DISCLOSURE GUIDE
Here is some key information you need to know to help you understand what type of advice I can give you, so that you can make an informed and confident choice when engaging me.
Details about me and my Financial Advice Provider
I am a Financial Adviser. I give advice on behalf of a Financial Advice Provider. My details are set out below.
Full Name: Martin Eagle
FSPR Number: 1011150
Phone: 027 526 0007
Email: martin@mortgagegroup.co.nz
My Financial Advice Provider below is authorized to operate under the license held by NZ Financial Services Group
Name of Financial Advice Provider:
Mortgage Group Limited Trading as: Mortgage Group
FSPR Number: 1011149
Phone: 0275 260 007
Email: martin@mortgagegroup.co.nz
Licensing Information
We operate under a current license issued by the Financial Markets Authority in the name of NZ Financial Services Group. FSPR Number: 286965.
Nature and scope of advice
The information below will help you understand what type of advice will be provided.
Our duties
I am bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are:
Meet the standards of competence, knowledge, and skill set out in the code of conduct.
Give priority to the client’s interests. Exercise care, diligence, and skill.
Meet the standards of ethical behaviour, conduct, and client care set out in the code of conduct.
Services I provide
I will help you choose a loan that is suitable for your purpose from a panel of lenders (see below). Once I have chosen a lender and loan terms that are suitable for you, I will help you to obtain an approval.
Banks and lenders I use
I source loans from a panel of approved lenders. The current lenders I can use are below with associated commissions payable also below…
ANZ ASB, Basecorp Finance, Cressida, Heartland Bank, Westpac, ASAP Finance Limited DBR, Liberty Financial, BNZ, Avanti Finance, First Mortgage Trust NZCU, SBS Bank, SELECT, Southern Cross, Sovereign, The Co-operative Bank, TSB, Kiwibank.
Commission
On settlement of a loan, we usually receive commission from the applicable product provider. The commission is generally of an upfront nature which can range between 0.55% to 0.90% of the mortgage loan value, but may also include a renewal or trail commission which is 0.15% to 0.20% of the mortgage loan value amount each year. We also receive a fixed rate roll over fee from some product providers if we assist in refinancing your loan.
This commission is used to remunerate the financial adviser that provides the advice, and to pay the expenses associated with running our business including any rent, staff costs and IT resources. From this commission we also pay NZ Financial Services Group Limited for services they provide to us in connection with our authorisation under their licence from the Financial Markets Authority.
We take steps to ensure that the receipt of commissions does not influence the advice we give to you and that our advisers prioritise your interests by recommending the best product for your purpose regardless of the type and amount of commission we or they may receive.
We do this by:
Ensuring our advisers follow an advice process that ensures they understand your needs and goals and that their recommendations on insurance cover meets those needs and goals.
Ensuring our advisers receive regular training on how to manage conflicts of interest.
Providing you with a schedule showing commission amounts and types by product provider. This schedule is contained within each Financial Adviser’s personalised Disclosure Guide. A Financial Adviser
Products I provide
The types of financial advice products I can give advice on are:
Home Loans
Investment Loans
Construction Loans
I am unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this. Any advice I give in relation to KiwiSaver withdrawal for a first home purchase is limited to information on what can be withdrawn and the process for this and does not extend to whether this is in your best interests. Please consult an investment adviser for advice on retirement savings.
Fees and expenses
Generally, I will not charge you any fees for the financial advice I provide to you. This is possible because, on settlement of a loan, I usually receive commission from the lender. Any exceptions to this general position are explained below.
I may charge you a one-off fee if the following occurs:
When I do not receive commission from the lender: If you request that I provide financial advice and I do not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and authorized by you in writing before I complete the services and would be based on an estimate of the time spent providing the advice.
(This may arise in the rare event that you request that I provide services in relation to either a product that is offered by a lender that I do not hold an accreditation with, or a product that is outside my usual arrangements with my product providers).
When I must repay commission to the lender: If a lender requires that I repay commission within 28 months of settlement of your loan, we may charge you a one-off fee. Any such fee would be no more than $3000 (plus GST) and would be calculated based on a rate of $300 (plus GST) per hour of my time spent providing financial advice to you in connection with the applicable loan. The fee I charge you will not exceed the amount of commission I have to repay to the lender.
You will be invoiced for any one-off fee and will be given 5 days to make payment.
Conflicts of Interest.
On settlement of a mortgage, I usually receive commission from the applicable product provider. The commission is generally of an upfront nature but may also include a trail commission. I also receive a fixed rate roll over fee from some product providers if I assist in refixing your loan.
We manage these conflicts of interest by:
Always recommending the best product for your purpose regardless of the type and amount of commission I will receive.
Ensuring the amount of any loan is in accordance with your identified needs.
The commission I receive on loans is calculated as a percentage of the loan.
As soon as I know the type of loan and amount, we are putting in place, and that it has been accepted by the lender, I will let you know the amount and frequency of the commission received.
Privacy policy & security
I will collect personal information in accordance with my Privacy Policy. I regard client confidentiality as of paramount importance. I will not disclose any confidential information obtained from or about you to any other person, except in accordance with my Privacy Policy. The platform I use is secure and run-on Amazon Web Services.
Complaints Process
If you have a complaint about my financial advice or service, I gave you, you need to tell me about it. You can contact my internal complaints service by phoning or emailing me using the heading Complaint - (Your Name). Please set out the nature of your complaint, and the resolution you are seeking. I will acknowledge receipt of this within 24 hours. I will then record your complaint in our Complaints Register and will work with you to resolve your complaint. I may want to meet with you to better understand your issues. I will provide an answer to you within 7 working days of receiving your complaint. If we cannot agree on a resolution you can refer your complaint to our external dispute resolution service. This service is independent and will cost you nothing and will assist us to resolve things with you. Details of this service are:
Financial Services Complaints Limited complaints@fscl.org.nz
Availability of Information
This information can be provided in hardcopy upon your request.