Can You Request a Copy of Your Loan Suitability Assessment?

Have you ever wondered what information was considered when your loan application was assessed?

In Australia, you can generally request a written copy of the suitability assessment prepared in connection with a regulated consumer credit contract. The assessment forms part of the responsible lending process and can help you understand the information considered when the contract was assessed as not unsuitable for your circumstances.

There are time limits for making a request, and the deadline for providing the document depends on when you ask for it.

At Sunshine Loans, we believe you should be able to understand the information connected with your credit contract. In this guide, we explain what a suitability assessment is, how to request a copy and what you can do if you have concerns about the response.

What Is a Loan Suitability Assessment?

A loan suitability assessment is a written assessment prepared as part of the responsible lending process.

Before we enter into certain consumer credit contracts, we are required to make reasonable inquiries about your financial situation, requirements and objectives. We must also take reasonable steps to verify relevant financial information and assess whether the proposed credit contract would be unsuitable for you.

More generally, under Australian responsible lending requirements, a credit contract may need to be assessed as unsuitable if it is likely that:

• You would be unable to meet your financial obligations under the contract.
• You could only meet those obligations with substantial hardship.
• The contract would not meet your stated requirements or objectives.

An important distinction is that a suitability assessment does not necessarily state that a particular loan is the best financial product for you.

The responsible lending conclusion is generally that the proposed credit contract is “not unsuitable” based on the relevant circumstances and information considered at the time.

Can You Request a Loan Suitability Assessment?

Yes. If you enter into a regulated consumer credit contract, you can generally request a free written copy of the credit provider’s final suitability assessment within seven years of the contract being entered into.

You can also request the assessment before entering into the contract. When the relevant legal requirements apply, the credit provider must provide the written assessment before the contract is entered into.

ASIC describes these documents as preliminary or final written assessments that a credit contract is not unsuitable for a consumer.

A preliminary assessment may be prepared by a credit assistance provider, such as a finance or mortgage broker. The final assessment is generally prepared by the credit provider that enters into the credit contract with you.

How Long Does a Credit Provider Have to Provide the Assessment?

The general response period depends on when you make your request.

These general timeframes apply when you request the assessment from the original credit provider.

Different deadlines may apply if the rights under your credit contract have been assigned to another credit provider. In that situation, an assignee may have up to 15 business days for a request made within the first two years and up to 25 business days for a later request made within the applicable seven-year period.

A credit provider cannot charge you for providing a written assessment that it is legally required to give you.

How to Request a Loan Suitability Assessment

You generally do not need to use a particular form unless the credit provider has created one for this purpose.

Making your request in writing can be helpful because you will have a record of what you requested and when you sent it.

1. Contact the Correct Business

Start by contacting the credit provider named in your credit contract.

If you used a broker or another credit assistance provider, that provider may have prepared a separate preliminary assessment. You may therefore need to make separate requests if you want both the preliminary assessment and the credit provider’s final assessment.

2. Clearly Identify What You Are Requesting

State that you are requesting a written copy of the suitability assessment prepared in connection with your credit contract.

Using the term “suitability assessment” can help distinguish your request from a request for your credit report, account statement or repayment history.

3. Provide Enough Information to Locate the Contract

Depending on the credit provider’s processes, useful information may include:

• Your full name.
• Your date of birth.
• Your current contact details.
• Your loan or account number.
• The approximate application or contract date.
• A previous address if your details have changed.
• Your preferred delivery method.

Avoid sending unnecessary sensitive information through an unsecured email.

The credit provider may need to verify your identity before releasing the assessment.

4. Keep a Copy of Your Request

Save your email, letter or support ticket and make a note of the date it was submitted.

The applicable response period generally runs from the date the request is received, so keeping a record may be useful if you later need to follow up.

Sample Suitability Assessment Request

You can adapt the following wording:

Request for a Copy of My Loan Suitability Assessment

I am requesting a free written copy of the suitability assessment prepared in connection with my credit contract.

My details are:

Full name:
Date of birth:
Loan or account number:
Approximate contract date:
Current contact details:

Please let me know if you require any further information to verify my identity or locate the assessment.

I would prefer to receive the document by email where possible.

Please also confirm the date on which this request was received.

Kind regards,
[Your name]

What Information Might a Suitability Assessment Contain?

There is no single format that every credit provider must use.

Depending on the circumstances, a written suitability assessment may refer to information considered when determining whether a proposed credit contract was unsuitable.

This could include information about:

• Your stated reason for seeking credit.
• The loan amount and term considered.
• Your income and regular expenses.
• Your existing debts and financial commitments.
• Information used to verify your financial situation.
• Your expected ability to meet repayments.
• Your stated requirements and objectives.
• The conclusion reached about whether the contract was unsuitable.

A suitability assessment is not the same as your credit report.

It may also be different from a credit provider’s complete internal application records, account notes, correspondence or transaction history.

Why Might You Request a Copy?

You do not need to be involved in a dispute before asking for your assessment.

You may simply want to:

• Understand what information was considered during your application.
• Check whether information such as your income, expenses or loan purpose was recorded accurately.
• Keep the assessment with your other financial records.
• Better understand the responsible lending assessment.
• Discuss your circumstances with a financial counsellor or legal adviser.
• Review information relevant to a complaint.

Finding incorrect information in an assessment does not automatically establish that responsible lending obligations were breached.

The significance of an error will depend on factors including what the information was, how it was used and the circumstances that applied when the assessment was completed.

Can You Request an Assessment After a Declined Loan Application?

The position can be different if you did not enter into a credit contract.

A credit provider is generally not required to give you its final suitability assessment when the proposed credit contract was not entered into or a proposed credit limit increase did not proceed.

However, a different rule may apply if you received credit assistance from a broker or another credit assistance provider.

When credit assistance was actually provided, you may generally request a copy of the provider’s preliminary assessment within seven years of the relevant credit assistance quote.

You can also ask the relevant business whether other records connected with your application or personal information may be available through its customer service or privacy processes.

Requesting Your Assessment From Us

If your credit contract is with us, our Credit Guide explains how you can request a copy of our suitability assessment.

Our current timeframes are:

• Before entering into your credit contract: If you request our assessment before entering into the contract, we must provide the written assessment before the contract is entered into (where possible).
• Within two years: If you request it after entering into the contract but within two years of the contract starting, we must provide it within seven business days.
• More than two years but within seven years: We must provide it within 21 business days.

You can contact us through our Support Centre or use the contact details provided in our Credit Guide.

Sunshine Loans Pty Ltd holds Australian Credit Licence number 390556.

Understanding Our Current Loan Product

We offer unsecured Medium Amount Credit Contracts from $2,050 to $3,500, subject to eligibility, individual assessment and approval.

Amounts above $2,500 are limited to eligible returning customers who have successfully completed two loans with us on time.

Our current loan terms range from 63 to 182 days.

Our current product information includes:

Before considering any credit product, you should carefully review the costs and repayment obligations and consider suitable alternatives.

You can also review our Loan Eligibility and Loan Costs information to better understand our product before making a decision.

Eligibility does not guarantee approval. We assess every application individually, including whether the proposed repayments are appropriate based on the information available about your circumstances.

What if You Do Not Receive the Assessment?

If you believe the applicable response period has passed, start by following up with the credit provider in writing.

Include your original request, the date you sent it and enough information for the provider to locate your contract.

You could ask the provider to confirm:

• Whether your original request was received.
• Which response period applies.
• Whether additional identity verification is required.
• When the assessment will be provided.

If your credit contract is with us and you have not been able to resolve the issue, you can use our internal complaints process. Our Credit Guide contains our current internal dispute resolution details.

If your complaint cannot be resolved directly with us, you may also be able to contact the Australian Financial Complaints Authority, or AFCA. AFCA provides an independent complaint resolution service that is free to consumers.

Frequently Asked Questions

Is It Free to Request a Loan Suitability Assessment?

Yes. When a credit provider is required under the National Credit Act to provide you with a written suitability assessment, it must not request or demand payment for providing the assessment.

Do I Need to Explain Why I Want the Assessment?

You generally do not need to provide a detailed reason.

You should clearly identify the assessment you are requesting and provide enough information for the credit provider to verify your identity and locate the relevant credit contract.

Is a Suitability Assessment the Same as a Credit Report?

No.

A credit report contains information relating to your credit history. A suitability assessment relates to whether a particular credit contract was unsuitable for your financial situation, requirements and objectives.

Can I Request the Assessment After Paying Off My Loan?

Generally, yes, provided you make the request within the applicable seven-year period.

Paying off the credit contract does not, by itself, remove the statutory right to request an assessment during that period.

Can Another Person Request the Assessment for Me?

A credit provider may be able to provide the document to an authorised representative, such as a lawyer or financial counsellor.

The provider will generally need appropriate evidence of your authority and may need to complete identity verification steps before releasing the document.

What Happens if Information in My Assessment Is Wrong?

Contact the credit provider and clearly identify the information you believe is incorrect.

You can ask where the information came from and whether it affected the assessment.

If you have concerns about the responsible lending process or lending decision, you may also consider using the provider’s complaints procedure or obtaining independent financial counselling or legal assistance.

Review Your Loan Information

Requesting your suitability assessment can give you a clearer record of the information considered when your credit contract was assessed.

If your credit contract is with us, you can review our Credit Guide for information about our responsible lending obligations, assessment request timeframes and complaints process. You can also submit your request through our Support Centre.

If you are considering a new loan with us, review our eligibility requirements, loan costs and repayment terms before deciding whether borrowing is appropriate for your circumstances.

Borrowing should only be considered when you can manage the repayments without financial hardship, and approval is always subject to our eligibility requirements and individual assessment.

The information provided in this blog is for general informational purposes only and does not constitute financial advice. It is not tailored to the specific circumstances of any individual. Before acting on the information, you should consider whether it is appropriate for you, having regard to your objectives, financial situation and needs.