Lender | Fee |
---|---|
ASAP Finance Limited | 1.00% |
Cressida Capital | 1.00% |
DBR | 1.00% |
First Mortgage Trust | 1.00% |
Heartland Bank | $500 |
Southern Cross | 1.00% |
Basecorp Finance | 1.00% |
CFML | 1.00% |
Here is some key information you need to know to help you understand what type of advice I am able to give you, so that you can make an informed and confident choice when engaging me.
I am a Financial Adviser. I give advice on behalf of a Financial Advice Provider. My details are set out below.
Full Name: Huiling Cao
Address: GB Pensions Building, 2B William Pickering Drive, Rosedale Auckland 0632, New Zealand
Phone: 027 273 6358
Email: tracy@flowealth.co.nz
FSPR Number: 669771
Name of Financial Advice Provider: Flowealth Limited
Trading as: Flowealth Limited
FSPR Number: 775332
Address: 2B William Pickering Drive, Rosedale, Auckland 0632, New Zealand
Phone: 0272736358
Email: tracy@flowealth.co.nz
My Financial Advice Provider is a member of NZ Financial Services Group Limited
My Financial Advice Provider is authorised to provide a financial advice service under a current financial advice provider licence issued by the Financial Markets Authority in the name of: FLOWEALTH LIMITED
FSPR Number: 775332
The information below will help you understand what type of advice I can provide to you.
I source loans from a panel of lenders. The current lenders I can use are:
The types of financial products I can give advice on are:
I can help you with other services through my referral partners to make it easier for you. However I am not able to give advice on the products they offer and I have not checked to see if they can meet your specific needs. You are free to use other providers of your choice or undertake your own research.
I am unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this type of advice.
Generally you won’t be charged any fees for the financial advice I provide to you. This is possible because, on settlement of a loan, the lender usually pays commission to me [which is explained in the commission section of this Disclosure Guide]. Any exceptions to this general position are explained below. If these exceptions will apply to you, I will let you know.
I may charge you a one-off fee if the following occurs:
(a) There’s no commission: If you request that I provide financial advice and I do not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before I 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 approved lenders.
(b) Commission has to be repaid: If you make certain changes to your loan, the lender can require me to repay to them the commission I received for your loan – this is called a ‘clawback’ and can be up to 100% of the commission. If this occurs, I may charge you a one-off fee. Set out below are the circumstances in which this would apply and the fee that would be charged to you.
Changes that trigger a clawback
Relevant time period
Amount & calculation of one-off fee
You will be invoiced for any one-off fee and will be given 30 days to make payment.
Some lenders charge a fee which is capitalised (or added) to the amount of your loan. This fee is normally calculated as a percentage of your loan at drawdown but can be a flat fee. Please see tables 1 & 2 at the back of the guide for further information.
On settlement of a loan, the lender usually provides me with a commission payment.
The commission is generally an upfront commission payment but an ongoing commission payment may also be paid by the lender. The upfront commission is calculated as a percentage of the loan at drawdown. An ongoing commission is calculated as a percentage of the loan outstanding at the relevant time.
I may also receive a fixed rate roll over fee from the lender if I assist in refixing your loan.
The maximum percentage that each lender uses to calculate upfront and ongoing commissions, and the maximum fixed rate roll over fees (refix fees), are set out in the table 3 at the back of this guide. If there are any variations to these percentages or other commission payments that may apply, specific to your loan application, I will disclose this to you as part of my advice process.
I may also receive a referral fee or commission payment if I refer you to our referral partners.
Commission payments or referral fees can be paid in different ways:
I can provide you with more information to explain which option applies to me.
Occasionally I may receive incentives or rewards from lenders or referral partners. For example, lenders may provide us with gifts, tickets to events or other incentives.
I manage the conflicts of interest arising from these commission payments, referral fees or incentives by:
I will collect personal information about you in accordance with my Privacy Policy. I regard client confidentiality as of paramount importance. I will not disclose any confidential information obtained from or about you to any other person, except in accordance with my Privacy Policy. The electronic platform I use to store your personal information is secure and run on Amazon Web Services.
If you have a complaint about my financial advice or the service I gave you, you need to tell me about it. You can contact my internal complaints service by phoning, or emailing me (Subject line: Complaint – Your Name). Please set out the nature of your complaint, and the resolution you are seeking. I aim to acknowledge receipt of this within 24 hours. I will then record your complaint in our Complaints Register and will work with you to resolve your complaint. I may want to meet with you to better understand your issues. I aim to 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. The name of this service and their contact details are:
Financial Dispute Resolution Service
enquiries@fdrs.org.nz
0508 337 337
https://fdrs.org.nz/
Freepost 231075 PO Box 2272 Wellington 6140
I am bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are
to:
The maximum percentage rates, or maximum fee charged for each lender is set out below. This fee is then paid to me by the lender, instead of a commission payment.
Lender | Fee |
---|---|
ASAP Finance Limited | 1.00% |
Cressida Capital | 1.00% |
DBR | 1.00% |
First Mortgage Trust | 1.00% |
Heartland Bank | $500 |
Southern Cross | 1.00% |
Basecorp Finance | 1.00% |
CFML | 1.00% |
The maximum percentage rates, or maximum fee charged for each lender is set out below. This fee may be paid to me by the lender, in addition to a commission payment.
Lender | Fee |
---|---|
Avanti Finance | 1.00% |
RESIMAC | 1.00% |
The maximum percentage and dollar rates for each lender is set out below. This commission payment is then paid to me by the lender.
Lender | Upfront % (maximum) | Ongoing % (maximum) | Refix ($) (maximum) |
---|---|---|---|
ANZ | 0.85% | 0.00% | $150.00 |
Westpac | 0.60% | 0.20% | $0.00 |
BNZ | 0.55% | 0.15% | $0.00 |
ASB | 0.85% | 0.00% | $150.00 |
Avanti Finance | 0.80% | 0.00% | $0.00 |
Unity | 0.50% | $0.00 | $0.00 |
Pepper Money | 0.75% | 0.15% | $0.00 |
RESIMAC | 0.80% | 0.15% | $0.00 |
SBS Bank | 0.85% | 0.00% | $150.00 |
Select Home Loan | 0.60% | 0.15% | $0.00 |
The Co-operative Bank | 0.85% | 0.00% | $150.00 |
Zip Business | 1.00% | 0.00% | $0.00 |
PROSPA | 3.00% | 0.00% | $0.00 |
This information can be provided in hardcopy upon your request.