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What's an ACL (Australian Credit Licence)?

So what is an ACL? What does it mean, and what do you have to do to get one? We explain everything.

August 21, 2017 • 1 min read

A person looks at a painting in a house.

Ever wondered what those tiny little numbers on advertisements for home loans are? We explain what an ACL is, what it’s for, and what ours means to us. (Hint, it's more than just another TLA.)

What is an Australian Credit Licence?

An Australian Credit Licence (ACL) is something a business needs to apply for and have, to be involved in ‘credit activities’ – this includes anyone lending money, or any intermediary between the person lending the money and the person getting the money, which includes brokers. You don’t need a credit licence if you’re an authorised representative of another person who holds a licence.

How do you get it?

The people dishing out the credit licenses is the Australian Securities and Investment Commission (ASIC). And by “dishing”, we mean assessing applications to ensure the business can demonstrate they comply with the licence conditions in the credit legislation. If you’re really keen, you can read the Regulatory Guide 204 which explains what you need to do, to apply for a credit licence.

Where to see the numbers?

All lenders who are licensed must display their six-digit number – on their website, on loan documents, and in their shop-front (for the old-school peeps). If you can’t see a credit licence number, you should ask for it to be pointed out to you. And if they can’t show you one? Run Forrest! ASIC have a very handy page with links to check out people, companies, and schemes, so you can make sure they meet the basic credit standards.

Tiimely Home's ACL.

We’re very proud of our bunch of numbers. Here are some more numbers, to help explain what we needed to do, to get our ACL.

  • 3 responsible managers allocated
  • 56 years’ experience in the industry, between them
  • 12-week course to get a credit industry qualification
  • 3 background and police checks
  • 1 application drafted
  • 1 membership to the Financial Ombudsman Service
  • 1162 kilometres travelled to Sydney to meet with ASIC regulators
  • 7 days to provide more information
  • 9 attachments of more information, including screenshots and details of our application, forms and policies
  • 30 days to confirmation of our Australian Credit Licence.
  • 5 beers. Per responsible manager. Drank responsibly.

It’s not just a bunch of numbers to us. Australian Credit Licence (and proud of it): 496431.

Find out more about Tiimely Home's ACL in our FAQs.

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Important information about rates
*Tiimely Own products are subject to loan-to-value ratio (LVR) requirements, eligibility and credit criteria and terms and conditions. Rates apply to new Tiimely Home customers only and are subject to change without notice.

**The rates shown for products available from panel lenders via Tiimely Home brokers are current based on information from panel lenders and are subject to change without notice. The home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product and the product may not include all the features relevant to you. All applications are subject to lender assessment and approval, and eligibility requirements and terms and conditions apply.

^Comparison rates are based on a loan amount of $150,000 over a 25-year term. They factor in fees associated with applying for the loan, ongoing fees and fees associated with leaving the loan. Tiimely Own fixed loans roll to a variable principal and interest rate at the end of the specified fixed term. If the interest only period is not specified, the comparison rate is calculated on a 5-year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Other important information
+Tiimely Home is known for its fast approvals for Tiimely Own products and responsive service, powered by our technology and supported by our team of experts. Application and approval times are estimates only and not guaranteed. Turnaround times are dependent on individual circumstances. Applications for a Tiimely Own loan may require an assessor to obtain more information. Assessment times for home loan applications made via Tiimely Home brokers are dependent on individual panel lenders.

The information provided does not constitute an offer of credit and does not take into account your objectives, financial situation or individual circumstances. We recommend seeking independent financial, taxation and legal advice to check how the information provided aligns with your individual circumstances.

Tiimely Home receives commissions from Tiimely Own loans and, where customers apply for a loan with the assistance of a Tiimely Home broker, from loans settled with panel lenders. Tiimely Home brokers do not receive individual commissions. More information about the credit services provided by Tiimely Home is available in the Tiimely Home Credit Guide (PDF) and Tiimely Home Broker Credit Guide (PDF).