The standard credit licence conditions set out in PF 224 Australian credit licence conditions (PF 224) have now been changed to reflect ASIC’s revised policy relating to training of responsible managers and representatives of licensees which provide home loan credit assistance for their own loans. (Background)

The conditions only apply to “independent home loan credit assistance” which means “home loan credit assistance where the credit assistance relates to credit secured by real property and neither the licensee nor its representatives will be the credit provider”. The term replaces “mortgage broking services”.

The term (and the training obligation) excludes home loan credit assistance provided by a licensee for its own loans.

The CPD requirements for responsible managers of all licensees have not been changed.