A finance complaint is easier to assess when it identifies a specific problem and a clear outcome. "The loan was bad" gives a complaints team less to work with than a dated fee, a document that was missing or an unexplained repayment change.
Moneysmart recommends contacting the business first and putting an unresolved complaint in writing. Include the word complaint, the issue, the outcome sought and relevant documents. Keep copies and retain your originals.
Build a one-page complaint record
Our suggested record has five parts: account or application reference, date of the event, what happened, the documents supporting it and the remedy you request. Add a chronology if several events matter. Separate facts you can demonstrate from questions you want answered.
For example: "The statement dated [date] shows a [fee description] charge of [amount]. The contract schedule supplied on [date] lists [different description]. Please explain the contractual basis and correct the account if the charge was applied incorrectly." This is a structure to adapt, not a finding that a fee is unlawful.
Send it through the firm's verified complaints channel and retain delivery or submission confirmation. The business's response clock depends on receiving the complaint, not merely the date you typed it.
Identify the right response timeframe
ASIC Regulatory Guide 271 generally requires an internal dispute resolution response within 30 calendar days. Different rules and exceptions apply to particular complaints.
Its table distinguishes credit complaints involving default notices and hardship notices or requests to postpone enforcement, generally using a 21-calendar-day framework. Hardship cases can involve requests for information and further response periods. Do not treat every credit complaint as a simple 30-day wait.
Record the receipt date, complaint type, any information requested, the date supplied and the response or delay notice. If a deadline is unclear, ask the firm or AFCA rather than assuming the longest period applies.
Know what AFCA does
Moneysmart identifies AFCA as an independent dispute resolution scheme for financial complaints, including credit and loans. AFCA explains its process: it may help negotiate a resolution, use conciliation or progress to a determination.
Give AFCA the complaint, the firm's response or lack of one, and the evidence. AFCA must assess whether a matter falls within its rules, jurisdiction and time limits. Do not delay a complaint on the assumption that every matter has the same deadline or guaranteed outcome.
Keep urgent issues separate from the ordinary complaint clock
If you have court documents, an enforcement deadline or an immediate hardship problem, seek appropriate legal or financial counselling help promptly. A complaint acknowledgement is not proof that every enforcement process has stopped.
Our hardship guide covers asking for repayment assistance. The broker document checklist helps identify the paper trail for a broker complaint. Keep those documents alongside your chronology so the complaint remains specific and reviewable.
