Disclosure

Important information about our business.

Genesis Mortgages holds a Financial Advice Provider license issued by the FMA to provide financial advice services. Genesis Mortgages Limited’s Financial Services Provider Number is FSP1008107.

Our office contact details:

Address:        Unit 7B, 303 Blenheim Road, Riccarton, Christchurch, 8041

‍Phone:             0800 562 083
Email:              Hello@genesismortgages.co.nz

Website:          www.genesismortgages.co.nz

Nature and Scope of Financial Advice Services

Our Services

• Mortgages & Loans
• Residential, business and Commercial loans
• Personal & Risk Insurance  

Products we can provide financial advice about

• Loans including mortgages, reverse mortgages, Home purchasing assistance, Mortgage Refinancing, Construction loan, Investment loans, Commercial Loan, Top-Up
• Personal and group Insurance (life cover, disability,income protection, and trauma)

Product providers we might recommend.

Lenders:

• ASB
• ANZ
• BNZ
• Westpac
• Co-Op
• Kiwi Bank
• SBS
• TSB
• Pepper Money, Asap Finance, Avanti, Basecorp,  Cressida Capital, DBR, First Mortgage Trust, Funding Partners CFML, Heartland Bank Reverse Mortgages, Unity, Plus Finance, Prospa,  Southern Cross Partners

 Insurers:

• AIA

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.

We will not charge you where we receive commission from the lender, I 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 0.2% of the mortgage balance on each anniversary. The commission I receive is shared with Genesis Mortgages Limited for providing me with compliance support, training, and back-office support.

I/We do not charge you a fee if you decide to take a loan.  The lender may pay us a commission if you decide to take up our advice and when your loan settles. However, I may charge you for the financial advice that I provide if you cancel or refinance your mortgage within the first two years after it settles. We will use the following formula to calculate the fee:  

Fee for our financial advice = $3000 for 10 hours of work calculated at $300 per hour 

Or 

We will invoice you for this fee and it will be payable on the 20th of the month following the cancellation of your policies. Details of how to make payment will be included on the invoice.

If you decide not to act on my advice, then I will charge you an hourly fee of $300 for the services performed. This will be based on the time it has taken to prepare my advice. The average charge for this service is $3000 which is calculated at 10 hours x $300 per hour.

Other costs

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

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

Initial Commission

A percentage of thApercentage of the value of your loan balance or insurance premiums; we are paidthis on both lending and insurance events.e value of your Loan amount.

Ongoing Commission

A percentage of the value of your outstanding loan amount or premiums isusually calculated at the end of each month in which you hold the loan or onrenewal of insurance products. This applies to both lending products andinsurance.

Conflicts of interest or other incentives

We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also.

From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training.

How we manage any conflicts of interest

To ensure our advisers priorities 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 client’s interests, 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

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 Khushpreet SIdhu who can be reached via email at Hello@genesismortgages.co.nz or 021562083. We will reply to you within 48 hours.

Our internal complaints handling process is as follows:

1. To lodge a complaint, please email your complaint to Hello@genesismortgages.co.nz
2. We will reply to you within 48 hours.
3. We will aim to resolve your complaint within 10 working days.

Our external complaints process

Financial Services Complaints Limited (FSCL)

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 – FSCL.

This service will cost you nothing and will help us resolve any complaints.

You can contact FSCL at:

Address:  Financial Services Complaints Limited PO Box 5967 Wellington 6140

Phone number: 0800 347 257  

Email address: complaints@fscl.org.nz