Important Information

Important Information

HY Mortgages Ltd Publicly Available Disclosure

HY Mortgages Limited (HY Mortgages)

www.hymortgages.co.nz

This document sets out the information that HY Mortgages is required to make publicly available in accordance with the Financial Markets Conduct Regulations 2014.

Licensing Information

HY Mortgages Limited (FSP 1007519) ("HY Mortgages", "We", "us" and "our") holds a license issued by the Financial Markets Authority to provide financial advice.

Nature and Scope of Financial Advice Services

Our financial advisers are engaged by us directly on our financial advice provider license, to provide financial advice on our behalf.

The financial advice service our financial advisers provide is limited to the following products.

  • Mortgages (Residential and Commercial)
  • Business Loans and Equity Release/Cashflow Loans
  • Development and Construction Funding
  • Fixed Rate rollovers

We hold accreditations and can provide advice in relation to products provided by the following companies:

ANZ, ASB, BNZ, Westpac, Kiwibank, TSB, SBS, FMT, Liberty Financial, Pepper Money, Co-operative Bank, ICBC, BOC, CCB, Southern Cross, Basecorp, ASL Mortgages, ASAP Finance, Vincent Capital, CML, Heartland Bank, Avanti Finance, Cressida Capital, Pallas Capital, DBR, Oxford Finance.

Please note we do not advise on any Insurance and Investment products.

Our Duties and obligations to you

HY Mortgages and any person giving advice on behalf of HY Mortgages is bound by the duties in sections 431I, 431K, 431L, and 431M of the Financial Markets Act to

  • meet the standards of competence, knowledge, and skill set out in the code of conduct; and
  • give priority to the client's interests; and
  • exercise care, diligence, and skill; and
  • meet the standards of ethical behaviour, conduct, and client care set out in the code of conduct.

Fees and Expenses

  • HY Mortgages financial advisers receive commission from some of the lenders we can provide advice for. If you proceed to implement lending with the lender recommended to you, the lender will pay a commission to our financial adviser. The amount of commission is based on the amount of the lending. Specific commission details will be advised to you when advice is provided.

  • If commission is paid by the lender, and you make certain changes to your loan within the first 28 months period following drawdown, the lender can require HY Mortgages to repay a percentage of the commission that they had paid us, this is known as "Commission Clawback". In this case HY Mortgages will ask you to repay the commission clawback amount back. The Clawback period varies between lenders, when we can advice you on this, we will provide you with the specific details and timeframe around clawback period. This clawback period will also be clearly documented in our Statement of Advice document.

  • If you request that I provide financial advice and I do not receive a commission from the lender, often the case for Business/Commercial lending, or Non-Bank lenders, I will charge you an one-off upfront fee. Any such fee would be agreed by you in writing and clearly documented in our Terms of Engagement document. As this fee is paid by you, "Commission Clawback" does not apply.

  • If HY Mortgages provided advice and/or organised an approval under the agreed terms as documented in our Terms of Engagement document, and you decide not to proceed with the advice or the mortgage, we may charge you a fee of $250 (plus GST) per hour for our time spent providing financial advice and securing the necessary approvals. Any such fee would be no more than $3000 (plus GST), calculated on an average of 12 hours on advice, negotiation, and administration to complete your loan application.

Conflicts Of Interest

At HY Mortgages Ltd, we are committed to transparency and integrity in our advisory process. 

To ensure we priorities your interests above our own, and to avoid conflicts of interests, we follow an approved six steps advice process that ensures our recommendations meets the goals and objectives of each client. All our financial advisers undergo annual training on how to manage Conflicts of Interest. HY Mortgages maintain registers of conflicts of interests, and the gifts and incentives we receive.

Complaints & Dispute Resolution Process

If you are not satisfied with our financial advice you can make a complaint by emailing info@hymortgages.co.nz , or by calling 021 911 314.

When we receive a complaint, we will consider it following our internal complaints process:

  • We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
  • We aim to resolve complaints within 10 working days of receiving them. If we can't, we will contact you within that time to let you know that we need more time to consider your complaint.
  • We will contact you by phone or email to let you know whether we can resolve your complaint and how they propose to do so.

If we cannot agree on how to fix the issue, or if you decide not to use our internal complaints scheme, you can contact our external disputes resolution scheme - Financial Service Complaints Ltd. They provide a free and independent dispute resolution service that may help to investigate or resolve your complaint if we haven't been able to do so to your satisfaction.

Clients can contact FSCL by emailing complaints@fscl.org.nz or by calling: 0800 347 257. They can also write to FSLC at: PO Box 5967, Wellington 6140.

Contact Details

HY Mortgages Limited (FSP 1007519) 

You can contact us at:

Phone: 021 911 314

Email: info@hymortgages.co.nz