Terms of Engagement

This document tells you a few things up front about us and our services.

Who are we?

Mortgages and More is a New Zealand-owned mortgage and life insurance brokerage. We’re experts in property, mortgages and life insurance. Whether you’re looking to buy your first home or to grow your property portfolio, we’re all about making it easier for you.

In a nutshell Mortgages and More offers:

IMPARTIAL MORTGAGE AND PROPERTY ADVICE

Our mortgage brokers help first home buyers, property investors and busy professionals successfully buy property every month. Our expert advice is free and will save you more money for beer and shoes. We’ll help you make the right property decisions, provide feedback on prospective properties, and help you with your due diligence once you find a place you like.

Advice on how to pay off your mortgage up 10 years faster

With a bit of structured planning and ongoing support, we can help you pay your mortgage off up to 10 years faster.

Scope of Service

We do everything we can to make buying property easier. You’ll get expert advice on how much you can borrow, and the best mortgage structure. We’ll help you make the right property decisions, with our exceptional experience, information and insights. Once you’ve found the property for you, we’ll guide you through doing your due diligence. As part of providing holistic advice, we’ll also review your insurance needs. Buying a property is a big financial commitment and it’s hard to be relaxed about it. We are in your corner. We only work for you, not the bank, and not the real estate agent.

How we are Paid

Mortgages and More advisers are paid salaries, not commission. This means they have no agenda to push – they’re there only to find you the right home loan.

As a business, Mortgages and More is paid by:

  • a single upfront commission (percentage of the loan facility or insurance premium)
  • an ongoing (trail) commission (percentage of the loan facility or insurance premium)
  • or a mix of both.

This is paid to us by the lender or insurer.  Mortgages and More may charge a one-off fee for work completed for clients which does not attract a broker payment from the lender. This charge, if applied, will be agreed in advance with you before any work is started.

Clawbacks

Where a mortgage is repaid within 18 months of settlement, Mortgages and More will have some of its initial commission clawed back by the lender. If Mortgages and More is charged a clawback by the lender then we may recover a proportion of this cost from the client. The cost recovery will be set at the lower of the actual clawback or 0.35% of the balance repaid. For example $500,000 of lending equates to a maximum fee of $1,750. There will be a cost recovery where: The property is refinanced within 18 months of settlement and Mortgages and More was not given the opportunity to do the refinance. The property has been bought and sold within 12 months.

There will be no cost recovery in the following situations: Mortgages and More was given the opportunity but was unable to get a subsequent finance approval that the client has managed to get elsewhere. An upfront fee was agreed and paid to Mortgages and More when the loan was originally written. At the discretion of Mortgages and More where the sale of the property was driven by a genuine change in circumstances.

Privacy Act

Anything you discuss with us, and any information you give us, stays secure and confidential. If you want to see or correct any of that information at any time, you can.

Information provided by you will be used by Mortgages and More for the purpose of providing advice to you and may also be used by any lender or insurer when implementing any of our recommendations.

We may release information to other professionals such as solicitors, accountants, finance brokers or financial planners when such services are required to complement our advice and as requested by you.

Read our Privacy Policy