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Privacy Policy - Mortgage Minds

Important information about our business

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Mortgage Minds Limited holds a Financial Advice Provider licence issued by the FMA to provide financial advice services. Mortgage Minds Limited Financial Services Provider Number is FSP1008244.

 

Our office contact details:

Address:         1/10 Salford crescent,Flatbush, Auckland 2019
Phone:             +64 2041000010
Email:              Nilesh@mortgageminds.co.nz                      
Website:          www.mortgageminds.co.nz   

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Nature and Scope of financial advice services

 

Our Services

 

  • Investments strategies (strategic asset allocation and investing)                   

  •  KiwiSaver investment strategies and retirement planning                     

                       

Products we can provide financial advice about
 

  • KiwiSaver investments                                  

  • Loans including mortgages, reverse mortgages and deposit bonds                        

 

 

Product providers we might recommend
 

ANZ, ASB, BNZ, Westpac, Kiwibank, ASAP Finance, Avanti, Basecorp, Cooperative Bank, CMFL, Bank of China, Bluestone, China Construction Bank, Cressida Capital, DBR, First Mortgage Trust, Funding Partners, Heartland Bank, Liberty, Pepper Money, Plus Finance, Prospa, Resimac, SBS, AIA Go Home Loans, Pallas Capital and Southern Cross Partners

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Our fees
 

The actual fee charged to you will depend on the nature and scope of the advice or service we provide. We will discuss and agree on the actual fees with you before we proceed and explain how they are payable.

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
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Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs.

However, we will agree on all additional costs with you prior to incurring them; OR We don’t charge our clients fees, expenses or anything else directly for the financial advice we provide.

 

Commissions
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For services in relation to insurance/ investments/ loan products, commissions may be paid by the product provider as follows:                                                   

We may receive commissions at settlement from the relevant lender if you choose to take out a mortgage following my advice. The commissions are between 0.55% and 0.85% of the initial mortgage balance or amount funded. I may/will also receive 0.15% to 0.20% of the mortgage balance on each anniversary.

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Conflicts of interest or other incentives  
                                              

I am paid commissions by lenders when a mortgage settles and in some cases at the mortgage anniversary each year.

I ensure that I prioritise your interests by following an advice process that considers your circumstances and goals. I research suitable products and providers to ensure the advice meets your needs.                                               

I also undergo annual training on how to manage any conflicts of interest and record any conflicts in a register that we review and manage.

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I may receive a referral commission for referring clients to an Insurance Adviser for Insurance products put in place, this can range from 0% to 30% of the initial upfront commission received.      

  

Mortgage Minds is subject to a yearly audit and compliance reviews to ensure we meet our obligations while doing right by our clients.

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How we manage any conflicts of interest

To ensure our advisers prioritise our clients’ interests:

  • We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.

  • All our advisers undergo annual training about how to manage conflicts of interest.

  • We maintain registers of conflicts of interest and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.

  • We undertake an annual independent Compliance Assurance Review.
     

Our duties and obligations to you

We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) 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.

 

Our Internal complaints process

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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 Nileshkumar Patel who can be reached via email at nilesh@mortgageminds.co.nz or +64 2041000010. Nileshkumar Patel will reply to you within 24 hours.

Our internal complaints handling process is as follows:

 

  1. Requesting your complaint in writing

  2. Acknowledging the receipt of your complaint within 2 working days of receiving it.

  3. Investigating your concerns by speaking with all the involved parties and reviewing all the documentation we hold on file.

  4. Providing a formal written response within 28 days of acknowledging your concerns.

 

Our external complaints process
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If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme: Financial Services Complaints Limited (FSCL) – a Financial Ombudsman Service. This service will cost you nothing, and will help us resolve any complaints.
 

You can contact FSCL at:

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Address:                     Level 4, 101 Lambton Quay, Wellington 6011
Phone number:           0800 347 257
Email address:            complaints@fscl.org.nz

 

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