How can we help?

Our services include:

• Loans including mortgages, reverse mortgages and personal consolidation loans

• KiwiSaver

Please refer to each adviser’s profile page for their particular service.

Almost all Mortgage Lab services are at no direct cost to you as our brokers get paid a commission by the banks and other lenders when a mortgage is finalised or refixed.

The exceptions to this:

• If a mortgage is paid off or discharged within 27 months, a fee may be incurred.  See our FAQ: What if I sell my home or refinance my mortgage shortly after using a mortgage broker?

• Finance companies may require a fee to be added to the loan rather than paying us a commission. You’ll always be made aware of these fees long before they are locked in.

• If, following the service provided by the adviser, you elect not to continue engaging Mortgage Lab to settle the mortgage or finalise the insurance product, the adviser may charge you an hourly rate of $250 for the work provided.  The maximum charge we will typically invoice for is $3,000.

Our list of 27 approved providers is as follows

Main Bank Lenders

• ANZ Bank of New Zealand Limited

• ASB Bank Limited

• Bank of China Limited

• Bank of New Zealand

• KiwiBank

• The Co-Operative Bank Limited

• SBS Limited

• Sovereign Home Loans (AIA Sovereign)

• Westpac Banking Corporation

• TSB

Non Bank Lenders

• Pepper New Zealand

• Resimac Financial Services

• Liberty Financial

• ASAP Finance

• Avanti Finance

• Basecorp Finance

• Cressida Capital One

• DBR

• First Mortgage Trust

• General Finance

• Metro Finance

• Pioneer Finance

• Silver Harbour Capital

• Southern Cross Partners

• Xceda

• Heartland Bank Limited (Reverse Mortgages)

• NZCU Trustee (Personal Loans)

Please refer to each individual adviser for the full list of lenders that adviser can work with.

We may also receive a referral fee from some partners.  These include:

• XE.com

• Reapify Car Loans

• Prospa Business Loans

• Rothbury

• Maurice Trapp Group

Mortgage advisers (often called mortgage brokers) are paid by the bank when a mortgage is drawn down.  If that mortgage is discharged (repaid and closed) within a short amount of time – typically 27 months – the broker must repay some or all of the commission (often referred to as a clawback).  In this instance, the mortgage broker has essentially done the work for no pay.

We reserve the right to charge for our time if a clawback is incurred.  The fee will be the estimated amount of hours the mortgage took at an hourly rate of $250 per hour.  Unlike other fees, such as Break Fees from the bank, we have capped the amount we can charge clients at $2,500.

If you are refinancing or selling your house, the best thing to do is immediately talk to your adviser and discuss if any clawback fees will be charged.

Our Advisers can work with the following KiwiSaver providers:

• Generate

• NZ Funds

• Booster

• ANZ OneAnswer

• Koura

• Milford Asset Management

Please check the individual adviser profile pages to see who that particular adviser works with.

From time to time we may receive additional referral payments from our business partners.  Some advisers may receive payments for referring Life and Health insurance, KiwiSaver, currency exchange, Real Estate Agents or Fire and General insurance.  Mortgage Lab and the advisers do a significant amount of due diligence to make sure that all referrals are to companies of the highest quality and compliance standards.  The decision to refer to a partnering business is based on quality service first and the payment received second.

From time to time a product provider may give us a gift, hamper or ticket to an event.  The decision to refer to a product provider is based primarily on the best product for the client, not because of any gift received.  We follow a six-step advice process to assess which product is best for 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 behavior, conduct, and client care set out in the Code of Conduct.

Mortgage Lab holds a Full license as a Financial Advice Provider.  All Advisers are Financial Advisers (FAs) belonging to Mortgage Lab’s license.

Mortgage Lab’s Financial Service Provider number is: FSP587228

Our office contact details are:

Address: Level 2, 14 Jervois Road, Ponsonby, Auckland 1011
Phone: 09 886 9779
Email: info@mortgagelab.co.nz
Website:www.mortgagelab.co.nz