Important Information
Important Information about MortgageDesign
At MortgageDesign, we are here to provide transparent and reliable financial advice. Mortgage Design Limited is a Licensed Financial Advice Provider authorised by the Financial Markets Authority (FMA) to provide financial advice services. Mortgage Design Limited (FSP752291) holds a Financial Advice Provider (FAP) licence issued by the FMA.
Our office contact details
Nature & Scope of financial advice services
Our Services
- Debt management (including borrowing for personal and investment purposes)
Products we can provide financial advice about:
- Home Loans
- Investment Loans
- Construction Loans
- KiwiSaver Investments
- Managed Investments
- ANZ
- ASB
- BNZ
- Westpac
- Kiwibank
- ASAP Finance
- Avanti Finance
- Liberty
- SBS
- TSB
- Co-operative Bank
- Bank of China
- Heartland Bank
- Pepper Money
- Resimac
- Basecorp
- Southern Cross Partners
- Cressida Capital
- DBR
- First Mortgage Trust
- Funding Partners
- HSBC
- NZCU
- Plus Finance
- Prospa
- NZ Funds
- Booster
- Miford Assets
- Generate
- Tower – Fire & General
- XE Money
In some cases, we may receive a referral fee or commission for connecting you with our referral partners. We will explain how this fee or commission is calculated before moving forward.
Our fees
The fees for our advice and services depend on the nature and scope of what we provide. We will always discuss and agree on fees with you before beginning any work and clearly explain how payments are made.
The following section outlines the types of fees that may apply:
The fees charged for our advice and services may be based on a combination of:
- A set dollar amount; OR
- a percentage – based fee.
Our agreed advice and service fees may include charges for:
- Initial advice ongoing; OR
- annual advice and services.
Other Costs
If additional costs arise while providing advice, we will confirm these with you beforehand. We do not charge clients directly for the financial advice itself unless agreed otherwise.
Commissions
On settlement of a loan, I usually receive commission from the applicable lender.
The commission is generally of an upfront nature but may also include a trail commission.
I may also receive a fixed rate roll over fee from the applicable lender if I assist in refixing your loan.
I may also receive a referral fee or commission payment if I refer you to our referral partners listed above. I will give you more information about how that referral fee or commission is calculated, before proceeding.
Upfront commission – a percentage of the value of your loan balance. This ranges between 0.55% and 0.85% commission; and Trail commission – a percentage of the value of your outstanding loan amount, usually calculated at the end of each month in which you hold the loan. This ranges between 0.15% and 0.20% commission; and
Refix fee – Some providers pay a fixed rate of $150 if I assist you in re-fixing your loan/loans.
When I have to repay commission to the lender – In the event that, in the 28 month period following drawdown of your loan, your loan is fully or partially repaid or the terms materially changed, and a lender requires that I repay the applicable commission to them, we may charge you a one-off fee. Any such fee would be no more than $3,500 (plus GST, if any) and would be calculated based on a rate of $300 (plus GST, if any) 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.
Should you choose to use our services and then decide to go directly to any lender or use another adviser, then you shall remain liable for the time involved at the hourly rate. Any collection costs, interest or late payment fees and charges applicable, will be payable by you.
*Financial Advisers – All our Financial Advisers are paid a flat rate commission or a base salary (or both) to ensure they seek the best product and lender for the client.
Managing Conflicts of Interest
We place our clients’ interests first, though we maintain professional relationships with product providers. From time to time, providers may support conferences or training for our advisers.
To manage conflicts of interest, we:
- Follow a clear advice process based on your goals and circumstances
- Recommend products that suit your needs, regardless of commission received
- Provide annual training on managing conflicts
- Maintain registers for conflicts, gifts, and incentives, monitored regularly
- Undergo annual independent Compliance Assurance Reviews
Our Duties and Obligations
As a licensed provider, we are bound by the Financial Markets Conduct Act 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 behavior, conduct, and client care set out in the Code of Conduct
Complaints Process
Internal Complaints
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 Clayton D’Lima who can be reached via email at complaints@mortgagedesign.co.nz or 021 175 9559. Clayton will reply to you within 24 – 48 hours.
Our internal complaints handling process is as follows:
- Acknowledge your complaint
- Review the information
- Try to come to a resolution
External Complaints
If a resolution is not reached internally, or you prefer, you can contact Financial Services Complaints Limited (FSCL) at no cost: