Our company wide disclosure
Important information about our business
GS Mortgages Limited T/A HelloYello holds a Financial Advice Provider licence issued by the FMA to provide financial advice services.
GS Mortgages Limited Financial Services Provider Number is FSP771755.
Our office contact details:
Address: 34 Pukerangi Cres, Ellerslie, Auckland 1051
Phone: 021 241 2421
Email: [email protected]
Website: www.helloyello.co.nz
Nature and Scope of financial advice services
Our Services: HelloYello are here to help you achieve your financial goals. We do this by providing financial advice on debt / mortgage products provided by a range of NZ based lenders. Our advice includes both personal and investment purposes.
Products we can provide financial advice about
- Home Loans – first mortgage, second mortgage, refinance, bridging finance, top-ups, preapprovals, mortgage reviews
- Investment loans – for residential and commercial investment properties
- Business Loans – cashflow & commercial property loans
Product providers we might recommend:
- ANZ
- ASAP Finance
- ASB
- Avanti Finance
- Basecorp Finance
- Bizcap
- BNZ
- CFML
- Cressida Capital
- DBR Property Finance
- Finbase
- First Mortgage Trust
- Funding Partners
- General Finance
- Kiwibank
- Liberty Finance
- Pepper Money
- Prospa
- SBS Bank
- The Co-op Bank
- TSB
- Unity
- Westpac
Fees, Commissions, & Clawbacks
Fees
As a general rule HelloYello does not charge for mortgage advice as we receive product provider commissions. Occasionally, we may work with lenders who don’t pay a commission to HelloYello. In this scenario, we may charge a one-off fee for any work we do on your behalf. We would discuss this with you beforehand and get your permission in writing.
Commissions
For services in relation to loan products, commissions may be paid by the product provider as follows:
Initial Commission: A percentage of the value of your loan balance generally between 0.50% and 1.00%
Ongoing Commission: A percentage of the value of your loan amount, usually calculated at the end of each month in which you hold the loan, generally between 0.15% and 0.20% pa paid monthly.
Mortgage commission claw backs
If you repay in part a mortgage within 28 months of drawdown, the lender may take back some of or all of the commission HelloYello earned. If you have refinanced using another adviser or by going direct to a bank, HelloYello may charge you a one-off fee to cover the income that the lender has “clawed back” from HelloYello.
If you repay your mortgage from the sale of a property or by any other means and this intention or possibility was not communicated in writing prior to settlement, HelloYello may also in its sole discretion charge a fee to recover the commission claw back that the lender charges. Please let us know if there is this possibility.
We will use the following formula to calculate the fee:
Fee for our financial advice = $3,000 for 10 hours of work calculated at $300 per hour
Conflicts of interest or other incentives
We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also.
From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training.
How we manage any conflicts of interest
To ensure our advisers prioritise our clients’ interests:
- We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
- All our advisers undergo annual training about how to manage conflicts of interest.
- We maintain registers of conflicts of interest and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
- We undertake an annual independent Compliance Assurance Review.
Our duties and obligations to you
We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to:
- Meet the standards of competence, knowledge, and skill set out in the Code of Conduct
- Give priority to the clients’ interest, and
- Exercise care, diligence and skill, and
- Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.
Complaints handling and dispute resolution
Our Internal complaints process
If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can try to fix the problem.
Our internal complaints manager is Grant Stephens who can be reached via email at [email protected] or 021 241 2421. Grant Stephens will reply to you within 48 hours.
Our internal complaints handling process is as follows:
- To lodge a complaint, please email your complaint to our internal complaints’ manager (details above)
- We will reply to you within 2 business days.
- We will aim to resolve your complaint within 10 working days.
Our external complaints process
If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme: Financial Services Complaints Limited (FSCL). This service will cost you nothing, and will help us resolve any complaints.
You can contact FSCL at:
Address: FSCL, PO Box 5967, Wellington 6145
Phone number: 0800 347 257
Email address: [email protected]
Professional Indemnity Insurance
All our advisers are covered with professional indemnity insurance policies. This provides protection for our customers in unlikely cases of financial loss due to misrepresentation, negligence, financial loss through fraud, omission or employee dishonesty.
