Terms of Use for the LOANBID website

This website at www.loanbid.com.au (“Site”) is owned and operated by Loanbid Australia Pty Ltd ACN 620 871 098 (“we”, “our” or “us”) acting as a Credit representative of Combined Commercial Lending Pty Ltd. ABN 15121 300 918. Australian Credit Licence No: 377465. Your use of the Site is subject to these terms and conditions of use (“T&Cs”). Please read the Site T&Cs carefully before using the information and services available through the Site.

You acknowledge if you continue the Site that you have read and agree to be bound by the Site T&Cs and you further acknowledge that we have provided you with our Privacy Policy. You must not continue to use the Site if you do accept or agree with these T&Cs or policies set out in our Privacy Policy.

LOANBID may amend or modify these Site T&Cs at any time and will post any updated T&Cs, and a notice of such change, on the Site. Regular review of this page is advised to familiarise yourself with our updated T&Cs.

The Site is created to provide an online platform to enable you to compare, evaluate and or select (“Services”) suitable financial and credit products (“Products”) offered by third party credit providers, financial institution providers, mortgage brokers and finance brokers (“Providers”).

1.0 General Disclaimer

  • 1.1 We disclose information on our Site about Products presented by credit providers, financial institution providers and other organisations in connection with the Services offered by us or by those Providers that offer home and investment loans.
  • 1.2 We take no responsibility and do not make any representations or give advice, either express or implied, as to the quality, accuracy, reliability or credibility of information or material provided or linked on the Site by the Providers or calculations presented by those Providers in the ranking columns of your account dashboard. We make every effort to ensure any such information is correct and complete but have relied on the information provided to us by those Providers.
  • 1.3 We reserve the right to change or add Providers at any time, including relevant information about any Provider.
  • 1.4 We make no representations to you as to the suitability of the Products to meet your needs and the requirements specified by you.
  • 1.5 Any information conveyed to you in the Site and any outcomes communicated by Providers to you through the Site should not be taken as a recommendation, endorsement or general advice of any Products by us.
  • 1.6. The Site may contain links to other websites. We do not endorse or recommend any material or third-party products offered on those linked websites.

2. LOANBID Activity & Disclaimer

  • 2.1 LOANBID provides the Site to assist and help list Products from Providers so that you may compare and evaluate various types of loans or credit suitable for you.
  • 2.2 You detail your requirements and preferences (“Bidding Application Request”) on the Site in the order that Providers may bid for the right to provide you credit needed to meet those requirements.
  • 2.3 Providers can respond to you with indicative loan offers “Bid Offer” by lodging a bid response “Bids” in your account on the Site.
  • 2.4 You maintain the right to select or reject any Bids.
  • 2.5 Should you select any Bids, you acknowledge that you are entering further correspondence with the selected Providers and may be required to provide further information and sign Credit Contracts to finalise your loan requirement.
  • 2.6 The information contained in the Site and all Bids circulated in your account are not a recommendation, personal advice or endorsement of any Providers or their Products by us.
  • 2.7 We make no recommendation to you to accept any Bids from any Provider. By ranking the Bids based on the overall total cost of the loan over the term specified, we make no representations that you accept the lowest Bid offer. The decision remains solely with you to select the Bids best suited to your circumstances and purpose. The Site presents this information to you to allow you to evaluate the information’s suitability to your own individual needs, goals and position prior to accepting any Bids. We recommend you seek independent advice before taking up any formal offer and ensure you check any information quoted by Providers including interest rates, total loan costs, fees if you intend to rely on them.

3. Borrowers Registration and Bidding Application

  • 3.1 To submit your requirements to receive Bids, you must complete a valid application Bidding Application Request and registration form to create an account to access the Services provided on the Site. This requires you to provide personal information to enable us to verify your identity if you select a Bid Offer. This information will include your name, date of birth, an email address and Australian phone number. As part of the registration process you are required to accept the T&Cs and Privacy Policy of the Site and confirm that:
    • a. you are eligible to use the Site and you are 18 years of age;
      b. the information provide by you is true and correct;
      c. you have the right, authority and ability to enter into and comply with these T&Cs;
      d. you will be solely responsible for the activity that occurs while you use the Site; and
      e. you will not use another person’s registration details without their permission.
  • 3.2 By completing and submitting your Bidding Application Request on the Site you acknowledge that we will transmit all or part of the information to Providers for the purposes of providing you with Bids from those providers that choose to submit Bids. We retain the information provided by you in the Bidding Application Request.
  • 3.3 The Site allows you to part or fully save a Bidding Application Request to submit later.
  • 3.4 The Bidding Application Request transmitted to Providers does not disclose any personal information such as full name or address, phone number or email address at the time the Bidding Application Request is transmitted.
  • 3.5 The Bidding Application Request will truthfully detail your requirements and any specific requests or preferences you may need.
  • 3.6In submitting the Bidding Application Request, you also consent to us transmitting the information contained in the Bidding Application Request to Providers for the purposes of providing you with Bid Offers from those Providers.

4. Bid Selection & Acceptance

  • 4.1 If you decide to select a Bid Offer it is at your sole discretion. In selecting the Providers who submitted a Bid Offer you are showing your desire to enter into the proper agreement to secure your loan facility.
  • 4.2 A Bid Offer is an indicative offer only and remains at the discretion of the Providers. A Bid Offer is subject to the Providers responsible lending practices, policies and lending criteria.
  • 4.3 Accepting a Bid Offer does not create a legal obligation between you and the Provider, until you enter a formal agreement with the Providers under the terms offered in the formal offer.
  • 4.4 We take are no responsibility for any Bids or information transmitted by a Providers in Bid Offers. We are not the supplier of Product offered through the Site and act only to provide access to connect with Providers in response to your requirements in the Bidding Application Request.
  • 4.5 It remains your responsibility to select or reject any Bids or to enter a formal contract with a Providers. You can also cancel or reject any Bidding Application Request or Bid Offers prior to entering a formal agreement with the Providers.
  • 4.6 If you decide to accept a Bid Offer you will then be dealing with the Providers whose Bids you selected. Upon acceptance of any Bid Offers by you, we will automatically forward your contact details to the Providers of your choice. The Providers will then contact you directly to complete the transaction. By accepting any Bid Offers you acknowledge that we are not required to seek further permission from you to forward your contact details to the Providers you choose.
  • 4.7 Should any dispute arise between you and the Providers we bear no responsibility or obligation in resolving the dispute.
  • 4.8 We accept no liability for your dealings with Providers. The Providers are entirely responsible for the Bid Offers and Products made available through the Site.
  • 4.9 Should any fees and charges be incurred in relation to Providers you will be responsible for payment to the Providers.
  • 4.10 We take no responsibility for any advice or recommendation that Providers may make to you.
  • 4.11 You should always check any related terms and conditions of the Product offered to you by Providers including but not limited to the Providers Product Disclosure Statement(PDS).

5. Obligations

  • 5.1 You must:
    • a. ensure that any information provided in your Bid Application Request is thorough, accurate and truthful as not to mislead Providers. Providers will verify your identity and the information you have provided;
      b. comply with these T&Cs, Privacy Policy and other rules laid out from time to time on the Site;
      c. maintain and have the authority to enter into, abide by and perform your obligations under these T&Cs;
      d. only use the Site for personal use.
  • 5.2 You must not use the Site:
    • a. to engage in any illegal conduct or fraudulent activity that is misleading, deceptive or unlawful;
      b. for any other purpose than its intended use;
      c. to engage in commercial pursuit;
      d. to make representations or act on behalf of us;
      e. to copy any content on the Site without prior written consent; or
      f. in a manner not expressly permitted by these T&Cs.
  • 5.3 By accessing and using the Site you must not and will not instruct or permit a third party to:
    • a. willfully or otherwise damage, disrupt or impede the performance, proper operation and infrastructure of the Site or the data contained;
      b. use, endeavour to gain access or retain content of the Site its systems or Services in any manner or form contrary to and not permitted by these T&Cs;
      c. introduce, submit or allow transmission of any material containing viruses or any other harmful computer codes that cause harm, damage, disruption to the Site its files, software and hardware;
      d. devise or use methods that systematically download any content or Service displayed on the Site or to combine the content with any other information, content, images or data;
      e. devise or use methods designed to systematically locate information within the Site to obtain pricing, comparative quotes, bid rankings and related business programs or systems;
      f. restrict access or hinder another person, business or organisation from using the Site and Services;
      g. pretend to be someone else or represent another person;
      h. provide or transmit any information in any form that may would cause damage or loss both personal and monetary to us or any other person;
      i. reverse engineer, decompile, mirror or attempt by any manner to detect the Sites source code, construction and processes or otherwise attempt to incorporate any portion of the Site into any service or product;
      j. use or access the Site or its content in a way that infringes the intellectual property rights or other rights of any person;
      k. remove any copyright, trademark or other Intellectual Property Rights or proprietary rights; or
      l. use any method or device (robot, spider or other application) to retrieve, copy, replicate, reconfigure or repackage content and the Services.
  • 5.4 Should you ultimately enter a Loan Agreement or Contract with Providers you must comply with the terms and conditions set out in the Loan Agreement or Contract as they are legally binding, this includes your payment obligations otherwise you may become liable to the Providers. Should the Providers breach their obligations to you, you are solely responsible for enforcing your rights with the Providers.

6. Intellectual Property

  • 6.1 All trademarks, copyright, content, logos, images, business names and all intellectual property rights included in the Site including all source codes, data, aggregated data connected with the Site (Loanbid Property) is owned by Us or our associated companies.
  • 6.2 We retain all rights, title and interest in any content now or in the future created by us.
  • 6.3 Any use of the Loanbid Property or display of Loanbid content without our consent is prohibited.

7. Termination or Account Suspension

In all cases, you will be notified of any suspension or termination unless we are legally prevented from notifying you.

  • 7.1We reserve the right to the suspend, cease or terminate your access to the Site for any of but not limited to the following reasons:
    • a. breach of these T&Cs;
      b. you represent an unacceptable credit risk;
      c. you pretend to be someone you are not and present a fraud risk;
      d. provide any false, incomplete, inaccurate, or misleading information
      e. for any reason, which threatens the privacy, rights and security of other Providers, Borrowers and us; or
      f. breach of any of our policies and procedures.
  • 7.2 You acknowledge that if you access to the Site is suspended, ceased or terminated you:
    • a. will release and forever discharge us and any of our officers, employees, servants, agents, contractors, related bodies corporate and assigns (Personnel) from all claims that you may have against us or our Personnel for any cancellation, discontinuation suspension or termination of your access to the Site; and
      b. will not bring a claim against us or any of our Personnel for any suspension, cessation or termination of your access to the Site.
  • 7.3 Your access to the Site may be reinstated if the reason for your suspension has been resolved to our satisfaction.

8. Indemnity

  • 8.1 You agree to indemnify and keep indemnified us against all claims, obligations, liabilities, expenses, losses, damages and costs that we may sustain or suffer as a result, whether directly or indirectly, of any breach of these T&Cs or use of the Site by you.

9. Privacy

  • 9.1 Our Privacy Policy forms part of these T&Cs and by using the Site you confirm your consent to the use and disclosure your personal information for the purposes the Site is intended and accordance with the Privacy Policy.
  • 9.2 You confirm that you have read, understood and accepted our Privacy Policy.
  • 9.3 Providers may will publish their own Privacy Policy and you must read and agree to their terms including their Privacy Policy.

10. Limitation on Liability

  • 10.1 To the fullest extent permitted by law, we make no warranty to any person in relation to any Products, Services or Bid Offers made on the Site except those warranties which cannot be specifically excluded.
  • 10.2 We will not be liable to you for any losses, damages, liabilities, claims and expenses (including but not limited to legal costs and defence or settlement costs) whatsoever arising out of or referrable Site information, Product or Service or to any Providers information supplied to the Site by the Providers, whether in contract, tort including negligence, statute or otherwise.
  • 10.3 10.3 In accordance with the Australian Consumer Law and any other applicable laws, our liability for a breach of a condition or warranty implied by law or otherwise, and which cannot be excluded, is limited to the extent possible, at our option, to:
    • a. the supply of the Services offered to you again; or
      b. the payment of the cost of having the Services and or Bid Offers supplied to you again.
  • 10.4 We will not be liable or responsible for:
    • a. any failure to perform, including delays in the performance of any of our obligations under the T&Cs that is caused by any act beyond our control;
      b. loss or impairment caused by a circulated occurrence, virus or any harmful material that may infect your mobile device, data or proprietary material due to your use of the Site or endeavour to access a third – party site linked to the Site;
      c. any failure or interruption of any telecommunications networks;
      d. any reason the Site does not meet your specific requirements. It remains your responsibility to ensure that all aspects and functions of the Site meet your specific needs; or
      e. your failure to ensure the security of access to the Site from any of your devices, including third party breaches accessing your Bidding Application Request.

11. Fees

  • 11.1 We receive payment of fees for Services offered to Providers using the Site, as part of the Site operation. Such fees are payable by the Providers upon successful settlement of their Products.
  • 11.2 The use of the Site remains free to you.

12. Your Personal Information

  • 12.1 We take all reasonable steps to protect information in or systems from any unauthorised access, mishandling, loss, amendment or disclosure.
  • 12.2 You understand that any correspondence, information or message you send using the Site may be redirected and examined by others, even if it is noted that any or all transmissions are encrypted.
  • 12.3 You agree and acknowledge that by accessing and using the Site you are solely responsible for the security of the access by third parties to the Site.
  • 12.4 All information and Services provided through the Site are on an “as is” basis.

13. Complaints

  • 13.1 If you are dissatisfied with the provision of the Service to you for any reason, please contact us at info@loanbid.com.au
  • 13.2 We will acknowledge your complaint within 7 days and attempt to resolve the matter with you as soon as possible.
  • 13.3 If you are not satisfied with our response you may make a complaint to the Financial Ombudsman Service, which is a self-regulatory service providing an impartial resolution forum. Their contact details are:

14. General

  • 14.1 We reserve any legal rights we have which are not expressly stated in the Site T&Cs.
  • 14.2 This agreement will be governed by and construed according to the laws in force in the New South Wales, Australia. You unconditionally and irrevocably submit to the exclusive jurisdiction of Courts with jurisdiction in New South Wales and all appellate Courts from such Courts, and the jurisdiction of the Federal Court of Australia sitting in New South Wales.
  • 14.3 The Site T&Cs published on the date you view them on the Website supersede all prior versions and constitute the entire agreement between you and us for access to and use of the Site.
  • 14.4 We may at any time assign our rights and interests or novate our rights and obligations (in whole or part) relating to these T&Cs. You may not assign any of your rights or obligations under these T&Cs without our prior written consent.
  • 14.5 If any provision of the Site T&Cs is held to be invalid, unenforceable or illegal for any reason, the remaining parts of the Site T&Cs will be in full force and effect.

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