Licensing information

Plaxo Mortgages Limited (Plaxo Mortgages) is a financial advice provider (FSP 769518) licensed and regulated by the Financial Markets Authority to provide financial advice.

Nature and scope of our advice

The information below will help you understand what type of advice we can provide to you.

Services we provide

Plaxo will help you choose and apply for a loan that is suitable for your purpose from a panel of lenders (set out below). Once we have chosen a lender and loan terms that are suitable for you, we will help you to obtain an approval.

Banks and lenders we use

We source loans from a panel of lenders. The current lenders we can use include

• • ANZ
• • Westpac
• • BNZ
• • ASB
• • ASAP Finance Limited
• • Avanti Finance
• • Cressida Capital DBR
• • First Mortgage
• • Trust Heartland Bank
• • Liberty Financial Limited
• • Unity
• • SBS Bank Select Home Loan
• • Southern Cross
• • The Co-operative Bank
• • Bank of China (New Zealand) Limited
• • China Construction Bank (New Zealand) Limited
• • Basecorp Finance
• • Zip Business
• • CFML

Products we can help you with

The types of financial advice products we can give advice on are:

• • Home Loans
• • Investment Loans
• • Refinance
• • Commercial Loans
• • Car Loans
• • Personal Loans
• • Business Loans
• • Equipment Loans
• • Construction Loans

What else we can offer

we can help you with other services through our referral partners set out below:

• • Tower – F&G
• • Asset Finance
• • UK Pension Transfers
• • XE Money

We are unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this type of advice.

Fees and expenses

Generally, we do not charge you any fees for the financial advice we provide to you. Plaxo Mortgages receives commissions for most loan agreements.  The commission amount generally depends on the loan value and may vary from lender to lender. Typically, we receive an upfront commission is calculated as a percentage of the loan at drawdown. A trail commission is calculated as a percentage of the loan outstanding at the relevant time. We may also receive a fixed rate roll over fee from the applicable lender if we assist in refixing your loan.

One-off fees
we may charge you a one-off fee if the following occurs:

(a) When we don’t receive commission from the lender: If you request that us provide financial advice and we do not receive a commission from the lender, we may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before we 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 we provide services in relation to either a product that is offered by a lender that we do not hold an accreditation with, or a product that is outside our usual arrangements with our approved lenders.

(b) When we have to repay commission to the lender:  In the event that, in the 28-month period following drawdown of your loan, your loan is fully or partially repaid or the terms materially changed, and a lender requires that we repay the applicable commission to them, we may charge you a one-off fee. Any such fee would be no more than $3,000 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of our time spent providing financial advice to you in connection with the applicable loan. The fee we charge you will not exceed the amount of commission we have to repay to the lender. You will be invoiced for any one-off fee and will be given 30 days to make payment.

Commissions & incentives

On settlement of a loan, we usually receive a commission payment from the applicable lender. The commission is generally of an upfront commission payment, but we may also receive an ongoing trail commission payment. The upfront commission is calculated as a percentage of the loan at drawdown. A trail commission is calculated as a percentage of the loan outstanding at the relevant time we may also receive a fixed rate roll over fee from the applicable lender if we assist in refixing your loan.

The maximum percentage that each lender uses to calculate upfront and trail commissions, and the maximum fixed rate roll over fees (refix fees), are from 0.55% to 1%. If there are any variations to these percentages or other commission payments that may apply, specific to your loan application, we will disclose this to you as part of my advice process.

we may also receive a referral fee or commission payment if we refer you to our referral partners, we will give you more information about how that referral fee or commission is calculated, before proceeding.

From time to time, we may receive incentives or rewards from lenders. For example, they may provide us with gifts, tickets to events or other incentives.

We manage the conflicts of interest arising from these commission payments by:

• • Following an advice process that ensures we understand your needs and goals so that we always recommend the best product for you regardless of the type and amount of commission we will receive.
• • Ensuring the amount of any loan is in accordance with your identified needs.
• • Providing you with the commission rates and types by lender
• • Undertaking regular training on how to manage conflicts of interest.

Complaint handling and dispute resolution

If you are not satisfied with our service or financial advice, please tell us as soon as possible.

Call: Yong Zhang
Telephone: 09 916 0116
Email: york@plaxoltd.co.nz
Write to: PO BOX 17163, Greenlane, Auckland, New Zealand

• • When we receive a complaint: We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately.
• • If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint.
• • We aim to resolve complaints within 10 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint.
• • We will contact you by phone, email, or letter to let you know whether we can resolve your complaint and how we propose to do so.

If we cannot agree on how to fix the issue, you can contact our external disputes resolution scheme, Financial Services Complaints Ltd (FSCL).  FSCL provides a free and independent dispute resolution service that may help to resolve your complaint. To contact FSCL

Call:  0800 347 257
Email: complaints@fscl.org.nz
Web: www.fscl.org.nz

Duties information

Plaxo Mortgages and our advisers have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.

We are required to:

• • give priority to your interests.
• • exercise care, diligence, and skill.
• • meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services
• • meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.

Contact details

Plaxo Mortgages Limited (FSP 769518) is the Financial Advice Provider.
Call: 09 916 0116
Email: info@plaxoltd.co.nz
Write to: Level 1, 638 Great South Road, Greenlane, Auckland, New Zealand