We operate as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (FSP286965)
There are no conditions attached to this licence on the advice that may be given.
Our Advice And Product Providers
We provide advice to our clients about home loan products.
We only provide advice about products from certain providers, these are: ANZ Bank, ASB Bank, BNZ Bank, Co-op Bank, SBS Bank, TSB Bank, Westpac, ASAP Finance, Avanti Finance, Basecorp Finance, Cressida Capital, DBR, General Finance, FMT, Liberty Financial, Resimac, Select, Southern Cross Finance, AIA (Sovereign).
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 component. We also receive a ﬁxed rate roll over fee from some product providers if we assist in refixing 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 a personalised Disclosure Guide which will be provided to you during the advice process.
Fees And Expenses
Generally, we don’t 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 commission from the applicable product provider as described above. There are two exceptions to this general position which are explained below.
We may charge you a one-off fee in the following situations:
(a) No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. 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.
From experience we know that the average amount of time spent providing advice, administering submitting and negotiating loan applications is around 12 hours. We charge an hourly rate of $250 including GST which means a typical fee is circa $3000.
(b) Repayment of commission: If a product or service provider requires that we repay commission within 27 months of settlement of your mortgage. This is known as ‘commission clawback’ and typically occurs where a loan product is refinanced soon after it was initially settled. Any such fee would be no more than $3000 including GST and will not exceed the amount of commission clawed back from the lender.
The above cost recovery only applies if Hastie Mortgages is not given the opportunity to arrange the refinance.
There will be no fee payable if:
- Hastie mortgages was given the opportunity, but was unable to get a subsequent finance approval
- An upfront fee was agreed and paid by the Client when the mortgage was originally drawn and no
commission was received.
- In the opinion of Hastie Mortgages, the early repayment of the mortgage was driven by an exceptional change of circumstance for the Client
Should we need to charge you a fee, you will be invoiced and will be given 14 days to make payment.
Conﬂicts Of Interest
If there are any conﬂicts of interest apart from commission that could potentially inﬂuence the advice that we give, these will be shown in your Financial Adviser’s Disclosure Guide
We are always looking for ways to improve our service to you. If something has gone wrong,
we want to know.
Please send an email to Campbell @hastiemortgages.co.nz and tell us what has happened and how we can resolve matters. If you have any documents or correspondence that will help us understand
your complaint, please attach them to the email.
When we receive your complaint, we will:
- acknowledge your complaint within 1-2 working days
- gather and evaluate information about your complaint
- respond to you within 10 working days.
If we cannot agree on how to resolve the complaint, you can contact Financial Services
Complaints Limited (FSCL). FSCL are an independent, not-for-profit, external dispute
resolution scheme approved by the Minister of Consumer Affairs.
FSCL’s service does not cost you anything and they will help resolve the complaint.
You can contact FSCL:
- by calling 0800 347 257
- by emailing firstname.lastname@example.org
- through FSCL’s website: www.fscl.org.nz
- writing to: FSCL
PO Box 5967
Anyone within our business giving advice is bound by and supports the duties set out in the Financial Markets Conduct Act 2013. These duties are:
– Meet the standards of competence, knowledge, and skill and the standards of ethical behaviour, conduct, and client care set out in the Code of Professional Conduct for Financial Advice Providers.
– Give priority to your interests.
– Exercise care, diligence, and skill.
"If you’re even beginning to dream about buying a house, before you go any further, read Campbell’s e-book, ‘The Bank Said Yes!’ It is a straight forward and incredibly knowledgeable explanation of what to expect when looking for a mortgage, especially your first mortgage. It covers all you will need to know, things you may not have thought about and things you perhaps wanted to ask a bank but were afraid to."
Simon Lempriere, Money Mentalist International Ltd, Auckland, Sept 2017
"I felt Campbell was very efficient in his approach to accessing and attaining a loan for me. I found Campbell to be compassionate, thorough, persistent against all odds and meticulous in his communications throughout the whole process."
"Campbell Hastie provided us with a friendly, prompt and professional service. At each visit he has always come well prepared and presented my husband and I with different scenarios taking into our account our current situation and consideration of our future family plans."
Bronwynne & Jason Eastabrook, Stanmore Bay, Whangaparaoa
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