The retention table
Most loan-file records have no retention period of their own in the Act. The period comes from what you must be able to produce, and for how long.
| Record | Where the obligation comes from | How long to keep it |
|---|---|---|
| Preliminary assessment, and all material that forms the basis of it | NCCP Act ss 115 to 120. Standard credit licence condition noted at RG 209.255 | At least 7 years. Client can request a written copy within 7 years of the credit assistance quote (s 120) |
| Records of inquiries and verification (fact find, payslips, statements, expense checks) | NCCP Act s 117. RG 209.265 to 209.270 | With the assessment, at least 7 years |
| Credit guide as given to the client | NCCP Act s 113. Content in Regs 26A to 28. RG 273.165(b) | With the file, at least 7 years |
| Signed and dated credit quote | NCCP Act s 114. Content in Reg 28D | With the file, at least 7 years |
| Credit proposal disclosure (CPD) | NCCP Act s 121. Content in Regs 28E to 28H | With the file, at least 7 years |
| Best interests duty records: options, recommendation, reasons, client conversations | NCCP Act s 158LA (s 158LE for credit reps). RG 273.162 to 273.172 | At least 7 years, longer where the loan term, IO period or refi history makes it sensible (RG 273.168) |
| Conflict records and how the client was prioritised | NCCP Act s 158LB (s 158LF for credit reps). RG 273.165(h) | As above |
| Licensee's financial records | NCCP Act ss 88 and 95 | 7 years (s 95) |
| Complaints records | NCCP Act s 47(1)(h). ASIC RG 271 | Keep a record of every complaint. Match the file retention at minimum |
Run the seven years from the credit event, such as the quote or settlement, rather than the date on an early fact-find note. More on the clock in how long to keep file notes.
What the NCCP Act requires
Responsible lending: the assessment and what sits behind it
Before giving credit assistance you must make a preliminary assessment of whether the loan is 'not unsuitable' (ss 115 and 116), after making reasonable inquiries about the client's requirements and objectives and financial situation, and taking reasonable steps to verify their financial situation (s 117). Section 118 sets out when a contract must be assessed as unsuitable.
Section 120 is where retention bites. If the client asks for a copy of the preliminary assessment within seven years of the date of the credit assistance quote under s 114, you must give them a written copy free of charge: within 7 business days if asked within two years of the quote, otherwise within 21 business days. ASIC's RG 209.273 describes the window as up to seven years after the credit assistance is provided. If you rely on the no-fee exemption and gave no quote, the date you gave credit assistance is the safer one to count from. Either way, you cannot produce the assessment in year six unless you kept what it was based on.
RG 209.264 adds a trap. If you gave credit assistance and the loan then did not proceed, you must still provide the preliminary assessment on request. Files for loans that never settled need the same retention.
Disclosure documents
- Credit guide (s 113). Given as soon as practicable after it becomes apparent you are likely to provide credit assistance. Keep the version the client actually received.
- Credit quote (s 114). You must not provide credit assistance unless you have given the client a quote and the client has signed and dated it, or otherwise indicated acceptance and the date.
- Credit proposal disclosure (s 121). Given at the same time as you provide credit assistance.
The Act sets no separate retention period for these. Keep them as evidence you met the Act, because RG 273.165(b) expects the credit guide on file, and because AFCA or ASIC may ask.
Best interests duty and the conflict priority rule
Section 158LA requires a licensee that is a mortgage broker to act in the client's best interests in relation to the credit assistance. Section 158LB requires priority to the client's interests where there is a conflict. Where a credit representative gives the assistance within their authority, s 158L(2) switches those licensee duties off and ss 158LE and 158LF apply instead: the rep owes the duties, and the licensee must take reasonable steps to make sure the rep complies. None of these sections prescribes a form of record, but RG 273.162 and 273.163 say ASIC expects records that clearly show how the duties were met. In practice, BID compliance is proved from the file.
Licensee obligations
- Financial records (ss 88 and 95). A licensee must keep financial records that correctly record and explain the transactions and financial position of its credit business (s 88), and keep them for 7 years (s 95).
- Dispute resolution (s 47(1)(h) and (i)). A licensee must have an internal dispute resolution procedure that meets ASIC's standards and must be a member of AFCA. ASIC RG 271 applies to credit licensees and expects every complaint to be recorded, including ones resolved on the spot.
- Supervising representatives (s 47(1)(e)). The licensee must take reasonable steps to ensure its representatives comply. That is why aggregators audit files.
What the Regulations add
The Regulations mostly set what documents must contain. For brokers: Regs 26A to 28B (credit guide content, including when a credit representative can leave out AFCA details, reg 28), reg 28D (the quote), Regs 28E to 28H (fees and commissions in the CPD) and reg 28L (how disclosure documents may be given).
The express record-keeping rules in the Regulations, such as reg 28LBH on credit card consents, apply to credit providers. No regulation sets a general retention period for a broker's loan file. The seven years comes from the Act and your licence conditions.
What ASIC expects on file: RG 209 and RG 273
RG 209.265 warns that failing to record inquiries, verification steps and the information relied on may make compliance hard to show. RG 209.270 recommends keeping file notes and records together. RG 209.272 suggests a short narrative summary connecting the client's answers to the product chosen.
RG 273.165 is the most useful list in either guide. ASIC generally expects a broker's records to include:
- a copy of the responsible lending assessment, or the documents and information needed to prepare it on request
- a copy of the credit guide given to the client
- information provided to the lender as part of the application
- outcomes of credit applications
- relevant conversations with the client
- information showing you acted in the client's best interests, including efforts to educate the client
- the options and final recommendation, and the reasons, including a detailed description of your decision-making process
- any conflict of interest identified, and what you did to prioritise the client's interests
RG 273.167 confirms records can include file notes, correspondence, working papers, comparison tool outputs and fact finds. RG 273.169 favours contemporaneous notes. RG 273.171 says you need not explain why you did not recommend every product. Distinguishing types of product or feature is likely to be enough.
What a licensee or aggregator file audit checks
Aggregator file reviews vary but test the same obligations. Expect a reviewer to sample files and look for:
- Credit guide given, dated, and the version current at the time (s 113)
- Credit quote signed and dated before credit assistance (s 114)
- Preliminary assessment completed before credit assistance, with requirements and objectives recorded specifically (ss 115 to 118)
- Verification that matches the declared figures: income, liabilities and living expenses, with discrepancies explained
- CPD given at the time of credit assistance (s 121)
- Fact find fully completed, with 'nil' or 'N/A' rather than blanks (RG 209.268)
- BID reasoning: shortlist, recommendation and reasons, cost position, refi switching costs where relevant (s 158LA or s 158LE, RG 273)
- Conflicts identified, or a line saying none were (s 158LB, or s 158LF for reps)
- Dated file notes of client contact, including changes in the client's objectives
- Loans that did not proceed retained with the same completeness
- Records retrievable for the full retention period
For how reviewers mark notes down and how to fix a backlog, see the mortgage broker compliance audit checklist. You can also test a few of your own files against the free NCCP file note compliance checklist or the best interests duty file note checklist.
Example: a broker file note that meets RG 273
Invented clients, written in plain English. This is the note a reviewer wants to find next to the preliminary assessment.
- Purpose of the call
To present their loan options after running the pre-approval scenarios.
- What the clients want
- Buy a home for about $640,000.
- Deposit of $64,000 from their own savings, plus the first home buyer grant if they are eligible.
- The lowest possible repayments for the first two years. Aisha moves to reduced hours from March 2027 because they have a baby due.
- An offset account.
- They plan to stay at least five years.
- No interest-only period. They told us they want to be paying the loan down.
- No fixed rate for longer than two years.
- What we checked
- Tom's income: salaried employee (PAYG), $98,000 base salary. We sighted two payslips and his ATO income statement.
- Aisha's income: salaried employee (PAYG), $71,000, dropping to about $43,000 from March 2027. Her employer confirmed this in a letter. We used the reduced income to check whether they can afford the loan.
- Living expenses: they declared $4,150 a month. We reviewed three months of bank statements, which showed about $4,400 a month, so we used the higher figure.
- Existing debt: the clients confirmed they are keeping their car loan of $412 a month.
- Options discussed
- Option 1: borrow 90% of the property value (a loan-to-value ratio, or LVR, of 90%) on principal and interest (P&I) repayments. Lenders mortgage insurance (LMI) of about $13,000 would be added to the loan.
- Option 2: borrow 85% of the value, with the deposit gap covered by a $32,000 gift from Aisha's parents. No LMI, but the gift is not confirmed yet.
- Option 3: wait six months and save more.
- We explained that LMI protects the lender, not them, and that adding it to the loan means paying interest on it over the full term.
- Our recommendation
- Option 1 with Lender B: variable rate, principal and interest, full offset account, 30-year term.
- Why: they can still afford the loan on Aisha's reduced income, with a buffer. It had the lowest rate of the four shortlisted lenders that offer an offset account and accept the grant, and there is no annual fee.
- Why not Lender A: its rate is 0.06% lower but it has no offset account. Given how these clients save, the offset is worth more than the rate difference.
- Option 2 is still open. We will revisit it if the gift is confirmed before formal approval.
- Best interests and conflicts
Commission is similar across the shortlisted lenders. No conflict of interest identified. We explained how the drop in Aisha's income will affect their repayments, and gave repayment figures at the current rate and at a rate 1% higher.
- Clients' decision
The clients agree with our recommendation and want to go ahead with Option 1. They will tell us by Friday whether the gift is confirmed.
- Documents
- Credit guide sent by email on 15 September.
- Quote for our services signed on 15 September.
- Credit proposal disclosure document to be given with the application.
- Preliminary assessment saved on 22 September.
- Next steps
- KPL: lodge the application on Thursday 24 September.
- Clients: send the contract of sale once it is signed.
- Note made
22 September 2026, 7:02 pm, by KPL.
Why it works: specific requirements and objectives, verification figures with their source, reduced income used for servicing, the reason for choosing one lender over a cheaper one, and a conflict line even with no conflict. Step by step: how to write a compliant NCCP file note.
Setting up retention that holds up
- Write the policy down. Seven years minimum from the later of quote, settlement or last credit assistance. Longer for IO loans, refis and any file with a complaint.
- Keep records together. Notes in a personal inbox or phone do not help if you cannot find them.
- Keep non-proceeding files (RG 209.264).
- Make notes the same day (RG 273.169).
- Make notes tamper-evident. A note that can be silently edited is weaker in a dispute.
- Test retrieval. Could you produce the preliminary assessment from a five-year-old file within 21 business days?
- Plan for leaving. If you change aggregators or retire, agree in writing who holds the files.
Where CallNote fits
The file note is the record most often missing or thin, because it gets written between calls. CallNote turns a call transcript you already have into a structured note in about two minutes. Transcripts arrive automatically from Dialpad and Aircall, or you upload, paste or email a Teams, Zoom or Meet transcript. There is a voice memo option for face-to-face meetings. CallNote never records calls, never joins meetings as a bot and never stores audio.
Use the NCCP system template, or paste one of your own notes and CallNote builds a template with your headings and shorthand. After review you publish the note: sealed with a SHA-256 checksum, append-only amendments, full audit log. There is no native Mercury, Salestrekker or aggregator CRM integration, so notes go on file by PDF, copy and paste, or Zapier where your system supports it. Data is hosted in Sydney. Solo is $149 a month, Team $99 per seat a month. Comparing tools? See the best file note software for mortgage brokers.
Common questions
How long do mortgage brokers have to keep records in Australia?
At least seven years. Under NCCP Act s 120 a client can ask for a copy of the preliminary assessment within seven years of the credit assistance quote. ASIC's RG 273.168 says best interests records may need to be kept longer depending on the loan term, any interest-only period and refinancing.
Does the NCCP Act say exactly which records a broker must keep?
Only partly. The Act requires the preliminary assessment to be available on request (s 120) and financial records kept for seven years (ss 88 and 95). A standard licence condition, noted at RG 209.255, requires a record of all material behind the assessment. The detailed list comes from ASIC guidance: RG 209 Section D and RG 273.162 to 273.172.
What records does RG 273 expect for the best interests duty?
RG 273.165 lists the responsible lending assessment, the credit guide, information sent to the lender, application outcomes, relevant client conversations, evidence you acted in their best interests, options and recommendation with reasons, and any conflicts and how you prioritised the client.
Do I need to keep files for loans that did not settle?
Yes. RG 209.264 says that if you provided credit assistance, a later decision by the client or the lender not to proceed does not remove your obligation to give a copy of the preliminary assessment on request. Keep those files with the same completeness and for the same period.
How quickly must a broker provide a copy of the preliminary assessment?
Under s 120 of the NCCP Act, within 7 business days if the request is made within two years of the credit quote, and within 21 business days if it is made later, up to seven years after the quote. It must be free of charge.
Can I delete client files after seven years?
Not automatically. Check your licensee's policy, any open complaint and the loan's history first. AFCA can generally hear a complaint up to six years after the client became aware of their loss, which can fall after year seven. Where the Privacy Act applies, APP 11.2 requires you to destroy or de-identify information you no longer need, so keep a written, reasoned retention policy.