Broker Terms and Conditions
Bridgit Financial Services Pty Ltd ACN 648 580 901 Australian Credit Licence Number 532542 is the credit provider for Connective Home Loans Bridge products. Lending criteria, terms and conditions, fees and charges apply. This was prepared and issued by Bridgit Financial Services Pty Ltd.
Broker Terms and Conditions
Copyright
Between
1. Bridgit Pty Ltd ABN 16 644 588 161 | Bridgit Financial Services Pty Ltd ACN 648 580 901 | Australian Credit Licence Number 532542 of Suite 504, 323 Castlereagh Street, Sydney, NSW 2000 (us/we); and
2. The person named in the Broker Application Form under section Broker Contracting Party (you).
Operative Provisions:
1. Background
- Bridgit is a provider of bridging loans, offering clients with bridging finance solutions.
- You are, or you operate a business that is, licenced or authorised to introduce your clients to us for bridging finance regulated by the National Consumer Credit Protection Act 2009 (NCCP Act).
- This Agreement details our obligations to one another with respect to the conduct of these referral activities.
2. Term
- These terms and conditions together with the Broker Application Form constitute a formal referral agreement (Agreement) in relation to these referral activities between Bridgit and you.
- If you refer potential borrowers to us after your accreditation with us has been approved in writing by Bridgit, you will be deemed to have agreed to the terms set out in this document.
- This Agreement commences as a valid binding Agreement on the date your first referral is received by us and will continue until it is terminated in accordance with the terms of this Agreement (Term).
3. Your obligations
You must:
- not charge a fee to the consumer for the referral;
- obtain the consent of the consumer to pass their name, contact details and a description of the purpose for which the consumer may want the credit;
- comply at all times with all applicable laws, including but not limited to Privacy Act 1988 (Cth) (Privacy Act), Australian Privacy Principles and NCCP Act including any obligations imposed on you when you “act as an Intermediary” and provide “credit assistance” as those terms are defined in the NCCP Act;
- inform us promptly of any:
- complaint that is made against you or any of your representatives or agents;
- claim that is made or threatened against you or any of your representatives or agents; and
- breach of any law by you or any of your representatives or agents, including in particular the NCCP Act;
- hold satisfactory professional indemnity insurance covering your activities under this Agreement during the Term and for six years after termination of this Agreement;
- maintain membership of the ASIC approved external dispute resolution scheme during the Term and for six years after termination of this Agreement;
- use best endeavours to ensure that the information provided to us as part of any application or referral is accurate;
- not engage, and ensure that any of your representatives or agents do not engage, in any misleading or deceptive conduct or make any representation to any applicant as to the likelihood of success of an application;
- comply with any policies and procedures provided to you by us from time to time;
- not use or promote our name or logo in any way without our prior written consent, and not do anything that is or may prejudice or harm Bridgit or our business, finances or interests including discouraging remarks, statements or gestures that may defame, derogate, discredit or bring the character, integrity or conduct of Bridgit or any person associated with Bridgit into disrepute;
- ensure that you and each of your representatives and agents are appropriately trained and competent to engage in any activities under this Agreement; and
- at your own cost, ensure that at all times during the Term you, and any of your representatives, hold any licence, authorisation or permit required to beheld in respect of your activities under this Agreement.
4. Confidentiality
1. In this clause, “Confidential Information” means any information in respect of the business and affairs of Bridgit other than information which has come into the public domain, including but not limited to any information concerning any of our:1.1 technology, processes, methodologies, techniques, systems, analyses, operating procedures, manuals, products, designs, specifications, models, capabilities, functions, inventions, research, drawings, formulae, source codes and object codes, trade secrets, ideas, knowledge, concepts and know-how; and1.2 financial, accounting, marketing, technical and other commercially sensitive information, including their accounts, marketing plans, market research data, sales plans, service and product ideas, corporate development plans and strategies, business plans, budgets, prospects and forecasts, supplier lists, quotations, prices, data bases and data surveys, client lists and information, staff and contractor lists and information, program planning, consultant’s advice, promotional information, trade marks, trade names, trade dress and logos.
2. You must, at all times:
2.1 keep any Confidential Information and the terms of this agreement secret and confidential, except to the extent that you are required by law to disclose it;
2.2 take all reasonably necessary precautions to maintain the secrecy and prevent the disclosure of the Confidential Information;
2.3 not use, copy or record any Confidential Information except as is reasonably necessary;
3. You acknowledge that disclosure of any Confidential Information could materially us and that:
3.1 the restrictive covenants contained in this clause are reasonable and necessary for the our protection of the goodwill; and
3.2 the remedy of damages may be inadequate to protect our interests and that we may seek and obtain injunctive relief, or any other remedy, in any Court.
4. This clause 4 survives termination of this Agreement.
5. Representation and warranties
You represent and warrant to us that now and on a continual basis throughout the Term, that:
1. you have and will continue to comply with all of clauses 3 and 4 above; and
2. you are not banned from engaging in credit activities as defined under the
NCCP Act, and you are solvent.
6. Fees
Subject to clauses 7 and 8 below, for each referral you send to us under this Agreement that successfully settles with us, we will pay you, depending on the type of client and their product type, an upfront fee which will be between 0.3% and 0.5% of the total loan drawn down on settlement, or such other amount to be determined by Bridgit in its absolute discretion. The actual fee will be notified to you once Bridgit has assessed the application.
7. Conditions of payment
Payment of fees outlined in clause 5 above are subject to the following:
1. The percentage for upfront payment is calculated on the initial principal sum of a loan.
2. Upfront commission payments are paid by the 15th of the month following the month in which the loan is settled.
3. All commission shown below is inclusive of GST (i.e. GST will already be included in the specified fee if you are registered for GST).
4. You must inform the consumer of this fee and any other commissions or other benefits you may receive; and
5. Payment of any outstanding referral fees continues despite termination of this agreement up until the effective date of termination, or we can choose to pay out the remaining fee as a lump sum.
8. Indemnity
1. You indemnify Bridgit on a continuing basis against all or any actions, suites, claims, demands, losses, damages, liabilities, costs and expenses of any nature (including without limitation civil and criminal penalties to the extent permitted by law) suffered or incurred by the Aggregator at any time actually or contingently arising directly or indirectly from a breach by you or your representatives or agents of this Agreement or of the law.
2. We may withhold any money due to you during any period while we, acting reasonably, consider an amount has or may become payable by you to us under this indemnity or otherwise under this Agreement.
3. The exact money which can be withheld by us under clause 8(b) must not exceed our reasonable estimate of the loss, damage, cost or expense that has been or may be incurred by us arising from your or your representatives or agents conduct, or which might otherwise become payable under the above indemnity or otherwise under this Agreement.
4. Once we, acting reasonably, determine that an amount has become payable by you to us, we may appropriate and forfeit to ourselves all or part of any with held money to a maximum of the amount payable at that time. We may thereafter continue to withhold and appropriate money from time to time as authorised by this document.
9. Set-off
To the extent permitted by law, Bridgit may set off and apply the whole or any part of any fees payable to you under this Agreement or otherwise, towards payment, in whole or in part, of any obligation you have to make payments to Bridgit in connection with this Agreement, including under the indemnity.
10. Variation
This Agreement may be amended by us from time to time by giving notice to you.
11. Termination
We may terminate this Agreement:
1. by notice to you with immediate effect if you are in breach of any terms of this Agreement; or
2. with 7 days’ prior notice for any other reason.
12. General
1. Assignment: The rights and obligations of you under this Agreement are not assignable without our prior written consent. We may assign our rights and obligations under this Agreement.
2. Entire Agreement: To extent permitted by law, this Agreement constitutes the complete agreement between the parties and supersedes all prior or contemporaneous discussions, representations, and proposals, written or oral, with respect to its subject matter.
3. Waiver: The failure of a party to pursue its rights with respect to a default or breach does not constitute a waiver of the right to enforce its rights with respect to the same or any other breach.
4. Agency, partnership: This Agreement shall not constitute or imply any partnership, joint venture, agency, fiduciary relationship or other relationship between the parties other than the contractual relationship expressly provided for in this Agreement. Neither party shall have, nor represent that it has, any authority to make any commitments on the other party’s behalf.
5. Severance: If any provision of this Agreement is found invalid or unenforceable, it will be enforced to the extent permissible and the remainder of this Agreement will remain in full force and effect.
6. Notices: A notice or other communication connected with this Agreement has no legal effect unless it is in writing. In addition to any other method of service provided by law, the notice may be sent by pre-paid post to the address of the addressee as set out in this Agreement, or sent by e-mail to the e-mail address of an authorised representative of the party provided to the other party in writing.
7. Law and jurisdiction: This Agreement is governed and construed by New South Wales law and each party submits to the non-exclusive jurisdiction of the courts of that State and appellate courts.
Consent to receive contract documentation electronically
You consent to us sending you notices and other documents in connection with your dealings with us by electronic means (“Electronic Communication”), including by email, text or by the member log-in area via our website. You understand that upon the giving this consent:
1. We will make all notices, statutory disclosures (including, if applicable, the Information Statement and Credit Guide), statements of account, copy of the contract and other documents available for a reasonable period of time in the customers log-in area on our website for retrieval by you, OR we will send you such documents by e-mail or other form of electronic communication;
2. If the information is displayed in the customers log-in area, we will promptly send you an e-mail or other form of electronic communication to the e-mail address nominated notifying you that information is available for retrieval from our website and notify you of the nature of that information;
3. You must regularly check your nominated e-mail inbox for notices;
You may withdraw your Electronic Communication consent at any time by contacting us on 1300 141 161, provided you provide a suitable means for us to communicate with you.
User authorisation
You are advised to keep your log-in details private and confidential. Your log-in details are your responsibility and we advise you not to share those details with any party. You hereby acknowledge that any party that accesses your account does so as your agent and accordingly you agree to be bound by any transactions effected through their use of your account.
Third party sites
Bridgit may provide links to third party websites, but is not responsible for the condition or the content of any of those sites. You access those sites and use their products and services solely at your own risk.
Information on this site
We have taken all reasonable care in producing the website, but information on the website may not be accurate, complete or up to date.
Some information on the website may be provided by other persons and we are not responsible for the content of that information.
Product details, costs, terms, conditions and other information are subject to change at any time without notice.
Information on the website is not intended to be financial, legal or any other advice, or a product recommendation, and does not take into account the financial circumstances or objectives of any particular individual. You should seek appropriate professional advice before acting on any information on this site.
Liability
To the extent permitted by law, we are not liable to any person in relation to use of the website, and you waive all claims against us in relation to your use of the website.
We do not warrant that the website will always be accessible and we do not warrant that the website is free from anything that may damage any device used to access the website.
You indemnify Bridgit and its employees for any breach of these terms.