Disclosure Statement

Company Name : Aroha Mortgages Limited
FSP Number : 1005143
Name of adviser : Joyce Maureen Ram
FSP Number : 1003025
Phone Number : 0212030040
Email : joyce@arohamortgages.co.nz

Here is some key information you need to know to help you understand what type of advice we are able to provide you, so that you can make an informed and confident decision when engaging with us.

Licensing Information

We operate as a Financial Advice Provider under current licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (FSP286965). Nature & Scope of Financial Advice Services we can provide includes:

  • Home Loans
  • Construction Loans
  • Investment Property Loans
  • Asset Finance Loans
  • Business Loans
  • Commercial Property Loans

Product Providers

We provide financial advice about loan products only from the following product providers:

  • ANZ Bank New Zealand Limited
  • ASB Bank Limited
  • Westpac New Zealand Limited
  • Bank of New Zealand
  • Avanti Finance Limited
  • Basecorp Finance Limited
  • DBR Limited
  • Pepper New Zealand Limited
  • Resimac Financial Securities Limited
  • The Co-operative Bank Limited
  • Cressida Capital One Limited
  • ASAP Finance Limited
  • Liberty Financial Limited
  • First Mortgage Trust
  • Southern Cross Finance Limited
  • Select Home Loans
  • Heartland Bank
  • NZCU
  • SBS Bank

Any financial advice provided will be based on the information of your personal financial situation, therefore it is vital for you to provide a full disclosure of your financial position to the best of your ability.

Commission

On settlement of a loan, we usually receive a commission payment from the applicable product provider.

The commission is generally of an upfront commission payment, but we may also receive an ongoing trail commission payment. The upfront commission is calculated as a percentage of the loan at drawdown and can range from 0.60% – 0.85% depending on the product provider.

A trail commission is calculated as a percentage ranging from 0.15% – 0.20% of the loan outstanding at the relevant time received from some product providers.

We may also receive a fixed rate roll over fee from some product providers if we assist in refixing your loan.

Commission received from the product providers is used to remunerate financial advisor who provides the advice which helps to cover operating expenses associated with our business.

We also pay a monthly fee to NZ Financial Services Group from this commission payment for the services and support they provide us for our authorisation under their licence from the Financial Markets Authority.

Conflicts of interest

We manage the conflict of interest by:

  • Always recommending the best product for your purpose regardless of type and amount of commission we receive.
  • Ensuring the amount of loan is in accordance with your identified needs.
  • Following an advice process that ensures we understand your needs and goals so that we always recommend the best product for you regardless of the type and amount of commission we will receive.
  • Providing you with a schedule showing commission amounts and type by product provider. This schedule is contained within each Financial Adviser’s personalised Disclosure Guide.
  • By undergoing annual training about how to manage conflicts of interest.
  • We maintain register of conflicts and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.

Our duties

We are bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties include:

  • 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.

Fees & Expenses

Generally, we won’t charge you any fees for the financial advice we provide to you. This is possible because, on settlement of a loan, we usually receive commission from the lender. Any exceptions to this general position are explained below.

We may charge you a one-off fee if the following occurs:

  • When we don’t receive commission from the lender: If you request that we provide financial advice and we do not receive a commission from the lender, we may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before we 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 we have to repay commission to the lender: If a lender requires that we repay commission within 28 months of settlement of your loan, we will charge you a one-off fee. Any such fee would be no more than $2,500 (plus GST) and would be calculated based on a rate of $250 (plus GST) per hour of our time spent providing financial advice to you in connection with the applicable loan. The fee we charge you will not exceed the amount of commission we have to repay to the lender. You will be invoiced for any one-off fee and will be given 30 days to make payment

Privacy Policy & Security

We will collect personal information in accordance with our Privacy Policy.

We regard client confidentiality as of paramount importance. We will not disclose any confidential information obtained from or about you to any other person, except in accordance with our Privacy Policy.

Complaints Process

If you have a complaint about our financial advice or service we provided you, it will be preferred if you can discuss it with us firstly.

You can also contact our internal complaints service by phoning us on 0212030040 or emailing us at joyce@arohamortgages.co.nz using the heading Complaint – (Your Name).

Please set out the nature of your complaint, and the resolution you are seeking. We will acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and will work with you to resolve your complaint. We may want to meet with you to better understand your issues. We 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.

Complaints Process

Details of this service are:

Financial Services Complaints Limited (FSCL) Phone: 0800 347 257
Email: complaints@fscl.org.nz OR

Details of this service are:
Insurance & Financial Services Ombudsman Scheme (IFSO)
Phone: 0800 888 202
Email: info@ifso.nz OR

Financial Dispute Resolution Service (FDRS)
Phone: 0508 337 337
Email: enquiries@fdr.org.nz

Phone: 0508 337 337

Download a copy
Scroll to Top