Myloan Limited FSP742091is an independent contractor within the authorised body of Vega Mortgages Limited.
This Disclosure Statement provides you with important information about the financial advice services provided by Vega Mortgages Limited ( ‘Vega’, ‘we’ , ‘us’ and “our”). This Disclosure Statement was prepared on 01 March 2023.
Licensing Information: We operate under a current licence issued by the Financial Markets Authority in the name of: Vega Group Holding Limited to provide a financial advice service. FSPR Number: 773794
Disclosure Statements (vegalend.co.nz) where disclosure statement is here; DisclosureStatement_Vega-Mortgages-v2.pdf (vegalend.co.nz)
Nature and Scope of Financial Advice Service
We engage financial advisers to provide financial advice on products relating to residential, personal and business loans and provide financial advice and/or service about loan products only from the following providers (also known as lenders):
- ANZ Bank New Zealand Limited
- ASB Bank Limited
- Avanti Finance Limited
- Basecorp Finance Limited
- Bank of New Zealand
- DBR Limited
- First Mortgage Managers Limited
- General Finance Limited
- Credit Union Baywide
- Pepper New Zealand Limited
- Resimac Financial Securities Limited
- Southland Building Society
- AIA Services New Zealand Limited (formerly Sovereign Home Loans)
- Westpac New Zealand Limited
- The Co-operative Bank Limited
- Cressida Capital One Limited
- ASAP Finance Limited
- Liberty Financial Limited
- Funding Partners Limited
- Southern Cross Finance Limited
- Select Home Loans
- Heartland Bank
- Co-Operative Bank
- XE Money Transfer
- Investment products (e.g., shares, bonds, managed funds, etc.) and KiwiSaver products; and
- Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any description); and
- General Insurance products; and
- Personal Risk Insurance products.
These enquiries are referred to a suitably qualified third party.
You will need to consult appropriate specialists if you would like advice on a, b, c or d above.
Fees, Expenses, or Other Amounts Payable
In the majority of cases we do not charge any fee, expense or other amount for the financial advice provided to you or for implementing that advice. Our remuneration is paid by the product providers by way of commission. This particularly applies to loans arranged with banks, certain non-bank lenders do not pay commissions so a fee is charged on settlement only. No fee will be charged by MyLoan Limited to process an application. All and any such fees will be clearly disclosed before you commit to any financial transaction.
However, we may charge a fee for the financial advice service provided to a client where a client repays a residential home loan within a defined time (being up to 24 – 27 months) from the date it is drawn down. This is known as “clawback”.
Whether a fee will be charged, the manner in which it will be charged and the date by which the fee will be payable, will be advised when the financial advice service is provided to the client. Please also see our Terms of Engagement for clarification.
Conflicts of Interest and Commissions or Other Incentives
MyLoan Limited and NZFSG will receive commission from the lenders who provide residential, business and personal loan products. If you decide to take out a residential, business or personal loan, then the lender will pay commission based on the amount of loan settled with that lender or lenders.
Our advisers get remunerated by being paid by the company and/or commission payable.
From time to time, various product providers (described previously) may also reward us and/or NZFSG for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives. To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s personal goals and circumstances. All our financial advisers undergo annual professional development refresher training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives received.
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.
Our 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 Manoli Aerakis and he can be contacted by email at: firstname.lastname@example.org and phone 03 545 6565. Manoli will reply to you as quickly as possible and usually within 48 hours.
Our external complaints process (if we cannot agree on how to fix the issue), or if you decide not to use the internal complaints process, you can contact our external disputes resolution scheme – Financial Services Complaints Limited.
This service will cost you nothing and will help us resolve any disagreements.