Credit Guide

4 January 2021

This document contains our Credit Guide.

It provides information about:

  • Shroogle;
  • our Licensee;
  • your Shroogle Credit Representative;
  • fees and charges;
  • cash back payments; and
  • what you should do if you are unhappy with our services.

Our Details

Shroogle is proud to offer an ultra-customer-centric mortgage broking service.

All services are provided by Shroogle employees who are paid fixed salaries. This means they are not incentivised or conflicted by sales commissions.  

Company nameShroogle Pty Ltd
Australian Company Number 629 833 432
Australian Business Number 71 629 833 432
Address & Postal AddressLevel 1, 56 Pitt Street, Sydney NSW 2000
Phone 1300 840 977

Licensee Details

Shroogle operates under the Credit Licence of a related company. Their details are:

LicenseeSCS Credit Services Pty Ltd
Australian Credit Licence Number 520938
Australian Business Number 12 638 160 782
Address & Postal AddressLevel 1, 56 Pitt Street, Sydney NSW 2000
Phone 02 9235 0028

We have a panel of over 20 highly reputable lenders:

home loan lenders, mortgage broker key lenders, mortgage lenders, home loans, refinancing

We believe that to do our job properly, we must only recommend products that are suitable for your needs.

This means we do not limit product selection based on convenience or sales commissions. We are open to conducting business with any of the banks or financial institutions on our lender panel.

Shroogle Credit Representative 

The person/s below are authorised to act as your Credit Representative under SCS’s Australian Credit Licence No. 520938. They will be responsible for guiding you through the credit assistance process.

Credit representative details
Credit Representative NameLuke Morgan
Credit Representative Number485918
Phone1300 840 977
  • Bachelor of International Business (Financial Planning)
  • Diploma of Finance and Mortgage Broking Management
  • Cert IV in Finance and Mortgage Broking
  • MFAA accredited Finance Broker (681395)
  • AFCA member (37694)
Assessment requirements 

We are obliged to ensure that any loan (or increase or alteration to a loan) we help you to obtain or remain in is consistent with your personal and financial position, requirements and objectives.

The law requires us to act in your best interests when making a credit recommendation. We are therefore required to:

  • make reasonable enquiries about your personal and financial situation;
  • make reasonable enquiries about your needs and objectives; and
  • take reasonable steps to verify that financial situation.


A loan will be unsuitable if, at the time the we offer assistance, it is likely that you will be unable to comply with the repayment obligations; you could only comply with substantial hardship; or the loan is not consistent with your requirements and objectives. For this reason, we need to gather a comprehensive understanding of certain parts of your personal and financial situation.

It is very important that the information you provide is complete and accurate. This is because the supply of incomplete or inaccurate information may result in advice that may not be appropriate for you and a situation where you may be in breach of your disclosure obligations to a lender.

If we give you credit assistance, you may contact us to request a copy of our preliminary credit assessment within 7 years.

Fixed fees for services

Shroogle is a fee-for-service business. We make our money by charging fees for the services we provide.

Our fees are set as fixed amounts. They are NOT calculated as a percentage of the amount you borrow.

We subtract our fees from the commission payments directed to us from our licensee.

These are the commissions your lender effectively pays to us for generating new business.

Any remaining balance is then paid to you in the form of cash back payments, resulting in a service that is completely transparent from a fee charging perspective. It also has the added benefit of no upfront out-of-pocket fees, unless otherwise agreed.

Here’s how it works:

  1. You engage Shroogle’s services and settle a loan;
  2. Your lender pays commission to SCS, our licensee;
  3. SCS directs the commission to Shroogle;
  4. Shroogle waits until the date that the lender could ask for the commission to be paid back to them has passed; and
  5. Shroogle then deducts fees as agreed before paying the balance of the commission to you in the form of cash back payments.
Fees retained by us

The service fee we subtract from the initial commission of each application is $1,625 (incl. GST).

The administrative fee we subtract from monthly ongoing commission is $15 (incl. GST).

Full details of fees will be set out in a Loan Proposal, which will be given to you for acceptance in writing before submitting an application with a lender.

Shroogle is a low cost service provider. Fees may be subject to change.

Lender commission payments

There are two types of commission payments:

  • Upfront payment, generally in the range of 0.40% and 1.25% of the loan amount. This is usually paid after settlement of the loan.
  • Ongoing payments, generally in the range of 0.00% and 1.00% of the outstanding loan amount. This is usually calculated and paid monthly in arrears.

Different lenders have different policies on how and when they pay commission as well as how and when they can ask for it to be paid back.

We may be required to repay some or all of the commission payments in situations such as:

  1. the loan is paid down substantially or in full in the first 24 months of the loan term; or
  2. you refinance the loan with another lender in the first 24 months of the loan term; or
  3. a substantial amount of funds remains undrawn or held in offset in the first 12 months of the loan term; or
  4. the loan goes into arrears in the first 6 months of the loan term.

The amount that lenders generally request to be repaid is typically higher when the abovementioned events occur closer to settlement. A good thing to know however, is that events that take place after the loan has been on foot for 24 months, generally do not create situations where commission must be repaid.

Cash back payments

With Shroogle’s ultra-customer-centric offering, the higher the loan, the greater the cash back in your pocket, not ours.

The amount of the cash back in relation to your loan will vary depending on the lender, the amount and term of the loan, the features of the loan and the amount and timing of the repayments that you make.

The timing of the payment will be determined by your lender. We will pay you any commission in excess of our fees as soon as we are sure the lender cannot ask for that amount to be returned. The timeframe for this ranges from 12-24 months.

Other fees and charges

You may have to pay other fees and charges (such as an application fees, valuation fees and other fees) to the lender or other parties, not us.  You should review the disclosure documents and your loan contract or lease for details relating to these.

Dispute resolution

If you have any issues with the service provided by your Credit Representative, you should bring that to their attention as soon as possible.

If you are unable to resolve an issue with your Credit Representative you should contact SCS’s Complaints Officer using the contact details in the “Licensee Details” section above.

If that does not result in a satisfactory outcome, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA) using the contact details above:

Free call1800 138 422
MailAustralian Financial complaints Authority

GPO Box 3, Melbourne Vic 3001

AFCA is an external dispute resolution body that provides a free, fair and independent service.