Commissions and Fees

I generally provide financial advice without charging you fees. This is possible because most mainstream banks, KiwiSaver providers, and some non-bank lenders pay me commissions when your loan settles or I’m looking after your Kiwisaver.

Basic types of commissions I might receive from lenders

• Upfront commission: 0.40% - 0.85% of the loan amount paid when your loan is drawn down

• Ongoing (trail) commission: 0.10% - 0.20% of your outstanding loan balance, or up to 0.50% of your Kiwisaver balance

When Fees May Apply

In some circumstances, I'll need to charge a fee for my services. I'll always discuss this with you upfront and confirm in writing before proceeding with chargeable services. This might happen when:

• I obtain finance approval for you but you decide not to go ahead with the lending. Depending on how much time I have spent obtaining the approval, your fee can be up to $2500+GST.

• You engage me to obtain finance and then go to another broker or direct to a lender.  Depending on how much time I have spent on your finance application, your fee can be up to $2500+GST.

• Arranging finance with lenders who don't pay commissions.

• Completing restructures of current lending where no commission is paid.

• Processing small top-ups (less than $100,000 of new lending).

• You return for advice and further time with me after our initial consultation (which is free of charge) that doesn’t result in any lending. This will be charged at $250+GST/hour

• Your finance is declined or significant extra work is required on my part because you failed to disclose critical information.

Commission Clawback Policy

If your mortgage is repaid within 36 months of settlement, I must repay some of my upfront commission back to the lender. In this case, I may ask you to reimburse me up to a maximum of $3,750+GST to cover the service already provided. I'll calculate the amount based on the number of hours I have worked on your finance, at $250 an hour plus GST.

No clawback fee applies if:

• I was given the opportunity but couldn't arrange refinancing

• You paid an upfront fee when the lending was originally arranged

Payment of clawback and associated fees

·      Payment for clawback fees is due within 7 days of invoicing.

OTHER COSTS (SUCH AS LEGAL FEES, VALUATION FEES)

Where other costs such as legal, valuation, and accountant fees are incurred in the process of providing our advice and services to you, you will be liable for these costs.