Responsible Lending

Our guiding principle is that we only offer a product where we believe there is a benefit to the customer.

Responsibilities

In addition to our own strict credit assessment policies, we comply with guidelines set out by the Credit Contracts and Consumer Finance Act. Our staff receive regular product and compliance training to ensure that they carry out their responsibilities appropriately.

We give our business partners up-to-date information about our products and services as and when necessary, including changes in fees and rates, and updates to lending criteria and policies.

The Credit Contracts and Consumer Finance Act 2014 took effect from 6 June 2015. It includes the introduction of lender responsibility principles (Principles) and the Responsible Lending Code (Code).
All lenders must not provide a credit product which is unsuitable for a borrower. Credit will be unsuitable where it does not meet the customer's requirements (fit for purpose) or the customer cannot pay back the loan without experiencing substantial hardship.

The Responsible Lending obligations include:

A legible copy of your current, valid driver's licence, showing your current residential address.
making available Liberty’s standard agreement credit contract terms to the public.
displaying the standard agreement credit contract terms on Liberty’s website (www.libfin.co.nz), as well as having paper copies available in Liberty’s offices.
making reasonable inquiries as to the borrower’s ability to make loan payments without suffering hardship and ensuring the credit contract will meet the borrower’s requirements.
Proof of insurance on the vehicle you are purchasing.
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Approved applicants only. Lending criteria applies. Fees and charges payable. Copyright © 2018 All rights reserved | Liberty Financial is a registered trademark.