As a Licensed Mortgage Adviser - Steve McGowan can only advise on home loans, mortgages, motor vehicle and equipment finance, business and commercial loans. Steve can advise on your fixed interest rates which suit your individual circumstances, loan structure ie. fixed rates, loan splitting and revolving line of credit. Mortgage planning and how to repay your mortgage off quicker.

 

Any advice I give in relation to KiwiSaver withdrawal for a first home purchase is limited to factual information and does not extend to whether or not this is in your best interests to withdraw funds from your KiwiSaver scheme. 

 

We do not advise on personal risk insurance products or general insurance products or KiwiSaver as an investment or investment advice. We will refer you to our professional licensed partners. I am unable to offer legal or tax advice and recommend you consult your Solicitor or Accountant.    

As a Licensed Mortgage Advsier - I am bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are:

- Meet the standards of competence, knowledge and skill set out by the Code of Conduct.

- Give priority to your interests.

- Exercise care, diligence and skill.

- Meet the standards of ethical behaviour, conduct and client care set out in the Code of Conduct.

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I can certify that never have I been;

 - the subject of any claim (for dishonesty, negligence or misrepresentation) under any professional indemnity insurance policy held by me.

- accused or convicted of an offence of dishonesty or any relevant offence under any Act or law applying in New Zealand or overseas, nor been a director of a company so accused or convicted.

- bankrupted, adjudicated bankrupt, nor are an undischarged bankrupt.

- prohibited by law from taking part in the management of a company.

- subject to credit impairment with a Credit Reporting Agency.

- nor any there any proceedings currently being taken against me (or any company of which I am a director) 

We have broker agreements with the following banks and non-bank lenders;

ANZ Bank, ASB Bank, AIA/ASB Go Home Loans, Bank of New Zealand, Westpac New Zealand, SBS Bank, Co-Operative Bank, Heartland Bank, Avanti Finance, Basecorp Finance, Southern Cross Partners, ASAP Finance, General Finance, Resimac Home Loans, Pepper Money, Bluestone Mortgages, Liberty Finance, First Mortgage Trust, Unity Money, Cressida Capital, Prospa plus other private lenders and finance companies.

My services are not free however on settlement of a loan from a main stream bank, I usually receive an upfront commission from the bank of between 0.55% and 0.85% of the loan amount and in some cases an annual service commission of 0.15% to 0.20%.

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I may charge an Adviser Fee, if the following occurs;

- when home loan application has been submitted to multiple banks and with banks declining the application. Once approved our fee will be 0.50% of the loan amount. You will be invoiced for an Adviser Fee to be paid at settlement.   

- when you require a Top Up loan and a full application and supporting documents are required, we have a Top Up Loan Fee of $599 

- when you require an Interest Only loan and a full application and supporting documents are required, we have a Re-Application Fee of $999 

- when a loan is provided by a non-bank lender the Adviser Fee and is generally based from 1.25% to 2.25% of the loan amount.

- a non-bank loan may be required when a loan is; declined by a bank, outside bank lending policy, debt consolidation, commercial property (even through a bank), purchasing a business, residential short-term funding, open or closed bridging finance, development finance, second mortgage finance, low doc loans, you have adverse credit, in mortgage arrears or a pending mortgagee sale, tax arrears or we roll over 'extend' an existing non-bank loan.       

When we settle a loan we are paid a commission from the bank. If some or all of a loan is repaid within 30 months of settlement (the 'Clawback Period'), we have some or all of the original upfront commission clawed back from the bank. To ensure I am fairly compensated for the services originally provided to you, I will seek to recover some or all of this cost from you via a Clawback Recovery Fee.

 

If you are charged a Clawback Recovery Fee it will be no more than the bank recovers from me to the maximum of $4,999. This fee has been calculated on an average of 20 hours* of advice, analysing, negotiation, administration and assessment, completing and submitting your mortgage application with supporting documents to the bank at our hourly rate of $250 (exempt from GST) per hour.

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The Clawback Recovery Fee does not apply to an Adviser Fee. (*subject to change)

 

Examples of when I will charge you a Clawback Recovery Fee;

- the property is refinanced to another bank/lender within the Clawback Period and I was not given the opportunity to arrange the refinance.

- the property is sold within the Clawback Period. 

- some or all the loan is repaid within the Clawback Period.

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You will be invoiced for any Clawback Recovery Fee and will be given 7 days to make payment.

 

The Bank's Cash Contribution
The Cash Contribution (if any) is made on the condition that you keep your home loan with the bank for at least 36 months from the date your home loan is drawn down. Should you repay your home loan within this period you agree to repay the bank a pro-rata portion of the Cash Contribution based on the remaining months within the period. The pro-rata amount will be calculated by the bank and will be an amount you owe at settlement.

Early Loan Repayment Fee
If your loans are on a fixed rate the bank may charge you an early repayment fee or break fee, if you repay all or part of the loan early or discharge the mortgage.       

 

 

 

We manage conflicts of interest by; 

- Always recommending the best financial product for your purpose regardless of the type and amount of commission I will receive.

- Ensuring the amount of any loan is in accordance with your identified needs.

- If there is a potential for a conflict of interest we will fully disclose this to you.

If you have a complaint about my financial advice or service I gave you, you need to tell me about it. You can contact my internal complaints service by phoning, or emailing me using the heading Complaint - (Your Name). Please set out the nature of your complaint, and the resolution you are seeking. I will 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 will 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 eternal dispute resolution service. This service is independent and will cost you nothing and will assist us to resolve things with you. Details of this service are:

 

Financial Services Complaints Limited

complaints@fscl.org.nz

0800 347 257

I will collect personal information 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 another person, except in accordance with my Privacy Policy. 

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Our Disclosure Statement will be available to you when you engage any of our services.