This is when you get finance arranged before you go shopping. It can be a great advantage when negotiating a cash deal. When you are pre approved, you are shopping as a cash buyer.

A Guarantor or Co-borrower may be a parent, in-law, or guardian who together with your credit record may give the finance company sufficient comfort with respect to your credit worthiness. The guarantor or co-borrower may be asked to support your application where your affordability is questionable, or your credit history has not yet been established with a credit agency.

We can provide 100% finance to applicants, who are not necessarily homeowners but have lived at their residence for 2 or more years, have clean credit history and stable full-time employment. If you do not fit this criterion we require some form of equity, usually 20% of the loan amount, and this may take the form of a cash deposit, trade or security over a second car, or boat.

A restricted or full NZ drivers, you latest pay slip or proof of income or copy of recent bank statement, as well as a current utility bill. Once you have found your vehicle or boat we will require confirmation that full insurance to the value of the purchase has been taken out. Alternatively you can organise insurance through us at competitive rates.

Our minimum term is 6 months and our maximum is 60 months. We can also structure the loan to have a deferred start with differing repayment amounts. We could also set up a balloon ("residual") payment at the conclusion

Minimum $1,000 Maximum $20,000. Although we will go higher however this is subject to sufficient security. The application will require approval by two Directors.

We try to maintain an approval time of 1 hour from the time of your application. This may vary depending on the accuracy and complexity of the application.

Preferably. You must have clear credit with Veda Advantage, or Dunn & Bradstreet, or if you have debts recorded against your name these must be paid. We pay particular attention to adverse history with respect to other financial institutions. We place little reliance on certain defaults such as Adfit memberships, LTSA or Doubleday. Click here for a copy of Veda Advantages credit scoring system. If you have a low Veda score you may find that we require further information which delays our decision.

You must be over the age of 18.

We will forward documents to you at home, or place of work for your convenience. This may be by email, registered post or alternatively you can collect the documents from our office.

A secured loan is a loan which you use an asset, usually a car, boat or house as security. A secured loan generally attracts a lower interest rate than unsecured loans and debt consolidation loans.

An unsecured loan does not use an asset for security. You must have clear credit however, demonstrate a proven credit history, and be in stable employment. If you have had previous history with our company we will view your application favourably so please advise us of this. Unsecured loans generally attract a higher interest rate than a secured loan.

Yes, we offer a Loan Payment Protection Plan (PPP) Insurance that covers your loan repayments if you can't work due to accident, sickness or redundancy subject to the terms and conditions of the policy. We also have Lifestyle Protection Insurance arranged by Autosure, along with GAP insurance, and comphensive motor vehicle insurance.

If your application has been declined, then you can apply to Veda Advantage, or Dunn & Bradstreet to get a copy of your credit file. Give Veda a call on 0800 692 733, alternatively look them up here.

Veda Advantage in the past few years have introduced a credit scoring model that is based on statistical scoring. Customers whom may have had a good score in the past may through an oversight now find that this is no longer the case. Paying your defaults promptly will improve your score. Contacting your credit provider and entering into a repayment arrangement will also help. Staying put will also help. For further details on how to improve your credit score please contact Veda.

Typically we will lend against vehicles that are no older than 10 years.

Yes, there are fees for early repayment in full. The fees and amounts differ between lenders. The fees applicable to early settlement are set out clearly in the loan documentation. Interest is calculated daily right up to the date of prepayment, together with a small administration fee to cover costs. You may or may not be charged a Prepayment Loss calculated in accordance with the CCCFA 2003.

You can pay weekly, fortnightly or monthly by automatic payment authority, direct debit, internet banking or by deposit card.

The combining of all your monthly bills into one. There are a number of benefits to debt consolidation. Once you have combined your debts you will have only one bill. You could also free up valuable household income as debt consolidation loans can often have a lower interest rate than the combined finance charges of all your other loans, hire purchases and credit cards. Debt consolidation loans require security usually for the amount you have applied.

This is entirely up to you. It could be for home renovations, retail purchases, and holidays or to pay some old debts. Tell us what you are needing the cash for and we will see if we can accommodate.

Not a problem as long as your repayment history with us is good. We will not generally lend further within a 6 month period, unless you are able to offer further security or indicate to us that you can afford a higher repayment level.

You may have undisclosed loans registered on the Personal Properties Securities Register indicating that you do not have affordability for the loan. We recommend that you disclose ALL outstanding loans with other credit providers. And where loans have been paid in full, request in writing from your credit provider, confirmation that any financing statement has been discharged.

Normally five (5) years from the date of taking out a loan. This term can be shortened if you pay the loan early, and the credit provider discharges the security interest. It may be amended or renewed if you take out subsequent advances and offer the same security. We recommend that you repay the loan in full as soon as possible.

All requests to vary your current mortgage are at the discretion of the Board. Please contact us on 0800 929 929 to see if your request will be possible. We will be able to advise you on what information is required as part of the request process.

It can take some time to organise a discharge therefore we would appreciate it if you could provide us with a minimum of 14 days notice of your intention to discharge or refinance. All requests for discharge or refinance must be made through your lawyer.

We cannot provide advice on whether interest rates are likely to rise or fall in the future. However, we continually monitor the market to determine appropriate interest rates, and adjust interest rates as and when market conditions dictate.

Yes. Your loan contract specifies that you must have current home insurance at all times. Failure to do so is a serious breach of your loan contract. If you change insurers, please contact us on 0800 929 929 and advise us of your new policy details.

Yes. Your loan contract specifies that you must keep your rates current at all times. Failure to do so is a serious breach of your loan contract. Please note that if you are in arrears on your rates your local council will inform us of this breach.

You must contact us as soon as you are aware that you are having difficulty meeting your mortgage repayments.

As soon as you miss a regular scheduled mortgage repayment you will be contacted by us immediately, and your loan account will start accruing default interest.

If your arrears are not remedied within 30 days we will issue a Property Law Act (PLA) notice. A PLA notice requires you to pay your arrears within 20 working days from the date of the PLA notice. If this does not occur, it gives us the right to sell your property.

If you do find yourself in this situation, you may wish to initiate the marketing and sale of your property yourself. However, if you choose to do so, we will need to give our consent to any sale. Please contact us on 0800 929 929 to discuss what other requirements you will need to meet.

Please note that any failure to meet your loan repayment obligations will impact negatively on your credit history.

A number of serious crimes drive money laundering activity around the world. These include drug trafficking, fraud, robbery, illegal prostitution and gambling, arms trafficking, bribery and corruption.

Money laundering is the process of disguising the illegal origin of criminal profits.

Criminals use a range of methods and levels of sophistication to make money obtained from their criminal activities appear legitimate.

Terrorist groups also move funds to disguise their source, purpose and destination. Terrorism financing includes funding terrorist acts and organisations.

The Anti-Money Laundering and Countering Financing of Terrorism Act requires banks to:

• Identify new customers
• Re-identify existing customers in certain circumstances
• Monitor customer transactions on an ongoing basis
• Report certain transactions and suspicious activities

The law requires a greater level of customer due diligence from banks. When opening a bank account you'll now need to provide better forms of ID. Previously a driver's licence might have been enough. There are three combinations of ID you can provide, plus proof of where you live such as a telephone or power bill.

The three enhanced ID options are:

Option 1

A current and valid form of photographic identification

One of these forms of ID:

• New Zealand passport
• New Zealand certificate of identity
• New Zealand firearms licence
• Emergency travel document
• Overseas passport
• Foreign-issued national identity document
• New Zealand refugee travel document

Option 2

A form of non-photographic identification

One of these forms of ID:

• New Zealand full birth certificate
• Certificate of New Zealand citizenship
• Citizenship certificate issued by a foreign government
• Full birth certificate issued by a foreign government

Together with a form of photographic identification

One of these alternate forms of ID:

• New Zealand driver licence
• 18+ card (Hospitality Association)
• A valid and current international driving permit

Option 3

A valid New Zealand driver licence

Together with an additional form of identification

Choose one of these alternate forms of ID:

• An embossed credit card, debit card or an EFTPOS card issued by a registered New Zealand bank
• An original bank statement that has been issued to you by a registered New Zealand bank within the last 12 months
• An original document issued by a New Zealand Government agency that has your name and signature on it (like a SuperGold Card)
• A statement issued to you by a New Zealand Government agency within the previous 12 months (like an IRD statement)

When someone makes cash deposits over the counter of $10,000 or more, banks are required to confirm the person's identity.

Where a bank has any suspicions about the customer receiving the deposit, the nature of the deposit, or account activity, banks will need to get more information, including the source of the funds. That's likely to mean asking some questions about where the money came from, what it's for, and what the person's relationship with the account holder is.

When a customer is sending more than $1000 overseas, their bank needs to collect detailed information about the customer sending the money, and at least the name and account number (or a unique transaction reference) for the recipient.

When a customer is receiving more than $1000 from overseas, their bank needs to be satisfied that it has enough information about who has sent the money.

In the case of money transfers from anti-money laundering compliant countries, that information should be attached to the transfer. Where this information is not attached to the transfer, the bank must satisfy itself the transfer is legitimate. The bank also needs to be sure of the identity of the customer before releasing the money to them.

Information required when sending money overseas

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 requires the bank to collect the following information:

(a) the originator's full name; and
(b) the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator; and
(c) one of the following:
(i) the originator's address
(ii) the originator's national identity number
(iii) the originator's customer identification number
(iv) the originator's place and date of birth; and
(d) any information prescribed by regulations.

Under the regulations referred to in (d), the government also requires banks to get the name and account number (or a unique transaction reference) for the recipient.

Where can customers get more information?

Banks are able to answer questions about how the new law affects their customers.

Information about the Anti-Money Laundering and Countering Financing of Terrorism Act is also available at: www.justice.govt.nz/policy/criminal-justice/aml-cft

VedaScore Plus is our enhanced consumer enquiry where all the information on a credit file is collated together to produce a single score. This score measures the applicant's potential credit risk at the point of application (vs. credit active population) and is also a ranking tool that credit providers can use to assess the applicants likelihood to make payments in the future.

a. What is it made up of?
b. What does it include?
c. What is the formula?

Amongst many characteristics; the score is based on components such as the number and types of inquiries, (residential stability) how many times you have moved addresses, and adverse information.

The formula is Veda's Intellectual Property, however we are confident this is statistically sound. The scores are also tested and monitored regularly.

• Relative Risk (RR): is an odds based measure that compares a credit applicant's odds with the population odds. It provides you with an estimate of how many times worse or better than average the applicant is compared to other applicants that are credit active. An RR of 2.5 means that the applicants odds are 2.5 times better than the population average (equal to 1), while an RR of -1.8 means that they are 1.8 times worse. RR has been capped at maximum +99.99 and minimum -99.99.
• Applicant Odds: This is another way of displaying the score of an individual. For example odds of 14:1 means that all the individuals with the same score as this particular applicant, on average 14 applicant's exhibit good credit behaviour (i.e. no adverse event over the next 12 months) while 1 applicant exhibit bad credit behaviour (i.e. adverse event loaded on their file).
• Population Odds: This returns the total odds of the entire population a particular scorecard was built on. For example, if the population odds were 4:1 for a particular population, its means that out of every 5 applicants in the bureau sample, 4 exhibit good credit behaviour and 1 exhibits bad credit behaviour. This is relatively stable and will be monitoring quarterly to ensure no significant changes have occurred.

It's a sufficient range and is consistent with international standards. It also gives enough range to capture variations of scores without loosing predictive power.

The current system of reviewing raw data often focuses on a 'moment in time'. For example, if someone had a default on their credit file 4 years ago, this one event may concern a credit officer such that they refuse to extend credit. The benefit of a score is that it looks at all data on the credit file over the past 5 years and averages behaviour. This produces a much more consistent & predictive level of credit risk. This ensures decisions are made on the basis of statistical fact.

No. The NZ credit system works on what is known as 'negative reporting'. This means that only credit default, previous inquiry information, public information such as bankruptcies, NAP's and summary instalment orders and information about your demographic stability.

• Pay all your accounts on time including court fines
• Ensure that no one else uses your identity to obtain credit
• Only apply for credit when you really need it
• Consolidate your debts
• Borrow from reputable lenders
• Try pay any unpaid defaults or if you are unable to, the next best thing is to contact your lender to try come to some kind of agreement or settlement which will change the unpaid status to a "settled". Most lenders will be happy to do so.

What we can do is give you your credit file so that you can check that all the information on it is accurate. If you feel that there is an entry which does not belong to you & that it is this that is affecting your credit score, let us know & we can work with you to understand & resolve the issue

The same as all others. It uses a scorecard that is designed for this group, & takes into account other information such as your personal address stability and the type of product you are applying for. Statistical analysis of this segment revealed that having no track record for managing credit products could slightly increase your risk. You will need to discuss this further with the credit provider and explain your situation.

We are not. In fact the opposite. Segmentation and sub-segment analysis was conducted on various age groups revealing the VedaScores are extremely effective at assessing the credit risk of all key generations including the younger populations

The scorecard is much better at predicting those likely to display future adverse, which means more people (the vast majority) now fall in low risk categories and thus will find it easier to get loans. This also means those highly likely to not cope with the additional credit are more likely to be declined.

It gives lenders a much more predictive view on your likely credit risk. This will mean that more people will have access to better quality credit, as a more holistic view of a person's credit history is given.

You need to know your credit score & actively manage your credit file. In this way you will get access to quality credit which often means a better interest rate. They also both come together, & supplying the report without a score makes no difference to your score.

Yes, the scorecard takes multiple inquiries into account but this is only a part of many aspects used to generate the scores. Veda applies a deduplication process prior to scoring to remove obvious duplication.

It will have an impact, you will need to discuss this further with your credit provider and highlight to them you hold a number of directorships. Please be aware that you would have given authority for a personal inquiry to be done on you. If you believe that authority was not given, let us know and we can investigate on your behalf.