credit expires after 60 days and cannot be transferred, assigned or exchanged for cash.

If you wish to access the LoanPrep App and Services, you must pay us the Subscription Fees and other amounts owing to us under this agreement during the Subscription Term. The Subscription Fees are payable in advance (on a monthly basis) in accordance with the Direct Debit Authority.

All Referral Fees and Subscription Fees are payable in Australian Dollars and are exclusive of any goods and services taxes, which is payable in addition. To the maximum extent permitted by Relevant Laws, the Subscription Fees, Referrals Fees and all other amounts owing to LoanPrep under this agreement are non-refundable.

When setting up your Account, you will be offered payment options by our Third Party Payment Processors to pay the Subscription Fees. LoanPrep may, at our absolute discretion and without notice to you, change the payment method that can be used to access and use the LoanPrep App and Services at any time.

Payment of the Subscription Fees and all other amounts owing to LoanPrep under this agreement are made by means of direct debit to our Third Party Payment Processors in accordance with the Direct Debit Authority in clause 10 . By making payment of the Subscription Fees or any other amount owing to LoanPrep under the agreement, you will provide our Third Party Payment Processors with accurate and complete billing information, and you authorise our Third Party Payment Processors to access your billing information (including Personal Information) for the purpose of processing your payment.

LoanPrep may increase the Subscription Fees and/or Referral Fees for the provision of the LoanPrep App or charge additional fees to access new functions or features of the LoanPrep App at any time upon 30 days’ written notice to you by email or by posting to the LoanPrep App. The fee increases will come into effect in the next billing cycle (in the case of Subscription Fees) or the next time you purchase the Contact Details of a Consumer (in the case of Referral Fees). If you do not agree to these fee increases, you must terminate this agreement no later than 30 days after the date you received written notice of the fee change.

By accepting this agreement, you authorise our Third Party Payment Processors to debit from your credit or debit card or bank account (as applicable) the Subscription Fees (or any other amount owing to LoanPrep under this agreement) as and when such fees are due and payable under this agreement (Direct Debit Authority). LoanPrep do not collect, store, use or disclose your credit card or bank account details.

Renewal will automatically occur on a monthly basis until cancelled through the subscriptions page on the LoanPrep App. You may cancel or change your Direct Debit Authority at any time by accessing the subscription page on the LoanPrep App. If you cancel the Direct Debit Authority, LoanPrep will not be able to provide you with access to, and use of, the LoanPrep App and Services beyond the current billing cycle, unless you provide our Third Party Payment Processors with a new Direct Debit Authority. If you wish to continue to access and use the LoanPrep App and Services following the termination of your Account, please contact us by email to reinstate your Account or you can create a new Account. If you reinstate your Account or create a new Account, you must pay the Subscription Fees prevailing at the time to access and use the LoanPrep App and Services.

If our Third-Party Payment Processors cannot process a renewal payment (for example, due to an expired card or insufficient funds), your subscription will be automatically cancelled, and access to the LoanPrep App and Services will cease at the end of the current billing cycle. It is your responsibility to ensure that your payment details are correct and that there are sufficient funds available on your credit or debit card to allow each debit to be made in accordance with the Direct Debit Authority. If there are insufficient funds:

1. (a)the transaction will be rejected, and the payment will be treated as if it were never made;
2. (b)your financial institution may charge you a fee and/or interest; and
3. (c)you must arrange for the debit to be made by another method or arrange for sufficient funds to be available by an agreed time so that our third party payment processors can process the debit.

It is your responsibility to check your credit or debit card, or bank account statement (as applicable) to verify that the amounts debited from your credit or debit card or bank account are correct.

If you believe that an error has been made in debiting your credit or debit card or bank account (as applicable), you should update your credit or debit card or bank account details by accessing the subscription page on your mobile device as soon as possible.

You acknowledge that LoanPrep, or our licensors, are the owners of the LoanPrep App (and any Intellectual Property Rights contained therein) including any information, Content or technology that may be provided to, or accessed by, you in connection with your use of the LoanPrep App and the Services (including any modifications, enhancements of the foregoing) (collectively, LoanPrep IP). Accessing and using the LoanPrep App and the Services does not give you (or anyone else) ownership of, or any right, title or interest in the LoanPrep App.

By accessing and using the LoanPrep App and Services, we grant you a non-exclusive, non-transferable, personal, revocable and non-sublicensable licence to access and use the LoanPrep App and the Services for the Subscription Term. You will not acquire or be entitled to any rights other than those rights expressly set out in this agreement.

All trade marks, logos, trade dress and service marks on the LoanPrep App are either trade marks or registered trade marks of LoanPrep, and may not be copied, imitated, or used, in whole or in part.

You acknowledge that we are entirely reliant on the Consumer to complete the mortgage readiness questionnaire honestly, properly and strictly in accordance with our instructions, and that the failure of the Consumer to do so, may impact on the accuracy, quality, validity and completeness of the Services provided to you through the LoanPrep App. We make no representation, warranty or guarantee to you:

1. (a)about the validity, honesty, integrity or credibility of Consumers, the willingness of Consumers to communicate or transact with you or the quality, completeness or accuracy of the Referrals provided to you through the LoanPrep App; or
2. (b)that you will earn any profit, commission, bonus or revenue from using the LoanPrep App or that you will make a minimum number of sales or increase your market share or client base by accessing and using the LoanPrep App or Services.

To the maximum extent permitted by Relevant Laws, LoanPrep excludes all express or implied representations, conditions, statutory guarantees, warranties and provisions (whether based on statute, common law or otherwise), in connection with your access to, and use of, the LoanPrep App and Services.

Nothing contained in this Agreement excludes, restricts or modifies the application of any condition, warranty or other obligation, the exercise of any right or remedy, or the imposition of any liability under the Competition and Consumer Act 2010 (Cth) or any other national, State or Territory legislation where to do so is unlawful.

You acknowledge, and agree that to the maximum extent permitted by Relevant Laws, we make no representation, warranty or guarantee:

1. (a)in relation to the availability, continuity, reliability, accuracy, currency or security of the LoanPrep and the Services (or any Content or Third Party Products and Services provided in connection with the LoanPrep App); and
2. (b)that the LoanPrep App and Services (or Referrals or any Third Party Products or Services made available to you on, or via, the LoanPrep App and Services) are error-free, virus free or is suitable for any particular purpose or use under any specific conditions, and so is provided on an “as is” and “where is” basis.

We will not be liable to you if the LoanPrep App and/or the Services is, or becomes unavailable, for any reason, including directly, or indirectly as a result of:

1. (a)telecommunications unavailability, interruption, delay, bottleneck, failure or fault;
2. (b)negligent, malicious, willful acts or omissions of third parties (including third party providers) or other users;
3. (c)the technical limitations of your mobile device or any software, hardware and communications equipment used by you to access and use the LoanPrep App and Services;
4. (d)maintenance (scheduled or unscheduled) carried out by us or any third-party provider, including in respect of any of the systems or network used in connection with the provision of the LoanPrep App;
5. (e)services provided by third parties (including internet service providers) ceasing or becoming unavailable; or
6. (f)a Force Majeure Event.

You warrant, acknowledge and agree that your use of the LoanPrep App and Services have not been made on the basis of any representations made by LoanPrep in relation to the current or future functionality or features of the LoanPrep App and Services (or any Third Party Products or Services made available to you on, or via, the LoanPrep App and Services).

LoanPrep shall use commercially reasonable endeavours to make the LoanPrep App and the Services available 24 hours a day, seven days a week, except for:

1. (a)planned maintenance carried out at times advised in advance by LoanPrep; and
2. (b)unscheduled maintenance which may need to be performed from time to time. LoanPrep will, where practicable, use reasonable endeavours to conduct any unscheduled maintenance outside of Business Hours.

We are not responsible to you or anyone else for any actions, activities, conduct or transactions (whether online or offline) that occur between you and a Referral introduced to you by us through the LoanPrep App.

To the maximum extent permitted by Relevant Laws, LoanPrep will not be liable to you or any third party for:

1. (a)any Claims or Losses (including Consequential Loss); or
2. (b)loss of, or damage to, any property or any personal injury, illness or death to you or any third person,

arising out of, relating or connected to, the provision or use of the LoanPrep App and Services by you (including Content, any Referral introduced to you through the LoanPrep App and/or Third Party Products and Services generated or made available through the LoanPrep App or the Services) and this agreement, regardless of the cause of action on which they are based, even if advised of the possibility of such damage occurring.

All risk in using the LoanPrep App and the Services passes to you upon creating an Account or otherwise using the LoanPrep App and the Services (whichever is earlier). LoanPrep assumes no responsibility, and we have no liability to you or anyone else for any use of, or reliance on, any Content, Referrals made to you and/or Third Party Products and Services obtained or generated from your access to, and use of, the LoanPrep App and the Services.

To the maximum extent permitted by Relevant Laws, under no circumstances will LoanPrep’s aggregate liability to you or anyone else, whether based upon warranty, contract, statute, tort (including negligence) or otherwise, exceed the amount you paid to LoanPrep under this agreement in the one month immediately preceding the date on which the Claim giving rise to such liability arose.

You agree to defend, indemnify and hold LoanPrep, our Affiliates and our Personnel (collectively, the Indemnified) harmless from and against any and all Claims or Losses, that may be brought against the Indemnified or which the Indemnified may pay, sustain or incur as a direct or indirect result of or arising out of:

1. (a)your access to, and use of, or reliance on the LoanPrep App or the Services (including the Content and Third Party Products and Services);
2. (b)any Claim made by a Referral in relation to the credit or mortgage brokerage assistance provided by you, or any of your Affiliates or Personnel;
3. (c)any breach of the LoanPrep IP or any third party’s Intellectual Property Rights or other rights caused by you or any of your Affiliates or Personnel;
4. (d)negligent, willful, fraudulent or wrongful act or omission, committed by you or any of your Affiliates or Personnel; or
5. (e)any breach of Relevant Laws and Privacy Laws caused by you or any of your Affiliates or Personnel; or
6. (f)any breach of this agreement by you, your Affiliates or Personnel.

During the Subscription Term, you may:

1. (a)suspend your Account by selecting the ‘pause account’ button on the Account Login page. During the suspension period, you will not be required to pay the Subscription Fees and you will not receive any Referrals. You may suspend your Account as many times as you like for as long as you like; and
2. (b)terminate this agreement by selecting the ‘delete account’ button on the Account Login page. If you cancel your subscription, your access to the LoanPrep App and Services will continue for the remainder of the current billing period.

We may terminate or discontinue the LoanPrep App or any major functions or features of the LoanPrep App and/or the Services at any time (without liability to you) by 21 days’ written notice to you, or by otherwise posting it on the LoanPrep App. If we terminate the agreement in accordance with this clause, we will provide you with a pro rata refund of the Subscription Fee.

You agree that LoanPrep may, at any time and at our sole discretion, with or without cause or any notice to you, terminate, suspend or block your access to (either temporarily or permanently):

1. (a)your Account; and/or
2. (b)the LoanPrep App and the Services; and/or
3. (c)any social media pages linked to our business or the LoanPrep App; and/or
4. (d)any other products and services offered on, or via the LoanPrep App (including Third Party Products and Services).

Cause for such suspension or termination may include, but are not limited to:

1. (a)any serious or repeated breaches or violations of this agreement, our policies and guidelines and any other agreements entered into between the parties;
2. (b)the loss, lapse or suspension of the Broker’s authorised credit licence or authorised credit representative licence;
3. (c)your failure to provide, verify or re-verify the status of your authorised credit licence or authorised credit representative licence;
4. (d)serious or repeated breaches or violations of another person’s Intellectual Property Rights or privacy rights;
5. (e)the misuse of Contact Details provided to you or the use of Contact Details for purposes not authorised under this agreement;
6. (f)the failure to pay the Subscription Fees;
7. (g)your activities, conduct or transactions on, or, via, the LoanPrep App, which brings, or has the capacity to bring LoanPrep and/or the LoanPrep App into disrepute; and/or
8. (h)requests by law enforcement or other government agencies.

You agree that all such suspensions or terminations shall be made at our sole discretion and that we shall not be liable to you or any third party for any such suspension or termination.

You acknowledge that the LoanPrep App and Services may require you to use or access Third Party Products and Services and that you do so solely at your own risk.

We make no representation or commitment, and we shall have no liability or obligation whatsoever in relation to the content or use of any such Third Party Products and Services, or any transactions completed, and any contract entered into by you, with the owner, licensor or operator of such Third Party Products and Services.

We recommend that you refer to the third party’s terms and conditions and privacy policy prior to using the relevant Third Party Products and Services.

LoanPrep does not endorse, sponsor or approve any Third Party Products and Services used in conjunction with the LoanPrep App and Services. It is your sole responsibility to determine that specific products or services, meet your needs and are suitable for the purposes for which they are used.

Any rights you may have to access Third Party Products and Services shall be limited to:

1. (a)the extent of LoanPrep’s ability to pass on such rights to you; or
2. (b)the relevant third-party licensor terms.

Any party claiming a dispute exists under the agreement must notify the other party in writing of the nature of the dispute (Dispute Notice), except where urgent interlocutory relief is being sought.

The parties must in good faith attempt to resolve any dispute between them.

If the dispute cannot be resolved within 30 days of receipt of a Dispute Notice, either party may commence legal proceedings in relation to the dispute.

Each party must continue to perform its obligations under this agreement notwithstanding the existence of any unresolved dispute.

Without notice to you, we may, at our absolute discretion, from time to time:

1. (a)change, add or delete the functions, features, performance, or other characteristics of the LoanPrep App; or
2. (b)apply or install updates to, or new versions of, the LoanPrep App.

You acknowledge that the Content on the LoanPrep App is subject to change at any time and may be out of date at any given time. LoanPrep are under no obligation to:

1. (a)update, correct or fix any Content or errors in the LoanPrep App; and/or
2. (b)notify you of any changes to the Content or the LoanPrep App unless required by a Relevant Law to do so.

Some of the provisions contained in this agreement may also be superseded by provisions or notices published elsewhere on the LoanPrep App. Any changes are effective immediately upon posting to the LoanPrep App. Your continued use of LoanPrep App thereafter constitutes your acceptance of all such changes to the agreement.

Please read this agreement before using the LoanPrep App, as the agreement may have changed since the last time you accessed and used LoanPrep App. If you do not agree to any change, then you must immediately stop using the LoanPrep App and the Services.

LoanPrep may, at our absolute discretion, provide you with user support services during Business Hours in accordance with the LoanPrep standard support services and maintenance policy (as amended from time to time).

If you require user support services or you are having difficulties accessing and using the LoanPrep App and the Services, you may contact us through the LoanPrep App or by email at admin@loanprep.com.au.

If any provision in this agreement is found to be invalid or unenforceable by a court of law, such invalidity or unenforceability will not affect the remainder of this agreement which will continue in full force and effect.

No agency, principal-agent, partnership, joint venture, employee-employer or franchisor-franchisee relationship is intended or created between you and us by this agreement.

You may not assign, transfer or deal in any other manner with all or any of your rights or obligations under this agreement without our prior written consent. To the extent permitted by Relevant Laws, we may, at our absolute discretion, amend the terms of this agreement and/or assign, transfer or deal in any other manner with all or any of our rights or obligations under this agreement without your prior written consent.

This agreement, and any other documents referred to in it, represent the entire agreement between us and you in relation to the subject matter and supersedes any previous arrangements, agreements, representations, understandings or statements (whether verbal, in writing, or in some other format).

The laws of the State of Western Australia govern this agreement. You agree to submit to the exclusive jurisdiction of the Courts of Western Australia.