Disclosure Statement

Terms of Engagement for The Mortgage Whānau Mortgage Clients

A few things about who we are and the services we offer:

Who we are…

The Mortgage Whānau are New Zealand owned and operated Mortgage Advisers.

So if you’re a First Home Buyer, Refinancing, or looking to finance Investment Properties, we are the ‘go- to’ company for quick, professional advice, regardless of where you’re based.

Our holistic advice is provided by our team of professional Mortgage Advisers, who are equipped to provide you with expert advice on how much you can borrow and the appropriate mortgage structure for your set of circumstances.

Unbiased Advice…

We offer unbiased advice to Clients in relation to finance for property, across a large number of both Banks and non-Bank Lenders. As part of providing holistic advice, with regard to your insurance needs, we refer you to our professional specialists – ‘Insurance People’ – who can provide you with recommendations from a large panel of insurance providers. They can assess your personal circumstances and financial exposure, whilst reviewing your insurance needs and make recommendations for solutions that will help meet your situation and objectives.

Scope of Service…

Buying a property is a big financial commitment and so we work for you to ensure that you have access to all the important information you may need to be able to make informed decisions about the right structure and provider for your situation and objectives.

We are committed to treating you and all our Clients fairly and to providing the highest standard of service possible. Our scope of service does not end on settlement. Our Advisers are available to help you in the future with any Mortgage queries and aim to keep in regular contact for reviews.

How we get paid…

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 may be 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, we may charge you for the financial advice that we 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 we charge you will not exceed the amount of commission we 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

Reviews…

Our Advisers will review your personal circumstances with you annually, or more frequently, if necessary, to ensure the solution we helped you implement remains appropriate for your needs and objectives.

Privacy Act…

Any information you give us, verbally or in writing, stays secure and confidential. So if you want access from us to any information you have provided, then all you need to do is ask. You have the right to ask us to correct any information we hold on you, if you believe it is incorrect.

The information provided by you will be used by The Mortgage Whānau for the purpose of providing advice to you and may also be used by any Lender or Insurer when referring to them on your behalf, so as to obtain the best recommendations for your finance and or insurance.

We may release information to other professionals, such as solicitors, accountants, finance brokers or financial planners, when such services are required to complement this advice and as required.

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.

Queries?

Should you have any queries relating to the above information, please contact your The Mortgage Whānau Adviser who will be able to help and answer any query you may have.

Email: louis@mortgagewhanau.co.nz

Ready to get started?

GET IN TOUCH