A credit guide tells your client who you are, what you charge and how disputes are handled. The National Consumer Credit Protection Act 2009 requires you to give it as soon as practicable once it becomes apparent you are likely to provide credit assistance, which means it usually reaches the client before any application paperwork does.
This article explains what a credit guide must contain, when you have to provide one and how to keep yours accurate. It also covers the maintenance habits that stop a compliant document drifting out of date.
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What goes in a credit guide
The Act sets out the information a credit guide must cover. For a mortgage broker, the sections below carry most of the weight.
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Licence details
Your name and contact details, plus your Australian credit licence number or the licence number of the licensee you act for. Clients use these to verify who they are dealing with. -
Fees, charges and commissions
Any cost the client may pay during the mortgage process, together with the commissions or other payments you receive from lenders. Accurate disclosure here prevents most fee-related misunderstandings later. -
Dispute resolution
Your internal complaint procedure and the contact details clients need to take a dispute externally to the Australian Financial Complaints Authority (AFCA).
When you must give the credit guide
The statutory timing is as soon as practicable after it becomes apparent that you are likely to provide credit assistance to the consumer. In practice, many brokers send the guide with the first appointment confirmation so the client has it before discussing their situation in detail.
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A common mistake is holding the guide back until the client has returned their fact find or application documents. By then the obligation may already have been missed. There is an exemption for repeat clients who received your credit guide within the previous 12 months, but the conditions are specific, so confirm them against the current National Credit Regulations before relying on them.
Keeping your guide accurate
A credit guide only protects you while it stays true. Review yours whenever your licence details, fee arrangements, commissions, ownership structure or AFCA membership change, and recheck it at least annually against current ASIC requirements. Requirements do change, so treat the regulator’s own guidance as the reference rather than an old copy of your document.
Falling behind carries real consequences. Penalties under the credit licensing regime can include fines and, in serious cases, action against your licence. An out-of-date guide also weakens your position if a client complains about a fee or service they say was never disclosed.
Writing a guide clients actually read
Plain language makes the disclosure work. A client who understands what you charge and how complaints are handled is less likely to feel misled, which helps you build trust rather than defend it. The same clarity reduces friction across long-term client relationships, especially when a dispute or fee question arises years after the first meeting.
Creating and maintaining yours
Most mortgage brokers should start from their licensee’s or aggregator’s compliance template rather than drafting from scratch. Templates track regulatory changes through the licensee’s compliance process, which is safer than maintaining a custom document alone. Then work through the sections against your own circumstances: confirm the licence details, rewrite the fee descriptions so they match what you actually charge and receive, and check the AFCA membership details are current.
Keep a simple record of when each client received their guide. If a question arises later, dated evidence of delivery settles it quickly.
Open your current credit guide this week and check three things: the licence number matches your current arrangement, the fee and commission descriptions match what you charge and receive, and the AFCA details are up to date. If anything has changed, ask your licensee for an updated version before your next client appointment.
