Disclosure

Licensing Information

Awesome Mortgages Limited (FSP 72701) operate as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of Kiwi Adviser Network (FSP 763551) who hold a Transitional Licence issued by the FMA.

There are no conditions attached to this license on the advice that may be given.

Nature and scope of advice

We provide advice to our clients about home loan products.  For example, home loans, investment property loans, bridging loans and construction loans as well as home loan top ups for things like home improvements and vehicle purchases.

We also provide advice about how to navigate the property buying process.

Our providers

We source loans from a panel of approved lenders. Our current providers:

ANZWestpacBNZ
ASBASAP Finance LimitedAvanti Finance
CressidaDBRFirst Mortgage Trust
Heartland BankNZCURESIMAC
SBS BankSELECTSouthern Cross
The Co-operative BankBasecorp FinanceProspa

Commissions

On settlement of a loan, we usually receive commission from the applicable product provider.  The commission is generally of an upfront nature but may also include a renewal or trail commission.

This commission is used to remunerate the financial adviser that provides the advice, and to pay the expenses associated with running our business including administration costs and IT resources. From this commission, we also pay Kiwi Adviser Network 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 mortgage options meets those needs and goals. 
  • Ensuring our advisers receive regular training on how to manage conflicts of interest.

Fees and expenses

Generally, we do not charge you any fee for the advice and transactional solutions that we provide to you. This is possible because, on settlement of a mortgage, we usually receive a commission from the applicable product provider as described above.    However, Awesome Mortgages may charge you a one-off fee in the following situations: 

  • The lender we arrange your lending with does not pay upfront commission.
  • You intend to repay your lending within the next two years.  In this situation the lender will clawback some or all the commission received.

Any such fee will be discussed with you and formally agreed upon with you before being charged.  You will be invoiced and will be given 30 days to make payment.

Conflicts of interest

If there are any conflicts of interest that could potentially influence the advice that we give, these will be shown in your Financial Adviser’s Disclosure Statement.

Our duties and obligations to you

We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to:

  • Meet the standards of competence, knowledge and skill set out in the Code of Conduct
  • Give priority to the clients’ interest and
  • Exercise care, diligence and skill and
  • Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.

Complaints

If you have a concern or complaint about the service or advice you have received, please let your adviser know so they can try to put it right.  If the matter cannot be resolved to your satisfaction this will be escalated to Awesome Mortgages, Complaints Manager, who will respond to you within 2 business days.

If required, we will investigate and document your complaint and within 10 working days or as otherwise agreed, we will provide you with a copy of that investigation and put forward a resolution or recommendation to you in an attempt to resolve the complaint.

If we cannot agree on a resolution, you can refer your complaint to our external dispute resolution service. This is a free and independent service and will assist us to resolve things with you.
Details of this service are:

Financial Services Complaints Limited      
complaints@fscl.org.nz
Ph:   0800 347 257