Deal Busters Limited (Trading as REFIX®) (FSP777851) holds a transitional license issued by The
Financial Markets Authority to provide Financial Advice.
Deal Busters Limited (Trading as REFIX®) is a member of NZ Financial Services Group Limited
Financial Advisers currently engaged by REFIX®
Bhavin Desai
Financial Adviser
021 233 0244 | bhavin@refix.co.nz
327 Te Rapa Road, Beerescourt, Hamilton, 3200, New Zealand
FSPR Number: 276485
Nature and scope of financial advice given
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. However, in line with the Financial Markets Authority (FMA) guidelines, we do not and cannot predict future interest rates, economic trends, or lending policy changes. Any discussions about future market conditions are general in nature and should not be interpreted as financial forecasting or guarantees.
We provide advice in relation to the following lending products:
Mortgages
Personal Loans
Tops ups
Debt consolidation
Business loans
Asset Finance
Commercial Finance
We do not provide advice in respect of the following products:
a. Investment products (e.g., shares, bonds, managed funds, etc.) and KiwiSaver products
b. Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any kind)
c. General Insurance products
d. Personal Risk Insurance products, these enquiries are referred to a suitably qualified third party
e. Legal Advice
f. Accounting or Tax Advice
g. Budgeting Advice
You will need to consult appropriate specialists if you would like advice on a, b, c, d, e or f above.
If you choose to, we may be able to help you with other services through my referral partners set
out below:
Tower - F&G
UK Pension Transfers
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 advice in relation to products provided by the following companies:
Mortgages
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
Oxford Finance Limited
We also work with a number of smaller specialist providers in many of the above areas. 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, as well as make
information available to you so as to the loan structure(s) you may consider.
Obligations of the Client
You, the client(s) will 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 will ensure that all information provided is complete and accurate to the best of
your knowledge.
Work completed on Behalf of the Lender
We will complete the following work on behalf of the lending provider:
Ascertain your current financial position
Establish your lending requirement and structure
Provide an explanation of any shortcomings and any mitigates in the application if required
Complete and provide any documentation required to support and complete your application
Assess and complete the application based on information provided to the appropriate lender
Reliability History
Disciplinary history you should be aware of: None. Nada. Zero. Zip. Zilch.
There have been no professional indemnity insurance or negligence claims, disputes resolution
actions, or disciplinary actions. Ever.
Fees and expenses Mortgage and lending planning fee
REFIX® advisers are usually remunerated by way of commission, by the 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 payable will be a reflection of the
time required to obtain a loan approval for you. Where a fee will be payable for the advice, your
REFIX® adviser will agree the amount of the fee with you prior to obtaining a lending approval.
This fee can be added to your loan amount and will be paid to REFIX® at the time 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 will be payable as remuneration
for the time spent on getting an approval. This fee is payable within 7 days of you deciding not to
proceed with an approval.
Mortgage and lending service fee
Should you proceed with a loan implementation after advice from your REFIX® adviser, and
then repay or refinance your loan within 28 months of your loan being advanced, without giving
your REFIX® adviser the opportunity to assist you with a refinance, REFIX® may charge you a fee
of $250 per hour for the time spent to get the initial loan approved and implemented. The
maximum fee will be $3,750 (15 hours) for each loan advanced. In some instances, advisers may charge a higher fee
depending on the level of service provided. Your Adviser will agree with you any applicable fees.
Conflict of Interest and Incentive
For mortgages and lending, REFIX® and the financial adviser receive commissions from some of the lenders we can provide recommendations for. If you proceed to implement lending with the lender recommended to you, the lender will pay a commission to your financial adviser. The amount of the commission is based on the amount of the lending; specific remuneration will be advised to you when advice is provided.
Adviser Fee Applies: An adviser fee will be charged with all non-bank lending. We do not charge Clawbacks or deferred adviser fees on Non-bank Mortgages.
Personal Loans
Commission Rate
Trail Commission
Fees
Co-Operative Bank
3.00%
No
$300 - $1500
Unity
3.50%
No
$300 - $2500
Fees:
Adviser Fee Applies: An adviser fee will be charged with all personal loans.
Business Finance
Commission Rate
Trail Commission
Fees
Oxford Finance
4% to 6%
0
$350
Prospa
4%
0
0
Fees
Adviser Fee Applies: An adviser fee of 4% will be charged with all business finance.
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.
To ensure that our financial advisers prioritise the client's interests above their own We manage the
conflicts of interest arising from these commission payments by:
Following an advice process that ensures that all advisers understand your needs and goals so
that we always recommend the best product for the clients regardless of the type and amount
of commission we will receive.
Ensuring the amount of any loan is in accordance with your identified needs.
Providing you with the table below showing commission rates and types by lender
Undertaking regular training, which includes how to manage conflicts of interest.
Each adviser has a regular compliance review of their advice process and our compliance
programme is reviewed annually by our external compliance adviser.
Conflicted Remuneration Note:
All fees and commissions are paid to REFIX® and or the adviser
REFIX® and the adviser uses all gross revenue to pay the operating expenses of running a
compliant professional business.
REFIX® then pays it's tax obligations on the net profit after costs.
What is left, if any, is available to REFIX® or the adviser as personal remuneration.
Typically, the potential conflicted remuneration for the Financial Adviser amounts to between
35-50% of gross revenue in any given year. What a client pays is not the same as what the
Financial Adviser earns.
Complaints Handling and Dispute Resolution
We intend for all our clients to have an enjoyable and productive experience with us.
If there is something you are not satisfied about when dealing with your Financial Advisor and REFIX®
In the 1st instance, please communicate this to your Financial Advisor so that they can help resolve
this if possible.
If you are not satisfied with that outcome, you can make a complaint by emailing
bhavin@refix.co.nz, or by calling us on 0212330244.
You can also write to us at:
REFIX®, Attn: Bhavin Desai, 327 Te Rapa Road Hamilton 3210
When we receive a complaint, we will follow our internal complaints process:
We will consider your complaint and let you know how we intend to resolve it. We may need to
contact you to get further information about your complaint.
We aim to resolve complaints within 10 working days of receiving them. If we require more time
to meet that timeframe, we will call you and will aim to provide you with a realistic timeframe
to meet that timeframe, we will call you and will aim to provide you with a realistic timeframe
We will contact you by phone or email to let you know whether we can resolve your complaint,
and how we propose to do so
If we cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you
can contact our external dispute resolutions scheme Financial Services Complaints Limited (FSCL).
FSCL provides a free, independent dispute resolutions service that may help investigate or resolve
your complaint if we have not been able to resolve your complaint to your satisfaction.
You can view their website, contact them via email, phone, or write to them at:
Email: complaints@fscl.org.nz
Telephone: 0800 347 257
Write to FSCL, PO Box 5967, Wellington 6140.
Duties information
REFIX, 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 is not
materially influenced by our own interests (431K)
exercise care, diligence, and skill in providing you with advice (431L)
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) (431I)
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).
This is only a summary of the duties that we have. More information is available by contacting us, or
by visiting the Financial Markets Authority website at https://www.fma.govt.nz
Availability of Information
This information can be provided in hardcopy upon your request.
Here's a key to common terms used in the provided text about REFIX®:
REFIX®: A brand name or trading name used by Deal Busters Limited, likely associated with financial services.
FSP Number: Financial Service Provider Number, a unique identifier for financial service providers in certain jurisdictions like New Zealand.
Transitional License: A temporary license granted to financial service providers, allowing them to operate while meeting full licensing requirements.
Financial Markets Authority (FMA): The regulatory body for financial services in New Zealand, responsible for enforcing financial regulations.
NZ Financial Services Group Limited: An organization that REFIX® is a member of, possibly providing a network or support for financial service providers.
Financial Adviser: A professional who provides financial advice to clients, including recommendations on financial products like mortgages and loans.
FSPR Number: Financial Service Providers Register Number, an identifier for individuals or entities on the New Zealand Financial Service Providers Register.
Mortgages and Personal Lending: Types of financial services focusing on home loans and personal loans.
Affordability Guidelines: Criteria set by lenders to determine how much they will lend based on the borrower's financial capacity.
Commission: A fee paid to financial advisers or brokers for their services, typically a percentage of the financial product sold.
Clawbacks: Provisions where commissions paid may be reclaimed by the lender if certain conditions are not met, such as if a loan is paid off or refinanced within a specified period.
Deferred Adviser Fee: A fee that may be charged if a financial product is terminated within a certain period after establishment.
Non-Bank Lending: Financial lending services provided by institutions other than traditional banks, often with different terms and conditions.
Trail Commission: Ongoing commission payments made to financial advisers or brokers over the life of a financial product.
Refix: The process of renegotiating the terms of a loan or mortgage, typically to secure a new interest rate after the expiry of an initial rate period.
Complaints Handling and Dispute Resolution: Procedures established by an organization to address and resolve client complaints, including external mechanisms like FSCL (Financial Services Complaints Limited) for impartial resolution.
Financial Services Complaints Limited (FSCL): An independent not-for-profit External Dispute Resolution (EDR) scheme for consumers and financial service providers in New Zealand.
Duties Information: Responsibilities and obligations that financial advisers and service providers must adhere to, as dictated by regulatory authorities like the Financial Markets Conduct Act 2013.