Our Public Disclosure Statement
At New Zealand Mortgages, we believe financial advice should be transparent, straightforward and focused on your best interests.
New Zealand Mortgages is a brand owned by Tama Sefuiva, used to market mortgage services and generate mortgage enquiries.
Tama Sefuiva (FSPR 1007700) is our main financial adviser and contact. Your enquiry may also be referred to another financial adviser at Stewart&Lord Limited (FSPR 666631). Regulated financial advice is provided by your financial adviser on behalf of Stewart&Lord Limited. Stewart&Lord Limited is authorised to provide a financial advice service under the Financial Advice Provider licence issued by the Financial Markets Authority to NZ Financial Services Group Limited (FSPR 286965).
This statement explains who provides your advice, the services available, the lenders and providers we use, how we are paid, our duties to you, and how to raise a complaint. References to “your financial adviser” mean Tama or the other Stewart&Lord Limited adviser handling your enquiry. References to our financial advice services mean advice provided on behalf of Stewart&Lord Limited. Your adviser will explain their advice scope, fees and remuneration arrangements; any terms below identified specifically with Tama describe his arrangements.
Contents
1. Our Financial Advice Provider and licensing information
The following table explains how the New Zealand Mortgages brand and the financial advice providers relate to one another.
Name
Role
FSPR number
New Zealand Mortgages
Brand owned by Tama Sefuiva for marketing mortgage services and generating enquiries
Not applicable to the brand
Tama Sefuiva
Main Financial Adviser and contact, providing regulated advice on behalf of Stewart&Lord Limited
1007700
Stewart&Lord Limited
Financial Advice Provider through which Tama and other advisers handling our enquiries provide advice
666631
NZ Financial Services Group Limited
Financial Advice Provider licence holder
286965
Stewart&Lord Limited, trading as Stewart and Lord, is a member of NZ Financial Services Group Limited and is authorised to provide a financial advice service under its current Financial Advice Provider licence.
Stewart&Lord Limited’s address is 1a Vinegar Lane, Grey Lynn, Auckland 1021, New Zealand. Its website is stewartandlord.co.nz.
Tama and other Stewart&Lord Limited advisers handling our enquiries provide regulated financial advice under these arrangements. Your adviser will be identified to you and will provide the disclosure information relevant to their services.
2. Nature and scope of our financial advice
Your financial adviser can help you choose and apply for a loan that is suitable for your circumstances, needs and objectives from a panel of lenders. The detailed scope below is based on Tama’s Client Disclosure Guide. If another Stewart&Lord Limited adviser handles your enquiry, they will explain their scope and any differences in the services or providers available to you.
Our services include helping you:
Understand your mortgage and lending options.
Compare suitable loan products from our lender panel.
Choose a lender and loan terms suited to your requirements.
Apply for lending and obtain approval, including pre-approval where appropriate.
Consider refinancing or restructuring your home loan.
Maintain your loan, including assistance with fixed-rate renewals.
Financial products we advise on
Tama’s financial advice covers:
Home loans: lending for residential property purchases.
Investment loans: lending for investment property.
Construction loans: lending for construction projects.
Limitations of our advice
Our advice is limited to the loan products and lenders Tama is authorised and accredited to advise on through the lender panel. We do not assess every lender or financial product in the New Zealand market.
Recommendations take account of your circumstances and objectives, the available products, and the relevant lender’s criteria.
Tama does not provide legal or tax advice. Please consult a qualified solicitor or accountant for those matters.
Other services and referrals
Tama may introduce you to third-party providers for services outside the scope of his mortgage advice. These may include insurance, asset finance, KiwiSaver, UK pension transfers, currency exchange and other services.
Tama does not provide advice on the products offered by these referral partners and has not checked whether those products meet your specific needs. You are free to choose another provider or undertake your own research.
If you are interested in KiwiSaver assistance, Tama can explain the relevant providers, the extent of his referral assistance, and any commission or referral fee he may receive. The KiwiSaver service described here is a referral service.
3. Our lenders and product providers
Tama sources loans from a panel of banks and specialist lenders. The Client Disclosure Guide lists the following lending providers:
Provider
Provider
Provider
ANZ
Westpac
BNZ
ASB
Kiwibank
SBS Bank
The Co-operative Bank
Avanti Finance
Liberty Financial Limited
Pepper Money
Unity
PROSPA
ASAP Finance Limited
Cressida Capital
DBR
First Mortgage Trust
Southern Cross
Basecorp Finance
CFML
General Finance
Pallas Capital
BIZCAP
Funding Partners
Finbase
Xceda
Welcome
ScotPac
Lendr
Blossum
Merx
Abcom Finance
The guide also lists Valocity, Akahu and Cotality as third parties used in the lending process. They are shown separately here from the lending providers.
The panel and available products may change. Not every lender or product will be appropriate or available to every client. Tama will explain the options available for your circumstances and the scope of the advice he can provide.
4. Fees and expenses
The fee terms below describe Tama’s arrangements. If your enquiry is handled by another Stewart&Lord Limited adviser, that adviser will explain the fees and terms applicable to their services.
Our advice is generally provided without a direct advice fee
Generally, you will not be charged a fee for Tama’s financial advice because the lender usually pays a commission when your loan settles. Exceptions are explained below. If an exception applies to you, Tama will let you know.
One-off fee where no lender commission is received
If you request financial advice and Tama does not receive a commission from the lender, he may charge a one-off fee.
This may arise where you request services relating to a product offered by a lender with which Tama does not hold accreditation, or a product outside his usual arrangements with approved lenders.
Any such fee will be based on an estimate of the time spent providing the advice. The fee will be agreed and authorised by you in writing before Tama completes the services.
One-off fee where commission must be repaid
If you make certain changes to your loan, the lender may require Tama to repay some or all of the commission received for arranging it. This is called a commission clawback and can be up to 100% of the commission.
If a clawback occurs, Tama may charge you a one-off fee on the following terms:
Term
Details
Changes that trigger a clawback
Your loan is fully or partially repaid, or its terms are materially changed.
Relevant period
The changes occur in the 30-month period following drawdown of your loan.
Amount
Generally no more than $3,000, plus GST if any.
Calculation
$250, plus GST if any, per hour of Tama’s time spent providing advice to you in connection with the applicable loan.
Additional limit
The fee will not exceed the amount of commission that needs to be repaid to the lender.
You will be invoiced for any one-off fee and will be given 30 days to make payment.
Adviser fees charged by lenders and added to the loan
Some lenders charge an adviser fee that is capitalised, meaning it is added to your loan. It is normally calculated as a percentage of the loan at drawdown but can be a flat fee.
These fees are paid by the lender to Tama, either instead of a commission or, for some lenders, in addition to a commission. Tables 1 and 2 in the Client Disclosure Guide set out the maximum rates or fees for the relevant lenders. Tama will explain the fees applicable to your loan during the advice process.
5. Commissions, incentives and conflicts of interest
How your financial adviser is paid
When a loan settles, the lender usually pays a commission in connection with the advice and loan arrangement. Depending on the lender and product, this may include:
Upfront commission: calculated as a percentage of the loan at drawdown.
Ongoing commission: calculated as a percentage of the outstanding loan balance at the relevant time.
Fixed-rate rollover or refix fee: paid by some lenders when your financial adviser assists with refixing your loan.
Commission arrangements vary between lenders, products and advisers. Your financial adviser will explain the arrangements relevant to your recommended loan, including any variations or other commission payments specific to your application. Table 3 in Tama’s Client Disclosure Guide sets out the maximum upfront and ongoing commission percentages and maximum refix fees for his arrangements; another adviser will provide the information applicable to their services.
Commission or referral payments may be paid directly to an adviser or the adviser’s company, shared between advisers, paid to an employer who pays the adviser a salary, or shared with a licence holder to cover its services. Your financial adviser can explain how they are remunerated and any relevant sharing arrangement.
Referral payments and other incentives
Your financial adviser may receive a referral fee or commission if they refer you to a third-party provider and you proceed with its services. This includes referrals for insurance and investment services.
Occasionally, lenders or referral partners may also provide gifts, event tickets or other incentives and rewards. These payments and incentives can create conflicts of interest.
How conflicts of interest are managed
The conflict-management measures described in Tama’s Client Disclosure Guide include:
Following an advice process that identifies your needs and goals and bases recommendations on those needs, regardless of the type or amount of commission or other payment.
Ensuring the amount of any recommended loan reflects your identified needs.
Providing tables showing commission rates and types by lender.
Undertaking regular training on managing conflicts of interest.
Your financial adviser must give priority to your interests when providing financial advice and will explain any material conflicts and how they manage them.
Tama’s Kōura KiwiSaver referral arrangement
Tama will be paid a fee if he facilitates or refers you to Kōura Wealth Limited and you join the Kōura KiwiSaver Scheme.
NZ Financial Services Group Limited holds a partial ownership interest in Kōura Wealth Limited and benefits from growth in the Kōura KiwiSaver Scheme. This creates a potential conflict of interest in referrals to that scheme.
You are under no obligation to use Kōura or any other provider to which you are referred. Your financial adviser will explain any referral arrangement or payment that applies to their services.
6. Our legal duties to you
Your financial adviser and Stewart&Lord Limited must meet the duties that apply to their regulated financial advice services under the Financial Markets Conduct Act 2013 and the Code of Professional Conduct for Financial Advice Services.
When providing regulated financial advice, these duties include:
Competence, knowledge and skill: meeting the standards set out in the Code.
Priority to your interests: giving priority to your interests when providing financial advice.
Care, diligence and skill: exercising care, diligence and skill in providing advice.
Ethical behaviour and client care: meeting the Code’s standards of ethical behaviour, conduct and client care.
7. Complaints and dispute resolution
If you have a concern or complaint about financial advice or service received through New Zealand Mortgages, please contact your financial adviser or Tama using the details below. The internal process below is the process set out in Tama’s Client Disclosure Guide.
How to make a complaint
Tama Sefuiva - Financial Adviser
Phone: 027 826 2733
Email: [email protected]
When emailing, please use the subject line Complaint - Your Name. Describe your complaint and the resolution you are seeking.
Internal complaints process
When Tama receives your complaint, he will:
Aim to acknowledge receipt within 24 hours.
Record the complaint in the Complaints Register.
Review the circumstances and work with you to resolve it.
Arrange a meeting or seek further information where needed to understand the issues.
Aim to provide an answer within seven working days of receiving your complaint.
If a satisfactory resolution cannot be agreed, you can refer the complaint to the independent external dispute resolution service below.
Independent dispute resolution
Financial Services Complaints Limited (FSCL) - A Financial Ombudsman Service
Phone: 0800 347 257
Email: [email protected]
Website: www.fscl.org.nz
Postal address: PO Box 5967, Wellington 6140, New Zealand
FSCL is independent and its service is free of charge to consumers. It can assist with resolving your complaint if you are dissatisfied with the outcome of the internal complaints process.
8. Contact information
Please contact Tama if you have questions about the advice services, licensing arrangements or this Public Disclosure Statement.
Main Financial Adviser and contact
Tama Sefuiva
FSPR number: 1007700
Phone: 027 826 2733
Email: [email protected]
Address: 1a Vinegar Lane, Grey Lynn, Auckland 1021, New Zealand
Financial Advice Provider
Stewart&Lord Limited, trading as Stewart and Lord
FSPR number: 666631
Phone: 027 826 2733
Email: [email protected]
Address: 1a Vinegar Lane, Grey Lynn, Auckland 1021, New Zealand
Website: stewartandlord.co.nz
Financial Advice Provider licence holder
NZ Financial Services Group Limited
FSPR number: 286965
Further disclosure information
Your financial adviser will provide the disclosure information relevant to their services. Tama’s Client Disclosure Guide contains further information about his advice services, fees and remuneration arrangements, including the lender fee and commission tables. Please contact Tama for a copy. This disclosure information is also available in hard copy on request.