Licensing information

Nova Mortgages Limited is a Licensed Financial Advice Provider issued by the FMA to provide financial advice services. Financial Services Provider Number is FSP1010105.

Our office contact details:

Address: 23 Deas Place, Otahuhu, Auckland 1062

Phone: 021 238 4116

Email: nick@novamortgages.co.nz

Website: www.novamortgages.co.nz

Below are financial advisers who give advice on behalf of Nova Mortgages Limited:

Nikola Milenkovic-FSP1010106 (Mortgage Adviser)

Nature & Scope of our Advice

Nova Mortgages provide regulated financial advice by finding the right mortgage and managing the paperwork when you apply for your loan.

The companies we work with

Who we use for mortgages: Nova Mortgages is accredited and works with a wide range of lenders to find the best rates and terms for you: ANZ, ASB, BNZ, Westpac, Avanti Finance, The Co-operative Bank, Cressida, Liberty Financial, NZCU, PSIS, Public Trust, AIA/Go Home Loans, SBS Bank, TSB, Sentinel, DBR, Basecorp, General Finance, Pepper Finance, Bank of China, ICBC, Heartland Bank, DBR, CFML, Unity, First Mortgage Trust.

FEES AND EXPENSES

Generally, we don’t charge you any fee for the advice and transactional solutions that we provide to you. This is possible because, on settlement of a mortgage, we usually receive commission from the major trading banks. There are a few exceptions to this general position which are explained below.

We may charge you a one-off fee in the following situations:

(a) No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. Any such fee would be agreed and authorised by you in writing before we complete the services.

(b) Repayment of commission:

  • If your loan is refinanced to a new lender (less than 28 months) and Nova Mortgages are not given the opportunity to arrange the financing. (E.g., it was refinanced through another mortgage adviser or you refinanced directly with the lender) or

  • If you’ve sold the property and/or the loan is repaid within the clawback period (less than 28 months) or

  • If you’ve repaid the loan in full within the clawback period (less than 28 months)

We may not charge you a clawback recovery fee if you give Nova Mortgages the opportunity to secure new lending or refinancing for you, or if we charged you an upfront service fee for arranging the original loan.

Before you refinance, sell your house or repay your loan, please talk to Nova Mortgages and discuss if any clawback fees will be charged. Should we need to charge you a fee, you will be invoiced and will be given 7 days to make payment.

Nova Mortgages reserves the right to charge a fee and/or recover a commission clawback from the client if applicable.

(c) If you decide to terminate the engagement with Nova Mortgages, termination fee may be applicable. Termination fee will be based on the milestones we have achieved for you. If you then decide to; withdraw the application, deal directly with the lender or go to another mortgage adviser, then a Termination Fee will apply based on the following milestones we have achieved for you:

Milestone 1-Statement of Advice provided to you ($500)

Milestone 2-Statement of Advice plus first pre-approval obtained ($1,000)

Milestone 3-Each pre-approval obtained thereafter ($250 each)

Expiry of the pre-approval does not constitute the engagement between the client and Nova Mortgages as being terminated.

Either party may terminate this engagement at any time by providing a written notice to the other party. If you decide to terminate this engagement and no longer work with Nova Mortgages, we ask that you provide a written notice to us so that we can review and rectify any issues or concerns, if any. We appreciate any comments or feedback from you so we can continue to improve our services.

Payment

Invoices are due within 7 days from invoice date. If the invoice remains unpaid, we reserve the right to charge interest on any amount which is unpaid after the due date at rate equal to the official cash rate plus 2% per annum calculated on a daily basis.

If the invoice remains unpaid, you will be liable for all reasonable costs incurred by us in recovering unpaid accounts.

COnflicts of Interest & Incentives

To ensure Nova Mortgages 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.

●    We undertake an annual independent Compliance Assurance Review.

Our advisers are paid salaries, not commissions based on the revenue that Nova Mortgages earns. This means they can focus on finding the right deal for you instead of hunting for the biggest pay-off for them personally. There is no financial incentive or financial conflict of interest for a Nova Mortgages Financial Adviser to apply to one product provider over another.

The product providers we deal with usually pay commissions to Nova Mortgages. This is generally paid once the mortgage is settled and is a percentage of the value of your loan balance. The commission may also include a renewal or trail commission which is a percentage of the value of the outstanding loan amount, usually calculated at the end of each month in which you hold the loan. We also receive a fixed rate rollover fee from some providers if we help re-fix your loan.

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.

COMPLAINTS HANDLING AND DISPUTE RESOLUTION

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 can be reached on 021 238 4116 or nick@novamortgages.co.nz

Our internal complaints handling process is as follows:

• Listen to issues

• Try and resolve amicably

• Move forward and remediate as applicable

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—FSCL membership number 9467.

This service will cost you nothing, and will help us resolve any complaints.

You can contact FSCL at:

Post: Financial Services Complaints Limited

PO Box 5967, Wellington 6140

Phone: 0800 347 257

Email: complaints@fscl.org.nz or info@fscl.org.nz

DUties information

Nova Financial Advisers, 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 isn’t materially influenced by our own interests.

  • Exercise care, diligence, and skill in providing you with advice specific to your circumstances.

  • 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).

  • 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).

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.

TERMS OF ENGAGEMENT

To read our terms of engagement click here.