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We also have a number of relationships with Building Inspectors, Property Managers, Building Brokers, Building Companies, Buyers Agents, Financial Advisers, Insurance Advisers, Real Estate Agents and other property related services.
For many of our referral partners we do not receive any commission or referral fees, however in some instances we do receive a referral fee. We will provide you with more details about the referral commissions we are eligible to receive when we make the referral.
Aspire Home Loans and its advisers are bound by the duties of the Financial Markets Conduct Act to:
1. Meet the standards of competence, knowledge and skill set out in the Code of Conduct
2. Give priority to the clients’ interests and
3. To exercise care, diligence, and skill in regard to the advice we provide and
4. Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct
We may charge you a fee if you decide to take a loan, this fee will be disclosed prior to any formal commitment by you.
The lenders may pay us a commission if you decide to take up our advice and when your loan settles. In some situations, the remuneration paid to us by a provider will need to be repaid. This is called a Commission Clawback and occurs in the following scenarios:
Lending Clawback Fee:
• This fee applies if you repay the loan we helped arrange for you within thirty six (36) months from the time of its initial draw down/settlement date. The most common situation where this occurs is when the property is sold and the loan is either partially or fully repaid, or where the loan is refinanced to another lender.
If the lender charges us with a commission clawback, we will charge you a fee to recover the costs of the advice and services we provided to you. The clawback fee will not exceed $3,000 (including GST) and has been calculated on the basis of:
• Twelve (12) hours of advice work at our hourly rate of $217.50 per hour plus GST.
• Negotiations with providers.
• Administration costs to complete and submit your loan/insurance application to the provider and provide the required service and advice.
We will invoice you for this fee and it will be payable on the 20th of the month following the date we receive notification of cancellation of your loans. Details of how to make payment will be included on the invoice
You will not have to pay a Clawback fee if:
• We were unable to obtain a financing approval on your behalf.
• You have paid an upfront agreed fee for the required service.
• In our opinion, the early repayment of the mortgage or insurance cancellation was caused by an exceptional change of circumstances for you, and you communicated this to us as early as you could.
We are paid a commission or a fee by the lenders when a mortgage settles and in some cases on a per annum basis.
We ensure that we prioritize your interests by following an advice process that considers your circumstances and goals. We research suitable products and providers to ensure the advice meets your needs.
We also undergo annual training on how to manage any conflicts of interest and record any conflicts in a register that we review and manage.
Aspire Home Loans Limited is subject to a yearly audit and compliance reviews to ensure we meet our obligations while doing right by our clients.
If you are not satisfied with our service you can make a complaint through the following methods:
• By logging into the Trail client portal and pressing on the “Make a Complaint” button on the bottom right of the page.
• By contacting your adviser directly
• By sending an email to our internal complaints’ manager at complaints@aspirehomeloans.nz
Once we receive a complaint, we follow an internal procedure to ensure we address the issue. Our process will:
• Acknowledge your complaint within 2 working days
• Inform you how we will address the complaint
• Gather any information that will help us resolve the complaint
• Aim to resolve the complaint within 5 working days.
• If we cannot resolve the complaint within this timeframe, we will update you regarding the next steps.
If you are not satisfied with how we addressed or resolved your complaint, you can contact the FSCL. They are an independent dispute resolution service that costs you nothing to use and will help us resolve any disagreements or finalise outstanding complaints. Their contact details are:
complaints@fscl.org.nz
0800 347 257
Financial Services Complaints Limited
PO Box 5967
Wellington 6140
