Mortgages By Sunil - Massey

We are providing our Mortgage Managers disclosure to help you understand how our business operates and to ensure that you have the information that you need for the purposes of selecting a financial adviser that will meet your needs.

In addition to this public information, you will always be provided with a general disclosure when you engage our services, plus a disclosure specific to the advice to you once it is known exactly what the scope of service is, your situation fully understood and therefore the recommendation is complete.

Please feel free to contact us if you need more details or there is anything here that you do not fully understand.

Business Name & Financial Advice Provider (FAP)

We trade as Mortgage Managers but our company is North West Mortgages Limited.

The Financial Advice Provider (FAP) is North West Mortgages Limited.

The Financial Services Provider (FSP) number is 682791

The transitional license for North West Mortgages Limited was issued by the Financial Markets Authority (FMA).

Types Of Financial Services Provided

As the name Mortgage Managers would suggest our prime business is providing residential mortgages within New Zealand.

We do however provide advice on a range of financial products including;

• Residential Lending – both bank and non bank mortgages plus 2nd mortgages
• Commercial Lending – both bank and non bank mortgages plus 2nd mortgages
• Business Lending – business finance can include a range to lending types including overdrafts, revolving credit facilities, vehicle and equipment finance and leasing, debtor facilities and term loans.
• Development Funding – both bank and non bank lending
• Insurances – both personal and general insurances
• KiwiSaver – discussions and information provided for KiwiSaver
• Investments – discussions and information provided for investments

Commission, Fees & Charges

Our company may receive commissions at settlement from the relevant lender if you choose to take out a mortgage following my advice. The commissions are between 0.45% and 0.88% of the initial mortgage balance or amount funded. Commissions are paid to the company on or after settlement of the loans.
In addition to any commissions received, our company charges fees. These adviser fees mainly apply to applications to non-bank lenders, for personal loans, 2nd mortgages and business finance. These fees are often included in the loan offer and paid to the company by the lender, but may be included in the funds advanced and therefore need to be invoiced by the company and paid on settlement by your solicitor or yourself. These adviser fees are;

• For non-bank mortgage lending the adviser fees are between $2,400 – $6,000
• For personal loans the adviser fees are between $300 – $900
• For 2nd mortgages the adviser fees are between $900 – $3,600
• For other property lending the adviser fees are between $2,400 – $6,000
• For business finance the adviser fees are between $900 – $3,600

For mortgages arranged with banks there is a deferred adviser fee that will be charged if the loan is repaid or refinanced within 24-months as banks have a writeback policy and can writeback the commissions that we have received. The deferred adviser fee is $2,400 and is only charged if the loan is repaid or refinanced and their is commission needed to be paid back to the bank. In these cases will invoice you and the deferred adviser fee is payable within 7-days.

We may also receive 0.15% to 0.30% of the mortgage balance on an ongoing basis, and/or a payment from the lender for refixing or restructuring of the loans. These commissions are paid directly from the bank or lender to the business.

The commissions, fees and charges noted above are available on our website here.

All commissions, fees and charges for your specific application will be adviser in writing by the adviser once known. In most cases any commission or fees received are shared with the adviser and Mortgage Managers for providing the adviser with compliance support, training, and back-office support.

Working With Us & Addressing Concerns

Of course your mortgage adviser will work hard for you, but they also need your assistance to ensure that they can get the best result for you. We want to make it clear how we operate, what we can do for you and what we expect as well. Sometimes you may have a concern and you need to know how to raise these so they can be addressed.

We have a section explaining the best way to work with your adviser here.

If you have any concerns you have four ways to address these;

• Firstly it is always best to make sure that your adviser is aware of any concerns as they can generally resolve them.
• You can raise any concerns with Stuart Wills who is the principal at Mortgage Managers and can look at things.
• If you have a concern and would prefer to speak to someone external then we have contracted an external party whom you can contact. You can contact Vivienne at Docit Limited to discuss your concerns and she will try and help you resolve them. This service will cost you nothing and will help us resolve any complaints.
• If your concerns or complaints cannot be resolved through this process you can then contact our external disputes resolution scheme;:Financial Services Complaints Ltd, PO Bob 5967, Wellington
  Phone: 0800 347257

  This service will also cost you nothing and will help us resolve any complaints.