Vary your credit licence

You need to apply to ASIC to vary your credit licence. Do this if the nature of your business changes or you want to change a condition on your licence. You can vary your licence on the credit licensee and representative portal.

When to vary your licence

If you want to change the nature of your business, you might need to apply to ASIC to vary the authorisation on your licence. This means the credit activities that you are allowed to engage in will change.

For an explanation of the different authorisations and the activities they cover, see:

Regulatory Guide 204 Applying for and varying a credit licence (RG 204)

Some licences have an extra requirement – or condition – attached to them. One example is the key person condition. If you want to change a condition on your licence, you need to apply to ASIC to vary the condition on your licence.

You can check your current authorisations and conditions on the credit licensee register using the ASIC professional registers search.

If you want to change details like your address or your licence name, you need to change your credit licence details or name.

Before you apply

Before you apply for a variation, you need to:

decide if you want to vary an authorisation or a condition, or both
prepare the information relevant to your variation.

You will be asked similar questions to those in your original licence application. The application will be pre-filled with information you have previously provided. You only need to prepare information that is new or has changed.

Prepare information to vary an authorisation on your credit licence

If you want to vary an authorisation on your licence, you need to prepare information about:

your new business
any new, or changes to existing, fit and proper people
any new responsible managers
your new arrangements and systems for compliance.

For details about what information to prepare, see Apply for a credit licence.

Prepare information to vary a condition on your credit licence

If you want to vary a condition on your licence, you need to prepare details of how and why the condition should change. You can change more than one condition in the same application.

If the fit and proper people on the licence will change as a result of a condition changing, you also need to prepare information about:

any new, or changes to existing, fit and proper people
any new responsible managers.

For details about what information to prepare, see Apply for a credit licence.

Notify ASIC when changing or removing a key person

If your credit licence includes a key person condition and that person has left your business, you need to notify ASIC before you apply for a variation. Do this within 5 business days of the key person leaving.

Make sure you:

name the key person who has left, or is leaving, your business
name the responsible managers that you want to rely on instead
explain why you need to change your key person
explain why ASIC should allow the change.

You should provide information about:

what knowledge and skills the responsible managers have
how each responsible manager is a fit and proper person you can rely on to show competency in the credit activities you engage in.

Send your notice by email to licensing.credit@asic.gov.au.

Send your notice by to:

ASIC Licensing
GPO Box 9827
Melbourne VIC 3001

After you send your notice, start preparing information for your application.

Steps to apply for a variation

Sign up for the portal

You will need to sign up for online access to the credit licensee and representative portal if you haven’t already.

Decide who will apply

The application must be submitted by:

if the applicant is a natural person – that person
if the applicant is a corporation – a director of that corporation, or
a lodging agent on behalf of the applicant.

If a lodging agent is applying on your behalf, you need to authorise them to do so.

Start your application

Use the following form:

Form CL03 Vary authorisations or conditions of an Australian credit licence (Form CL03)

You will need your licence number, username and password.

Review the pre-filled information and update as appropriate for your variation.

Review and submit your application

Before you select the ‘Submit’ button, review your application. Check that it is correct and complete. You cannot change or withdraw your application after you submit it.

Pay the fee

There is a fee to apply for a variation.

See the ‘Specified fees’ in Schedule 1 to the Schedules of credit fees.

After you submit your application, your credit licence fee and payment instructions will show on the screen. You can save a copy as a PDF.

If you pay by cheque, let us know by emailing licensing.credit@asic.gov.au.

Provide your supporting documents

Shortly after you submit your application online, we will send you instructions to securely submit your supporting documents via the ASIC MOVEit portal. You must provide the documents within 2 days of receiving these instructions.

Depending on your application, your supporting documents may include:

information about any new or changing fit and proper people and responsible managers, including statements of personal information and criminal history checks (no more than 12 months old)
copies of qualification certificates for your responsible managers
your summary business description.

After you apply

An ASIC staff member will contact you after we receive your application, supporting documents and payment. They will let you know if we need more information.

We will not start assessing your application until you send your supporting documents.

We may refuse your variation application if we think:

you are unable to engage in the credit activities you have asked to be authorised for, or
your request to change a condition is not appropriate.

If we think there are reasons to refuse your application, we will send you a letter explaining our concerns.

If we refuse your variation application, your current credit licence will still be valid.