Link Financial Group Ltd trading as Mortgage Link and Insurance Link is the Financial Advice Provider.
You can contact us at:
Phone: 0800 466 784
Email: firstname.lastname@example.org or email@example.com
Address: 1/1 Antares Place, Rosedale, Auckland
Nature and scope of advice
Mortgage Link Albany’s advisers provide advice about:
- Mortgages and personal lending
- Determining how much you can afford to borrow to purchase a property (within lenders affordability guidelines).
- Selecting an appropriate lender and mortgage structure.
- How to structure your repayments to pay off your mortgage sooner
- Structuring and refixing your current lending.
We provide advice in relation to the following lending products:
- Personal Loans
- Tops ups
- Debt consolidation
- Business loans
We provide advice in relation to products provided by the following companies:
Fees and expenses
Mortgage and lending planning fee
- Mortgage Link Albany advisers are usually remunerated by way of commission, paid by the providers of the loan products we recommend. All banks we work with pay a commission. On occasion, some providers (non-bank lenders) may not pay a commission. In this situation, we will charge a fee for our advice. Maximum fee up to 1% of the loan amount (amount to be agreed prior to obtaining a lending approval. Minimum fee of $2,000). $1,000 of this fee will be payable once we have obtained an offer of lending, even if you choose not to go ahead with the lending. The balance of this fee will be payable once the loan has been drawn down. The fee can usually be added to your loan amount.
- Where a Mortgage Link Albany adviser has obtained an approval from a lender who does pay commission, but you choose to proceed with a loan provided direct from the lender, by another adviser or lender, a fee of $3,000 will be payable as cost recovery for the time spent on obtaining your approval (based on 12 hours of advice, negotiation and administration to complete and submit your loan application, at an hourly rate of $250). This fee is payable within 7 days of you deciding not to proceed with the offer of lending provided by Mortgage Link Albany.
- If you have utilised a mortgage with a lender who pays a commission, and this mortgage is repaid within 28 months of your mortgage settlement, Mortgage Link Albany will have to repay some, or all, of the upfront commission received back to the lender. This is known as "commission clawback". If the lender charges Mortgage Link Albany with a commission clawback, due to early settlement of the mortgage, Mortgage Link Albany will ask you to repay the commission that it has to repay, to a maximum of $3,000, as cost recovery for the service provided. This fee has been calculated on an average of 12 hours of advice, negotiation and administration to complete and submit your loan application, at an hourly rate of $250.
You will not have to pay a fee if:
- Mortgage Link Albany was given the opportunity but was unable to get a subsequent finance approval
- you paid an agreed upfront fee when the mortgage was originally drawn. This is the case with most short-term loan contracts.
- When a Mortgage Link Albany adviser secures an offer of lending in the form of a personal loan, a fee of $300 will be charged. This fee will be payable once we have obtained an offer of lending, even if you choose not to go ahead with the lending.
Conflicts of interest
As stated above, Mortgage Link Albany advisers receive commissions from some of the lenders we can provide recommendations for. If you proceed to implement lending with the lender recommended to you, the lender will pay a commission to Mortgage Link and Insurance Link. In addition, some lenders pay $150 to Mortgage Link and Insurance Link when your Financial Advisor assists you to re-fix your home loan, or they provide a trail commission of 0.15%-0.20% of the outstanding loan balance each year, while your Financial Adviser continues to look after you and your lending needs. Mortgage Link and Insurance Link will deduct fees for services provided and transfer the balance of the commission to Mortgage Link Albany, who will distribute the funds to your Financial Adviser.
The amount of the commission is based on the amount of the lending; specific remuneration will be advised to you when advice is provided.
From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to sports events, hampers, or other incentives. Your Financial Adviser may receive a referral fee from third parties if they are able to assist you with business, e.g. insurance advisers, Fire & General insurance companies; foreign exchange companies.
To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our personalised recommendations are made on the basis of the client’s goals and circumstances, as advised to us. Mortgage Link Albany financial advisers complete regular training, including how to manage conflicts of interest. Each adviser has a regular compliance review of their advice process and our compliance programme is reviewed annually by our external compliance adviser.
Disputes and complaints
If you are not satisfied with our financial advice service you can make a complaint by emailing firstname.lastname@example.org, or by calling 021 126 7963. You can also write to us at: 214 Coatesville-Riverhead Highway, Albany, Auckland, 0793. When we receive a complaint, we will consider it using 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 cannot, we will contact you within that time to let you know 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 we propose to do so.
If we cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact Financial Disputes Resolution Scheme (FDRS). FDRS provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we have not been able to resolve your complaint to your satisfaction. You can contact FDRS by phone 0508 337 337 or email email@example.com.
Mortgage Link Albany, and anyone who gives financial advice on our behalf, has 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 by taking all reasonable steps to make sure our advice is not materially influenced by our own interests (431K)
- exercise care, diligence, and skill in providing you with advice (431L)
- meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice) (431I)
- meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should and give you suitable advice).
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.