Disclosure Statement

Mortgage Nature and Scope of Advice

Providers & Advice Type

Providers I work with:

ANZ, ASB, BNZ, Westpac, Kiwibank, ASAP Finance, Avanti, Basecorp, Cooperative Bank, CMFL, Bank of China, Bluestone, China Construction Bank, Cressida Capital, DBR, First Mortgage Trust, Funding Partners, Heartland Bank, Liberty, Pepper Money, Plus Finance, Prospa, Resimac, SBS, AIA Go Home Loans, Pallas Capital and Southern Cross Partners.

We do not provide financial advice services relating to

Legal or estate planning (e.g. wills, trusts, contracts, etc.)

General Insurance advice

Personal Insurance advice

Investment products (e.g. shares, bonds, managed funds, KiwiSaver, etc.)

You will need to consult an appropriate specialist if you would like advice on the above.

Commissions or other incentives

The Mortgage Whānau and KAN will receive commissions from the lenders who provide residential and personal loan products. If you decide to take out a residential or personal loan, then the lender will pay a commission based on the amount of loan settled with that lender/s.

The Mortgage Whānau will receive a commission ranging from 0.55% to 0.85% of the loan amount. We may be paid an annual trail commission from some lenders also.

Conflicts of interest

Our advisers get remunerated by taking drawings from the company.

From time to time, various product providers (described previously) may also reward us and/or KAN for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives. To ensure that our financial advisers prioritize the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s personal goals and circumstances. All our financial advisers undergo annual professional development refresher training about how to manage conflicts of interest. We maintain registers of conflicts of interest, and the gifts and incentives received.

Fees and expenses

In the majority of cases, we do not charge any fee, expense, or other amounts for the financial advice provided to you or for implementing that advice. Our remuneration is paid by the product providers by way of commission. This particularly applies to loans arranged with banks, certain non-bank lenders do not pay commissions so a fee will be charged. There are other circumstances where a fee maybe charged like a complex deal or if the loan size means that the commission that the bank pays us will not cover the time we spend on an application. All and any such fees will be clearly disclosed before you commit to any financial transaction. We will have you sign a separate fee letter in advance agreeing to the terms.

We may charge a fee for the financial advice service provided to a client where a client repays a residential home loan within a defined time (being 24 or 27 months) from the date it is drawn down. This is known as a clawback.

We do not charge you a fee if you decide to take a loan. The lender may pay us a commission if you decide to take up our advice and when your loan settles. However, I may charge you for the financial advice that I provide if you cancel or refinance your mortgage within the first two years after it settles – this is known as a “commission clawback”.

We will use the following formula to calculate the fee: Fee for our financial advice = $3000 for 15 hours of work calculated at $200 per hour. We will invoice you for this fee and it will be payable on the 20th of the month following the clawback request received from the lender. Details of how to make payment will be included on the invoice.

The clawback fee I charge you will not exceed the amount of commission I have repaid the lender. The above cost recovery only applies if TMW is not given the opportunity to arrange the refinance, there will be no fee payable if:

TMW was given the opportunity but was unable to get a subsequent finance approval

An upfront fee was agreed upon and paid by the client when the finance was originally drawn & no commission was received, this would be the case with most short-term loan contracts

In TMW’s opinion, the early repayment of the lending was driven by an exceptional change of circumstance for the client

Reliability History

The Mortgage Whānau have never been subject to a reliability event relating to legal proceedings against the company or the Mortgage Broker, or if the company had been bankrupt in the last few years.

Your next review

Going forward I will contact you 60 days before your next mortgage renews, asking if you would like a meeting to discuss this refix. If your financial position changes or you would like advice relating to your mortgage at any time, please get in touch with me. Please see below my contact details:

Mortgage Broker: Louis Namana

Contact Number: 027 298 0315

Email Address: louis@mortgagewhanau.co.nz

Website: https://mortgagewhanau.co.nz/

Duties

I, Louis Namana, am bound by the duties of the Financial Markets Conduct Act to:

Meet the standards of competence, knowledge, and skill set out in the Code of Conduct; and

Give priority to the client’s interests; and

To exercise care, diligence, and skill in regard to the advice we provide; and

Meet the standards of ethical behavior, conduct, and client care set out in the Code of Conduct.

Complaints disclosure

Complaints

Our internal complaints process

If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can try to fix the problem.

Our internal complaints manager is Louis Namana and his email is louis@mortgagewhanau.co.nz and his phone number is 027 298 0315. Louis Namana will reply to you as quickly as possible and usually within 24 hours.

Our external complaints process

If your complaint cannot be resolved by us, we encourage you to refer your complaint to Financial Services Complaints Limited. This is a free, independent dispute resolution scheme. See fscl.org.nz or call 0800 347 257 for information on the FSCL Scheme. This process may take a number of weeks, as the procedure is overseen by an independent adjudicator.

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