To provide a financial service, Rello must perform a range of assessments to comply with regulatory requirements, policy and risk requirements, and to operate a professional service.
Rello assesses each finance request on it's individual merits - we consider the nature of the listing, the property, the vendor and other factors.
We may ask for further information from you and/or your agency to assist in our decision to provide finance - for example a current mortgage statement, invoices for works or marketing activities, and other documents relevant to your specific request.
While we approve most requests, we may also:
Approve finance for a lower amount than requested, or
Decline to provide finance for your request entirely
In these cases, you may decline to proceed with a finance request and pay the agency's request entirely via card/EFT.
What does "decline" mean?
"Decline" means Rello will not provide finance for the request. Rello will continue to support a card/EFT payment for the request, but is unable to provide a "pay-later" or "pay at settlement" style option for this request.
Declining finance can be a decision we reach due to a number of factors, which also can change over time (e.g. policy rules, risk tolerance, market conditions, regulatory or legal guidance, etc). We don't typically share the details of our credit decision, other than broad guidance in some cases where it can assist in next steps.
Remember - RelloPay is not a loan, so applying for it and being declined has no impact on your credit rating, nor is a reflection on your credit history.
Declining a request is solely a matter of Rello's internal credit policy - we're just not able or willing to finance a specific request.
What are some typical reasons for a decline?
While not set in stone, typical reasons for declining a request can include:
The requested funding exceeding the limits of what we'll fund (e.g. more than 2% of the expected sale price)
A high percentage of the requested funds being used for renovation works rather than marketing
The costs to be funded not being directly related to the marketing of the property
The property being secured via mortgage or caveat by multiple lenders
The property being sold for less than it's prior purchase price
The property being marketed for an amount not consistent with reasonable market estimates
And other factors
The points above may not necessarily apply to an individual request (e.g. we may make an exception for specific cases).
How do I pay for my marketing costs, after a decline?
You can proceed to pay via card/EFT, or seek alternative finance options.