Acceptance Guidelines

We accept that there are always circumstances or facts which vary and we will work together to either qualify or disqualify someone from obtaining an AMF loan. That is why we invite you to discuss deals with our acceptance people. The following are our acceptance guidelines:

Person/Identity

• Australian resident or holder of visa/entry rights beyond term of loan
• Australian driver’s licence
• Minimum age of 18, no maximum
• 100 point identification (as per bank account requirements)
• Guarantors are required for company and trust applications

Income

• Employed – full time and not on ‘probation’ or permanent part time with a minimum of 20 hours per week and having been employed for at least 12 months
• Self-employed – subject to proof of income. Usually this can be provided by tax returns, an accountant’s letter or other substantive means.
• Casual employment – minimum 23 months and working 20 hours per week

Advance Rate

• This provides “book” scope to dealer

Under 23 Special acceptance guidelines:

• Generally limited to $20,000
• Insurance to the satisfaction of AMF

Stability Factors

These are the general stability factors considered as part of the application:

• Residence
• Formal/Trade qualifications
• Marital status
• Dependants
• Length of employment

Credit History

Where there have been defaults, the following assessments will be made:

• Type of default (finance, telco or utility)
• Age of default
• Amount of default
• History of defaults and whether we can ascertain if future defaults are likely to recur

Bankruptcy 

• Applications from discharged bankrupts will be considered provided 12 months has passed with no defaults
• Shorter periods considered for otherwise strong applicants

Unpaid Defaults

If a default is disputed, we must be provided with the basis of the dispute and proof that it is being disputed. In all other cases, we would be looking for a good reason as to why the default has not been paid or is under a satisfactory repayment arrangement. We will also grade the severity of the default by the amount, the age and the type of a default.

Security

The secured vehicle must be listed and identified by Glass’s Guide. We will take a registered chattel mortgage over the vehicle and register our encumbrance with REVs. Vehicles must be less than 7 years old and travelled less than 150,000 kms or not more than 30,000 kms per year.