Important Information about REFiX®

Name

Deal Busters Limited

Trading Name

REFIX®

Phone

021 233 0244

Email

bhavin@refix.co.nz

Physical Address

327 Te Rapa Road, Hamilton 3210

Postal Address

327 Te Rapa Road, Hamilton 3210

FSP Number

FSP777851

Deal Busters Limited (trading as REFIX®), FSP777851, holds a full Financial Advice Provider (FAP) licence issued by the Financial Markets Authority under the Financial Markets Conduct Act 2013. This is a full licence, not a transitional licence.

There are no conditions on our licence that limit or restrict the financial advice we are able to give.

Deal Busters Limited (trading as REFIX®) is a member of NZ Financial Services Group Limited.

Bhavin Desai
Financial Adviser

021 233 0244  |  bhavin@refix.co.nz

327 Te Rapa Road, Beerescourt, Hamilton 3200, New Zealand

FSPR Number: 276485

REFIX® advisers provide advice about:

• Mortgages and personal lending
• Determining how much you can afford to borrow to purchase a property, within lenders’ affordability guidelines
• Selecting an appropriate lender and mortgage structure
• How to structure your repayments to pay off your mortgage sooner
• Structuring and refixing your current lending

Market Uncertainty Disclaimer: REFIX® provides financial advice based on current market conditions, lender policies and publicly available information. We do not and cannot predict future interest rates, economic trends or lending policy changes. Discussions about future market conditions are general in nature and should not be interpreted as financial forecasting or guarantees.

• Mortgages
• Personal Loans
• Top ups
• Debt consolidation
• Business loans
• Asset Finance
• Commercial Finance

• Investment products such as shares, bonds, managed funds and KiwiSaver products
• Estate planning such as Wills, Enduring Powers of Attorney and trusts
• General Insurance products
• Personal Risk Insurance products — these enquiries are referred to a suitably qualified third party
• Legal advice
• Accounting or tax advice
• Budgeting advice

You will need to consult appropriate specialists if you require advice in these areas.

If you choose to, we may be able to help with other services through referral partners including Tower - F&G, UK Pension Transfers and XE Money.

Any financial advice provided on our behalf will only take account of the information you have given us about your needs, financial situation or goals.

We mainly provide mortgage and lending advice in relation to products from:

• ANZ, Westpac, BNZ, ASB
• ASAP Finance Limited, Avanti Finance, Cressida Capital, DBR
• First Mortgage Trust, Heartland Bank, Liberty Financial Limited, Unity
• Pepper, RESIMAC, SBS Bank, Select Home Loan
• Southern Cross Partners, The Co-operative Bank, CFML, Basecorp Finance
• Zip Business, Prospa, Heartland Business and Oxford Finance Limited

We also work with a number of smaller specialist providers. Where they are relevant to a client’s needs, we will advise the client at the time.

Our role is to provide you with an overview of the products available to you and information about loan structures you may consider.

You, the client(s), need to provide all facts, data and other information, written and verbal, relevant to the financial service you require the adviser to perform on your behalf when requested by the adviser.

You must ensure that all information provided is complete and accurate to the best of your knowledge.

We will complete the following work on behalf of the lending provider:

• Ascertain your current financial position
• Establish your lending requirement and structure
• Explain any shortcomings and mitigants in the application if required
• Complete and provide documentation required to support and complete your application
• Assess and complete the application based on information provided to the appropriate lender

Disciplinary history you should be aware of: none. The current REFiX disclosure states there have been no professional indemnity insurance or negligence claims, dispute-resolution actions or disciplinary actions.

REFIX® advisers are usually remunerated by commission from providers of the loan products we recommend. On occasion, some providers may not pay a commission. In this situation, we will charge a fee for our advice. The fee will reflect the time required to obtain a loan approval for you and your adviser will agree the amount with you before obtaining a lending approval.

This fee can be added to your loan amount and will be paid to REFIX® when your loan is advanced.

Where a REFIX® adviser has obtained an approval from a lender who does pay commission, but you decide not to proceed with the loan, a fee of up to $3,750 may be payable for the time spent obtaining the approval. The disclosure states this fee is payable within 7 days of deciding not to proceed.

If you proceed with a loan implementation after advice from your REFIX® adviser and then repay or refinance the loan within 28 months, without giving your adviser the opportunity to assist with a refinance, REFIX® may charge $250 per hour for time spent obtaining and implementing the initial approval.

The maximum stated fee is $3,750 (15 hours) for each loan advanced. In some cases, advisers may charge a higher fee depending on the level of service provided; your adviser will agree any applicable fees with you.

For mortgages and lending, REFIX® and the financial adviser receive commissions from some lenders we can recommend. If you implement lending with the recommended lender, that lender may pay commission to your financial adviser. The amount is generally based on the lending amount; specific remuneration will be advised when advice is provided.

Banks

Fees: A deferred adviser fee can apply if the loan is refinanced or repaid within 28 months. An adviser fee of 2% is stated for loans and loan top-ups of $200,000 or less.

Non-bank lending

Non-bank fees: An adviser fee applies to all non-bank lending. The disclosure states that REFIX® does not charge clawbacks or deferred adviser fees on non-bank mortgages.

Personal loans

An adviser fee applies to all personal loans.

Business finance

The disclosure states an adviser fee of 4% applies to all business finance.

From time to time, product providers may also reward us for overall business provided to them, including tickets to sports events, hampers or other incentives.

To manage conflicts of interest arising from commission payments, REFIX® states that it follows an advice process focused on client needs and goals, ensures lending amounts reflect identified needs, discloses commission rates and types, undertakes regular training and conducts regular compliance reviews.

Interest rates discussed or provided by REFIX® may be indicative, conditional, time-limited and subject to final confirmation by the lender.

Where you borrow more than 80% of the value of the property or properties securing your lending, the lender may apply a Low Equity Margin, low equity premium or another pricing adjustment.

A Low Equity Margin is an additional interest margin added to the lender’s base or advertised interest rate. It may vary depending on:

• The lender’s lending and pricing policies
• The applicable loan-to-value ratio band
• The total amount of lending secured by the property or properties
• The property value accepted by the lender
• The loan structure, product and repayment type
• Any lender-specific conditions or concessions

The LVR is generally calculated by dividing the total lending secured by the relevant property or properties by the value accepted by the lender. It may include all existing and proposed lending secured by the property.

Unless REFIX® or the lender expressly confirms in writing that a quoted rate includes an applicable Low Equity Margin, the quoted rate may be subject to an additional margin.

• Rate inclusive of Low Equity Margin: the stated rate includes the applicable margin.
• Rate exclusive of Low Equity Margin: the applicable margin will be added to the stated base rate.
• Rate subject to confirmation: the lender has not yet confirmed whether a margin applies or its amount.

The final interest rate, including margins, fees, premiums or pricing adjustments, is determined by the lender and should be confirmed in the lender’s formal documents or written implementation confirmation.

REFIX® provides financial advice and assists clients to apply for, refix, restructure, top up or vary lending. REFIX® is not the lender and does not control the lender’s:

• Credit and approval decisions
• Final interest rates, margins, fees or lending conditions
• Property valuation or LVR assessment
• Document production and delivery systems
• Offer and document expiry periods
• Processing and implementation timeframes

An application, pricing request, adviser declaration, recommendation or instruction submitted to a lender does not by itself mean the requested lending change has been completed.

A lending change will generally become effective only when required documents and authorities are complete, conditions are satisfied, the lender has processed the change and the lender confirms implementation.

REFIX® will seek written confirmation from the lender that the transaction has been implemented. Clients should also check loan accounts, statements and lender correspondence to confirm expected changes have taken effect.

Clients should promptly review all lender documents, rate confirmations and loan statements. Before signing or accepting documents, clients should check:

• Names of all borrowers and guarantors
• Total lending amount and individual facility balances
• Base interest rate and whether a Low Equity Margin is included or additional
• Total effective interest rate
• Fixed-rate period and expiry date
• Total loan term
• Repayment type, amount and frequency
• Nominated repayment account
• Fees, special conditions and document-expiry deadlines

Clients must promptly notify REFIX® if a lender document, confirmation or loan statement differs from the advice, agreed instructions or their understanding.

REFIX® will also undertake a reasonable review of lender documents against recorded client instructions. The client’s responsibility to review documents does not remove or limit duties REFIX® and its advisers have under New Zealand law.

Lender pricing offers, fixed rates, loan documents, approvals and concessions may be available for a limited period and may expire or change without notice.

Clients are responsible for:

• Providing accurate and current contact details
• Monitoring email, telephone, text message and lender portal communications
• Checking spam, junk and filtered email folders
• Reviewing time-sensitive documents promptly
• Responding to requests for instructions, signatures or information within stated timeframes
• Advising REFIX® promptly if expected lender communication or documents have not been received

Where a matter is time sensitive and REFIX® has not received an acknowledgement, it may attempt contact using another available method. REFIX® cannot guarantee that communications sent by a lender or another third party will be received, delivered or identified by the intended recipient.

Nothing in these disclosures excludes, restricts or limits any duty or obligation that cannot lawfully be excluded under applicable New Zealand law.

• All fees and commissions are paid to REFIX® and/or the adviser.
• REFIX® and the adviser use gross revenue to meet the operating expenses of running a compliant professional business.
• REFIX® then meets tax obligations on net profit after costs.
• What remains, if any, is available to REFIX® or the adviser as personal remuneration.
• The current disclosure states that potential conflicted remuneration for the Financial Adviser typically amounts to between 35–50% of gross revenue in a given year, and that what a client pays is not the same as what the Financial Adviser earns.

If you are dissatisfied with your Financial Adviser or REFIX®, first raise the issue with your Financial Adviser so they can try to resolve it.

If you are not satisfied with that outcome, you can complain by emailing bhavin@refix.co.nz, calling 021 233 0244, or writing to:

REFIX®, Attn: Bhavin Desai, 327 Te Rapa Road, Hamilton 3210

When a complaint is received, REFIX® states that it will consider the complaint, explain how it intends to resolve it, seek further information if needed, and aim to resolve complaints within 10 working days. If more time is required, REFIX® will provide an updated timeframe.

If the complaint cannot be resolved, or you are dissatisfied with the proposed resolution, you may contact Financial Services Complaints Limited (FSCL), which provides a free independent dispute-resolution service.

• Email: complaints@fscl.org.nz
• Telephone: 0800 347 257
• Post: FSCL, PO Box 5967, Wellington 6140

REFIX® and anyone who gives financial advice on its behalf has duties under the Financial Markets Conduct Act 2013 relating to the way advice is given. These include duties to:

• Give priority to your interests by taking reasonable steps to ensure advice is not materially influenced by the adviser’s own interests
• Exercise care, diligence and skill in providing advice
• Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services
• Meet standards of ethical behaviour, conduct and client care set by that Code

This is a summary of the duties stated on the REFiX disclosure page. More information is available from REFIX® or the Financial Markets Authority.

This disclosure information can be provided in hardcopy upon request.