Licensing information

Coconut Mortgages Limited (FSP number: FSP739771 , trading as Coconut Loans) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice in relation to loans and mortgages.

Coconut Mortgages Limited takes responsibilities for the financial advice provided by Coconut Mortgages Limited’s financial advisers.

Coconut Mortgages Limited is the member of NZ Financial Services Group Limited.

Nature and scope of the advice

The information below will help you understand what type of advice will be provided.

We provide financial advice in relation to loans from a panel of lenders below:

• ANZ
• BNZ
• Westpac
• ASB
• SBS Bank
• The Co-operative Bank
• TSB
• BOC
• CCB
• ICBC
• First Mortgage Trust
• Southern Cross
• Heartland Bank
• DBR
• Funding Partners
• PALLAS CAPITAL
• Liberty Finance
• Sovereign
• Avanti Finance
• Cressida Finance
• Kiwi Bank
• CFML
• Midlands Funds Management
• Prospa New Zealand
• Zagga
• Pepper Money
• Unity
• Finbase
• ASAP Finance
• NZCU
• General Finance
• Basecorp Finance

The type of financial advice products we can provide advice on are:

• Home Loans
• Construction Loans
• Equipment Loans
• Car Loans
• Personal Loans
• Investment Loans

We can help you with other services through our referral partners:

• Tower – F&G
• Select – Asset
• Real Estate Agency
• AMI – F&G
• Crombie Lockwood
• Asset Finance
• Currency Exchange Agency

We are unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this. Any advice we provide in relation to Kiwi Saver withdrawal for a first home purchase is limited to factual information on what can be withdrawn and the process for this, and does not extend to whether or not this is in client’s best interests. Please consult an investment adviser for advice on retirement savings.

Our financial advisers may provide financial advice in relation to loans and mortgages. Our financial advisers provide an information only service in relation to loans.

Fees or expenses

You will generally not be invoiced or asked to pay any fees to us except in certain circumstance which are outlined below:

We may charge you a one-off fee if the following occurs:

Our adviser may charge a fee for the financial advice that is provided to you. The fee charged will depend on the nature of the financial advice and service that we provide.

When our advisers do not receive commission from the lender:

If you request that our adviser provide financial advice and we do not receive a commission form the lender, We may charge you a one-off fee. Any such fee would range from 0.65% to 1% of your lending amount, depending on the case. This fee will be agreed upon and authorized by you in writing before we proceed with the services.

*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 our adviser do not hold an accreditation with, or a product that is outside the usual arrangements with our product providers.

When our advisers have to repay commission to the lender:

If a lender requires that our adviser repay commission if you cancel or repay your loan with them within 28 months of settlement of your loan, we may charge you a one-off fee. Any such fee would be calculated based on a rate of $250 per hour of our adviser time spent providing financial advice to you in connection with the applicable loan.

The minimum fee will be $2,500+GST (10 hours). Any coststhat apply will be agreed upon by you and your advisor.

The fee we charge you will not exceed the amount of commission we have to repay to the lender.

• The exact fees we will charge will be confirmed at the time the advice is provided.
• All of our fees are payable within 30 days you receive the invoice from us.

Conflicts of interest and commissions

Our advisers are paid in the form of commission from the lenders through which we place business. The amount of the commission we receive depends on settlement of a mortgage. The commission we receive on loans is calculated as a percentage of the loan. The commission is generally of an upfront nature but may also include a trail commission (annual commission percentage for maintaining the loan). We also receive a fixed rate roll over fee from some product providers if we assist in refixing your loan.

The average percentage that each lender uses to calculate upfront and trail commissions range between 0.5% to 1%.

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.

We may also receive a referral fee or commission payment if we refer you to our referral partners listed above. We will give you more information about how that referral fee or commission is calculated, before proceeding.

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.

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 interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.

Complaints handling and dispute resolution

You can find out about how to make a complaint and an overview of our internal complaints process on our website at www.coconutloans.co.nz/complaints. Our website also has information about external disputes resolution scheme, Financial Services Complaints Limited (FSCL) provides a free and independent dispute resolution service that may help to resolve your complaint if we haven’t been able to do so to your satisfaction.

If you are not satisfied with our service or financial advice, please tell us as soon as possible.

Call: +64 9 486 0975

Email: enquiry@coconutloans.co.nz

Write to: Coconut Mortgages Ltd, 2A/372 Rosedale Road, Rosedale, Auckland 0632, New Zealand

When we receive a complaint:

• We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately. Please set out the nature of your complaint, and the resolution you are seeking;
• If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint;
• We aim to resolve complaints within 10 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint;
• We will contact you by phone, email or letter to let you know whether we can resolve your complaint and how we propose to do so.

If we cannot agree on how to fix the issue, or if you decide not to use our internal complaints process, you can contact our external disputes resolution scheme, Financial Services Complaints Limited (FSCL). FSCL provides a free and independent dispute resolution service that may help to resolve your complaint if we haven’t been able to do so to your satisfaction. To contact , Financial Services Complaints Limited:

Call: 0800 347 257

Email: complaints@fscl.org.nz

Write to: FSCL, PO Box 5967, Wellington 6145