Mortgage Transaction

Credit Ombudsman Service Limited (COSL)

The Credit Ombudsman Service is a free and independent external dispute resolution scheme. It provides consumers with an alternative to legal
proceedings for resolving disputes with COSL Members operating in the Credit marketplace. As of February 2004, it replaced the Mortgage Industry Ombudsman Scheme (MIOS).

If your mortgage complaint relates to a bank , you should contact the Banking and Financial Services Ombudsman.

The range of products which fall within the Credit Ombudsman's jurisdiction has been expanded to include the full range of credit products and services, not just residential mortgages. The membership base has also been broadened to include participants in the credit and finance broking industry in general.

Credit products now covered by the Credit Ombudsman include: redraw facilities; mortgage minimiser products; stand alone deposit accounts;
credit card products; Lenders Mortgage Insurance products; deposit bonds; House and Contents Insurance; Consumer Credit Insurances; and
"credit management" advice which does not amount to providing financial product advice that is regulated under the Financial Services Reform Act.

The Ombudsman can investigate and resolve disputes up to $100,000.

Level 6, 50 Park St Sydney 2000
Phone: 1300 780808
Fax: (02) 9267 3125
Email link
Web site link

How to complain

You can lodge your complaint by phone, fax, in writing, by email or on-line.
Further information on the Ombudsman's processes.
The Mortgage Industry Association has information about the Association's Code of Practice. It may be useful to you in framing your complaint.