Initial Disclosure

West Mortgages Limited 

Who We Are 

West Mortgages Limited is a Licensed Financial Advice Provider (FAP) regulated by the Financial Markets Authority and is authorised to provide financial advice on residential, commercial and business lending products. 

Financial Advice Provider (FAP): West Mortgages Limited 

FSPR Number: 1011500 

Your Adviser 

You will receive advice from an adviser employed by West Mortgages Limited. Your adviser will be suitably qualified and meet the competency and ongoing training requirements of New Zealand law. 

Nature and Scope Advice 

Our advisers provide financial advice about residential mortgages, commercial lending and business lending provided by the following product providers: 

  • Abcom Finance 

  • AIA Go Home Loan 

  • ANZ 

  • ASAP Finance Limited 

  • ASB 

  • Avanti Finance 

  • Basecorp Finance 

  • BIZCAP 

  • Blossum 

  • BNZ 

  • CFML 

  • The Co-operative Bank 

  • Cressida Capital 

  • DBR 

  • Finbase 

  • First Mortgage Trust 

  • Funding Partners 

  • General Finance 

  • Kiwibank 

  • Lendr 

  • Liberty Financial Limited 

  • Merx 

  • Midlands Funds Management 

  • Pallas Capital 

  • Pepper Money 

  • PROSPA 

  • SBS Bank 

  • ScotPac 

  • Southern Cross 

  • TSB 

  • Unity 

  • Welcome 

  • Westpac 

  • Xceda 

We do not provide advice on: 

  • KiwiSaver 

  • Investments 

  • Personal loans 

  • Legal or estate planning 

  • Property investment advice 

You will need to consult an appropriate specialist if you would like advice on the above. 

Fees and Costs 

In almost all cases, we do not charge clients directly for our advice, as we receive a commission from the lender when your loan settles. In some specific cases, we may charge a fee but this will be agreed with you in writing first. You will never be surprised with hidden or unexpected fees. 

If you repay or refinance any loan within a period of up to 28 months of inception (“clawback period”), we will have to charge you a fee based upon the amount of commission we will have to pay back to the lender. The fee reduces on a sliding scale based on the length of time you have had the loan. The closer to the end of the clawback period you are, the lower the fee. We will confirm with you what the exact clawback costs will be at the time. 

Conflicts of Interest 

If you decide to take out a loan through us, West Mortgages Limited will receive a commission from the lender that you choose. The amount of this commission is dependent on the lender and the amount of your loan. Commissions are between 0.50% and 1% of the amount funded and are paid to West Mortgages Limited upon settlement of your loan. We may also receive 0.0% to 0.20% of the mortgage balance annually (paid monthly by the lending provider). We may also receive a referral fee or commission if you choose to use one of our referral partners (see Referral partners below). 

To manage potential conflicts: 

  • We will always prioritise your interests. 

  • We follow a documented 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 disclose all commissions in writing before you act on our advice. 

  • Our advisers do not get paid on lender choice. 

  • Our Fair Conduct Programme ensures you receive fair outcomes. 

  • We engage an independent compliance provider to check the financial advice we give. 

  • We only refer you to a referral partner where it is relevant to your needs, and any referral fee we may receive does not influence our advice or the lenders we recommend. 

Referral Partners 

We do not provide advice on the services offered by our referral partners. Where you need help outside the scope of our advice (for example, insurance, KiwiSaver, foreign exchange or pension transfers), we may refer you to one of the following specialist providers, who will give you their own advice and disclosure: 

  • Asset Finance 

  • Avanti Referrer 

  • Heartland Bank 

  • Initio F&G 

  • MovingHub 

  • PROSPA 

  • Tower F&G 

  • UK Pension Transfers 

  • XE Money 

If you choose to use a provider we refer you to, West Mortgages Limited may receive a referral fee or commission from that provider. We will tell you about any such payment before you are referred. You are under no obligation to use any provider we refer you to. 

Related companies 

The directors and/or shareholders of West Mortgages Limited also hold ownership interests in West Property Consulting Limited, which provides property coaching and related property services. 

This common ownership creates a potential conflict of interest because the owners of West Mortgages Limited may receive an indirect financial benefit if a West Mortgages client chooses to engage West Property Consulting Limited. 

We manage this conflict through the following controls: 

  • Your decision to use, or not use, West Property Consulting Limited will have no influence on the financial advice we provide, the lenders we consider, how we assess your circumstances, or how your lending application is prepared or presented to a lender. 

  • You are under no obligation to use West Property Consulting Limited and may obtain property coaching or other property services from any provider you choose. 

  • Clients of West Property Consulting Limited are under no obligation to use West Mortgages Limited and may obtain mortgage advice from any other financial adviser or approach lenders directly. 

  • West Mortgages Limited does not receive a referral fee or commission if you engage West Property Consulting Limited. 

  • Advisers and employees of West Mortgages Limited do not receive commissions, bonuses, incentives or other remuneration based on referrals to West Property Consulting Limited or on whether a mortgage client subsequently engages West Property Consulting Limited. 

  • West Property Consulting Limited clients do not receive preferential lending advice, lender selection, application treatment, pricing, prioritisation or lender escalation from West Mortgages Limited. 

  • Mortgage advice and lending applications are prepared using the same documented advice and application processes regardless of whether a client has any relationship with West Property Consulting Limited. 

  • Where appropriate, clients who use both businesses may be subject to additional compliance review to ensure that the related-party relationship has not influenced the financial advice or lending application. 

  • Where a client expresses an interest in property coaching services, we may make them aware that West Property Consulting Limited provides these services. Any decision to engage West Property Consulting Limited is entirely the client’s choice. 

Complaints & Dispute Resolution 

If you have a problem, concern, or complaint about any part of the service provided to you, you may contact us using any of the following means: 

Write to: 
Complaints Officer 
Level 4/1 Kenwyn Street, Parnell, Auckland 1052 

Email: peter@westmortgages.co.nz 

Phone: 022 580 0654 

When we receive a complaint, we will: 

  • Acknowledge your complaint within 2 business days. 

  • Aim to resolve it within 20 business days. 

If we cannot resolve it, or if you are not satisfied, you may refer the matter to our independent dispute resolution scheme. This service is free of charge. 

To contact FSCL: 

Financial Services Complaints Ltd (FSCL) 

Phone: 0800 347 257 

Email: info@fscl.org.nz 

Website: www.fscl.org.nz 

Our Duties to You 

We must always: 

  • Give priority to your interests. 

  • Act with care, diligence, and skill. 

  • Provide advice only where we have a reasonable basis. 

  • Comply with the Code of Professional Conduct for Financial Advice Services. 

  • Meet all conduct obligations under New Zealand law. 

Contact Details 

Call: 022 580 0654 

Email: peter@westmortgages.co.nz 

Write to: Level 4/1 Kenwyn Street, Parnell, Auckland 1052