Here is some key information to help you better understand the type of advice we can offer, so you can make an informed and confident choice when engaging Rocket Mortgages.
We operate as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (FSP286965).
Nature and scope of advice
We will help you choose and apply for a loan that is suitable for your purpose from a panel of lenders (detailed below). Once we have chosen a lender and loan terms that are suitable for you, we will help you to obtain an approval.
We source loans from a panel of lenders. The current lenders we can use are:
Fees and expenses
Generally we won’t charge you any fees for the financial advice we provide to you. This is possible because, on settlement of a loan, we usually receive commission from the lender. Any exceptions to this general position are explained below. If these exceptions will apply to you, we will let you know.
We may charge you a one-off fee if the following occurs:
When we don’t receive commission from the lender: If you request that we 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.
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 $2,500 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of my 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.
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.
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 set out when you engage our services. 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 our advice process.
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 table below showing commission rates and types by lender
- Undertaking regular training on how to manage conflicts of interest.
If you have a complaint about our financial advice or the service we gave you, you need to tell us about it. You can contact our internal complaints service by phoning us on 09 392 2278 or emailing us at email@example.com using the heading Complaint – (Your Name).
Please set out the nature of your complaint, and the resolution you are seeking. We aim to acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and will work with you to resolve your complaint. We may want to meet with you to better understand your issues. We aim to 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 external 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
0800 347 257
We are bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are to:
- Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code).
- Give priority to my client’s interests.
- Exercise care, diligence, and skill.
- Meet the standards of ethical behaviour, conduct, and client care set out in the Code.