Payment Policy

Example:

If you obtain 150 active loan accounts in a month, your total fee would be $175.00 (calculated as $70.00 + (50 active loan accounts x $0.70)).

 

• Billing Cycle: Our billing cycle is on the 15th of every month. You will be invoiced on this date for your usage in the preceding month.

• No Minimum Commitment: There is no minimum commitment period. You are free to cancel your subscription at any time without penalty.

• No Termination Fees: No early termination fees apply.

• Free Sign-Up: Signing up for LoanCheckr is free, and you only start paying when you begin using the product.

 

Peak Usage Billing

• LoanCheckr implements a peak usage billing policy to ensure fair and transparent pricing for our users.
   

• Your monthly subscription fee is determined by the peak number of active loan accounts recorded in your account during a given billing cycle.
   

• Consent fluctuations throughout the month are normal; however, your invoice will reflect the highest number of active loan accounts reached within that billing period.
   

• This approach ensures accurate billing based on your maximum usage of the service, providing clarity and predictability in your monthly charges.

 

Billing Scenario:

1. John, a mortgage broker, signs up for LoanCheckr in June.

2. Throughout the month, his active loan accounts fluctuate:

   • June 1st: 100 active loan accounts

   • June 15th: 105 active loan accounts

   • June 22nd: 110 active loan accounts

   • June 28th: 108 active loan accounts

3. John's peak usage for June is 110 active loan accounts.

4. On July 15th, John is billed based on the 110 active loan accounts, even though his active loan accounts count decreased towards the end of June.

 

Explanation:

This scenario illustrates how peak usage billing works. Despite the fluctuating active loan accounts count, LoanCheckr bills based on the highest number reached within the billing cycle (June 1st to June 30th). This ensures that users are charged accurately for their maximum service usage during the month.

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(Please note that this is an extreme example and generally, your trail book should really only be growing over time and therefore, this will be an issue for a very small number of brokers in very rare circumstances)

Section 2 - Invoicing and Payment Methods

Invoice Access:

Your invoices will be accessible on your account dashboard 24/7. You can log in to your account at any time to view, download, or print your invoices.  

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Invoice Details:

Invoices will include all legally required details, as well as a detailed breakdown of your usage and the associated fees. This will provide transparency and clarity on how your fees are calculated.  

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Payment Methods:

We accept payments via credit or debit cards. We utilise Stripe, a secure third-party payment processor, to handle our payment processing.  

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Direct Debit via Stripe:

You can easily set up direct debit via our payment settings. Our integration with Stripe allows for seamless and secure direct debit payments. 

 

Currency:

All fees are charged in Australian Dollars (AUD).  

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Payment Confirmation:

Once your payment is processed, you will receive a copy of your invoice as confirmation. This invoice will serve as your receipt.  

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Handling Failed Payments:

If a payment fails, you will have 7 days to rectify the issue before your account is closed. To resolve a failed payment, you can update your Stripe details or request that Stripe re-process the payment. If you encounter any difficulties, please log a ticket with our helpdesk for assistance.

 

Section 3 - Late Payment and Suspension

Late Payment:

A payment is considered late if it is made after the 15th of the month.  

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Consequences of Late Payment:

If your payment is late, LoanCheckr reserves the right to pass on any fees charged to us by Stripe for re-processing your payment. We understand that occasional delays can happen, but we encourage you to make your payments on time to avoid any additional charges.  

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Suspension of Access:

LoanCheckr reserves the right to suspend any account for non-payment if the user does not meet our terms and conditions for late payments. If your account is suspended, you will be unable to access the platform until the outstanding balance is paid.  

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Account Closure and Data Purging:

If the user does not make the outstanding payment within 7 days of the due date (15th of the month), LoanCheckr reserves the right to close the account. In this case, the account data will be purged, but the outstanding amount will still be required to be paid.  

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Reactivation of Account:

Your account can be reactivated if the outstanding payment is made within 7 days of the 15th of the month. We will make every effort to reinstate your access promptly upon receipt of the payment.  

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Communication about Late Payments:

You will receive daily reminders about any missed payments until the payment is made or until it lapses after 7 days. These reminders will be sent to your registered email address and may also appear as notifications within your account dashboard.

 

Section 4 - Fee Disputes

Disputing a Fee:

We strive for accuracy and transparency in our billing. If you believe there's an error or discrepancy, you can dispute any fee on your invoice.

 

Submitting a Dispute:

Contact our support team via email at hello@loancheckr.com.au with "Fee Dispute" in the subject line.  

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Information Needed:

Include these details in your dispute notice:

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• Your name and account details

• Invoice number

• Specific fee being disputed

• Reason for the dispute

• Supporting documentation (if applicable)  

 

Resolution Process:

Our support team will acknowledge your dispute, investigate it, and keep you informed throughout the process.  

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Response Time:

We aim to respond to fee disputes within 2 business days.  

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Possible Outcomes:

Outcomes may include a fee adjustment, a credit, or no action if the fee is correct.  

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Escalation:

If you're unsatisfied with the outcome, you can escalate the issue to a support team supervisor.

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Jurisdiction:

This Agreement is governed by the laws of New South Wales. Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts operating in New South Wales.

 

Section 5 - Taxes and GST

All fees listed in our pricing structure are exclusive of Goods and Services Tax (GST). As our product is subject to GST, a 10% GST charge will be added to your total fees. The GST component will be clearly itemised on your tax invoice.

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Section 6 - Changes to Fees

Frequency and Reasons for Fee Changes:

LoanCheckr rarely makes changes to its fees. Adjustments are typically made only in response to changes in service costs or market conditions.  

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Notice of Fee Changes:

We will provide notice of any fee changes at least one billing cycle before the changes take effect. This notice will be communicated via email, account notifications, and a website announcement.  

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User Acceptance of Fee Changes:

Your continued use of the LoanCheckr product after the new fees take effect will be considered your acceptance of the fee changes.  

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Grandfathering of Fees:

LoanCheckr reserves the right to grandfather existing users' fees at its discretion. This means that, under certain circumstances, we may allow you to keep your current fees for a specified period, even if the standard fees have increased.

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Refund Policy:

LoanCheckr is committed to providing a high-quality service to our users. We offer refunds in accordance with our obligations under the Competition and Consumer Act 2010 (CCA). If you are dissatisfied with our service, you may request a refund under the following circumstances:

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• Service Unavailability: If our service is unavailable for an extended period and we have not met our obligations under the CCA, you may be eligible for a refund for the period of service unavailability.

• Billing Errors: If you have been incorrectly charged for our service, you may be eligible for a refund for the amount of the overcharge.

• Other Circumstances: You may be eligible for a refund under other circumstances as outlined in the CCA.

 

To request a refund, please contact our customer support team through the support chat, contact form, or by emailing us at at hello@loancheckr.com.au. We will process your request within 7 business days.

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Please note that refunds will not be issued where LoanCheckr has met its obligations under the CCA.

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