When you request a post-settlement change to an NCCP-regulated (residential) transaction that results in a new referrer being attached to the loan, and this changes the commissions payable from settlement, additional obligations apply.
Adding or changing a referrer means a new party is being remunerated for the loan. To meet your disclosure obligations, you must reissue a new Credit Proposal (including Preliminary Assessment) to your customer, reflecting the revised disclosures, and provide this updated document to your customer. While we understand that administrative errors can occur from time to time, please take care to ensure disclosures are correct at the time of application. Repeated post-settlement corrections may indicate a broader disclosure issue requiring remediation and can lead to breach reporting obligations under the NCCP Act.
For corrections that contain a high number of instances, these will be referred to AFG Compliance for review and discussion (whether you are an ACL holder or AFG Credit Rep) to ensure obligations are met. In the meantime, we encourage you to begin remediation by reissuing the relevant Credit Proposal (including Preliminary Assessment) documents to help ensure any applicable breach reporting remediation timeframes are met.
New fee for post-settlement referrer additions
Effective Monday, 7 September 2026, a $25 fee will apply where a referrer is added to a loan after settlement has occurred. As with other AFG adhoc administration fees, this would be deducted from the next trail payment.
