Disclosure Guide

Company Information

EasyStreet Mortgages Limited FSP711051 trading as EasyStreet Mortgages.

EasyStreetMortgages Limited is licensed by the Financial Markets Authority as a Financial Advice Provider with a class 2 license.

5a/166Moorhouse Avenue, Christchurch Central.

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About EasyStreet Mortgages Limited

EasyStreet was founded with the vision of establishing a one-stop advice company that provides excellent guidance effortlessly. Achieving your financial goals can be challenging, and it’s never easy when you’re on your own. The team at EasyStreet aims to eliminate the guesswork involved in reaching your objectives. In the realm of finance, we strive to stay ahead of the curve, remaining informed about developments in lending and insurance. This guarantees that our clients’ needs are well taken care of.

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When you work with any member of the EasyStreet team, you benefit from the collective experience of every member. In this day and age, the old broker working out of his or her backyard finds it hard to keep up, and that's why you want to work with a group that stays ahead of the curve.

We work from a central Christchurch location, striving to create an accessible and inviting environment where you can be assured of your next step towards achieving your goals.

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The EasyStreet Team has come together because they share an interest in ensuring excellent client outcomes through superior client service.

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Impartial Advice

We offer impartial advice to clients regarding property finance, covering a wide range of banks and non-bank lenders. As part of our holistic approach, we assess your insurance needs and provide recommendations from our extensive panel of insurance providers.

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Scope of Service

Our advisers' advice aims to make the finance process easier for you. They will provide expert advice, leveraging their extensive industry experience to offer valuable insights and information that support your decision-making process.

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Buying a property is a major financial commitment, so we aim to ensure you have access to all the essential information needed to make informed decisions about the appropriate structure and provider for your circumstances and objectives.

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We are dedicated to treating you and all our Clients fairly and to delivering the highest quality of service possible. Our scope of service extends beyond settlement. Our Advisers are available to assist you with any future Mortgage or Insurance queries and aim to stay in regular contact for reviews.

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Reviews

Our advisers will review your personal circumstances with you annually, or more often if necessary, to ensure that the solution we helped you implement remains suitable for your needs and objectives.

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Nature and Scope of Advice

EasyStreet Mortgages Limited (EasyStreet) provides financial advice and investment services relating to the following financial products:

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KiwiSaver:

• NZ Funds KiwiSaver
• Booster KiwiSaver
• Generate KiwiSaver

Personal insurance provided by:

• AIA
• Asteron Life
• Partners Life
• Fidelity Life
• Chubb

Finance provided by:

• ANZ
• ASB
• BNZ
• Westpac
• Kiwibank
• SBS Bank (Southland Building Society)
• Cooperative Bank
• TSB
• AIA/ASB Go Loans (formerly Sovereign)
• Resimac
• Avanti Finance
• Liberty Financial
• Unity Credit Union
• Prospa
• GoldBand Finance
• Pepper Money
• Mutual Credit Finance
• Select/Bluestone
• Cressida Capital
• Funding Partners
• Southern Cross Partners
• DBR
• Fico Finance Limited
• Basecorp
• Silver Harbour Capital
• Heartland Bank/Marac

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EasyStreet does not generally provide financial advice on products not listed above. However, some clients may have other financial products with other providers. Where this is the case, we may provide advice on those products as part of providing financial advice to these clients.

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How we get paid

EasyStreet receives a single, upfront commission (a percentage of the loan facility or insurance premium), an ongoing trail commission (also a percentage of the loan facility or insurance premium), or a combination of both. This payment is made to us by the lender when arranging finance, or by the insurer when providing life insurance cover. EasyStreet reserves the right to charge a one-off broker fee for services provided to mortgage clients. If applicable, this fee is separate from any commission EasyStreet may earn or any commission clawback. Fees are clearly disclosed, usually at the point when an approval is issued and sent to the client.

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Fees and Expenses

EasyStreet Mortgages Limited may charge the following fees for financial advice:

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• Commercial Property Purchase
• Speciality Residential Home Loan purchase: Either due to credit impairment, such as defaults, or because the loan is inherently complex. We will inform you when this occurs.
• The loan is intended to be with a lender for less than 30 months
• The lending circumstances are complex and require a significant amount of pre-application work.

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We also reserve the right to charge a fee of $280 per hour. We may do this when charging a percentage of the loan amount isn't appropriate for the circumstances.

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Please note that we will inform you of any applicable fees. Fees are generally clearly disclosed when an approval is issued and sent to the client.

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Product Commissions

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Mortgages:

Mortgage revenue EasyStreet receives when we arrange a mortgage on behalf of a lender.

Our fees are received as a percentage of the loan amount either paid initially when loan starts or in some cases also as a trail or ongoing payment to help service and update the loan over time. These are listed below:

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ANZ - 0.85% Upfront

BNZ - 0.55% Upfront 0.15% Trail

ASB - 0.85% Upfront

Westpac - 0.60% Upfront 0.2% Trail (year following)

Kiwibank - 0.55% Upfront 0.15% Trail

Co-Operative Bank - 0.85% Upfront, 3.00% Personal Loans Upfront

SBS - 0.85% Upfront

Liberty Financial - 0.85% Upfront 0.15% Trail

Avanti - 0.80% Upfront (only on their Prime and Near-Prime Product Offerings)

ASB/AIA Go Loans - 0.60% Upfront 0.20% Trail

Unity Credit Union - 0.90% Home Loans Upfront, 3.50% Personal Loans Upfront

Pepper Money - Prime Lending Upfront 0.60%, Non-Prime 0.75%, 0.15% Trail.

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Complex lending, or lenders who do not pay a commission as per the above will incur a fee, generally no more 1% of the loan amount to be disclosed to you in writing.

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Mortgage Aggregator:‍

EasyStreet Mortgages Limited engages Kiwi Adviser Network to aggregate commission revenue for Mortgages from suppliers. They negotiate Lender accreditation agreements on our behalf.

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Personal Risk Insurances:

This is the insurance revenue EasyStreet Mortgages receives when we arrange an insurance policy on behalf of an insurer.

​Our fees are received as a percentage of the annual premium paid initially when loan starts as well as an ongoing payment to help service and update the policy over time. These are listed below:

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Asteron Life

150% Upfront, 20% Ongoing Renewal

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AIA

200% Upfront, 7.5% Ongoing Renewal

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Chubb Life

Lump sum products - 220% Upfront, 7.5% Ongoing Renewal

Disability/Income product - 190% Upfront, 15% Ongoing Renewal

Level Premium Products - 190% Upfront, 7.5% Ongoing Renewal

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Partners Life

200% Upfront, 10% Ongoing Renewal

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Fidelity Life

210% Upfront, 10% Ongoing Renewal

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KiwiSaver:

​Fee revenue EasyStreet Mortgage is paid to service KiwiSaver accounts. This is paid as a percentage of the total funds under management and is generally changed to the client as part of their provider management fee.

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Booster KiwiSaver Scheme

0.5% p.a. funds under management

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NZ Funds

0.4% p.a. funds under management

Referral Payment of up to $300

Milford KiwiSaver Scheme

0.2% to 0.5% p.a. funds under management

Advice payment of up to $150

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Generate

$50 - $300 upfront commission based on the balance transferred.

0.25% p.a. funds under management

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Early Repayment of Mortgage (Clawbacks)

If a mortgage is repaid within 27 months of your mortgage settlement, EasyStreet will have to repay some of the 'upfront' commission received to the Lender. This is known as ‘commission clawback'.

If EasyStreet is charged with a commission clawback due to the early settlement of the mortgage arranged for you, we will ask you to pay $280 per hour, up to a maximum of $3,640* (for a mortgage application with one property or entity), for the services provided to you. This can exceed $3,640 for a mortgage application due to the complexity of your circumstances (there being more properties or entities) which will be outlined at the time.

• *This $3,640 has been calculated on an average of 13 hours of advice, negotiation and administration to complete and submit your loan/insurance application to the provider, at our hourly rate of $280 per hour.

• These service charges are in no way associated with any fees EasyStreet may have charged at settlement. This is typical with complex applications.
• All fees are invoiced upon notification of the clawback and are due for payment within seven days.

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Duties

EasyStreet and anyone who gives financial advice on our behalf, have legal duties relating to the way that we give advice.
We must:

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• give priority to our clients’ interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests;
• exercise care, diligence, and skill in providing the advice;
• 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); and
• 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 that we treat you as we should and give you suitable advice).

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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 www.fma.govt.nz.

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Conflicts of Interest, Commissions and Incentives

Our financial advisers are remunerated by receiving a commission from the sale of a financial product.

EasyStreet may receive commissions from the managed investment scheme managers whose products we provide financial advice on or in which our clients invest, insurance companies on whose policies we offer advice, and the banks with which we arrange mortgages. These commissions depend on the amount of the investment, insurance premiums paid, or mortgage as applicable.

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It’s important to understand a commission payment represents a top-line revenue payment to the business. Like any business, EasyStreet has significant costs and these numbers do not reflect the actual amount an adviser may earn.
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To ensure that EasyStreet’s financial advisers prioritise each client’s interests above their own, they follow an advice process that is designed to ensure their recommendations are made on the basis of the client’s circumstances and financial goals and are suitable for the client. EasyStreet also:

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• has a quality assurance programme in place to monitor the advice our financial advisers provide;
• actively monitors compliance with our conflicts policies and procedures; and
• ensures training is provided to all EasyStreet financial advisers about how to manage conflicts of interest.

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Referral Partners

We may refer you to other service providers, including Tower Insurance.

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From Tower Insurance, we may receive an ongoing payment of 10% of the premium you pay. This is not to be confused with the total premium, which includes the Fire Levy, EQC Levy, and other applicable levies. I am happy to provide an approximate estimate of whatI will receive.

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Any other financial benefit we receive from referrals will be disclosed. We have relationships with Lawyers, Builder, Valuers, etc that we refer to, but we don’t receive anything in return.

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Complaints Handling and Dispute Resolution

Even with the best intentions, complaints can sometimes occur. EasyStreet is dedicated to ensuring that all client complaints are managed and resolved professionally, fairly, and promptly in line with our Client Complaints Policy and related procedures. If you are dissatisfied with our financial advice services, you may lodge a complaint by emailing us at complaints@easystreet.nz or following the process on our website.

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When we receive a complaint, we will consider it and inform you of our intended resolution. We may need to contact you for further information regarding your complaint. Our goal is to resolve complaints within 10 working days of receipt. If we are unable to do so, we will contact you within that period to let you know we require more time to review your complaint.

We will contact you by phone or email to inform you whether we can resolve your complaint and how we intend to do so.

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If we cannot resolve your complaint or if you are not satisfied with our proposed solution, you can contact FSCL (Financial Services Complaints Limited). This approved dispute resolution scheme provides a free, independent service which may investigate or help resolve your complaint.

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You can contact FSCL (Financial Services Complaints Limited) at:

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Address: PO Box 5967 Wellington 6140

Telephone number: 0800 347 257

Email: complaints@fscl.org.nz

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Privacy Act

Any information you provide us, whether verbally or in writing, remains secure and confidential. If you want us to access any information you have given, simply ask. You also have the right to request corrections to any information we hold about you if you believe it is inaccurate.

EasyStreet will use the information you provide to offer advice and may also use itto obtain the best recommendations for your finances and/or insurance. Any lender or insurer may refer to EasyStreet on your behalf.

We may share information with other professionals, such as solicitors, accountants, financial brokers, or financial planners, when such services are needed to support this advice and as necessary.

Check this link to view our full Privacy Policy: https://www.easystreet.nz/privacy-policy

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Adviser Specific Disclosures

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Name: Lemuel Willcox 

FSP Number: FSP545846 

Email: lem@easystreet.nz 

Phone: 021365142 

Scope of Advice & Limitations (further to above) 

Residential Mortgages

Personal Risk Insurance (Life, Trauma, TPD, IncomeProtection)

KiwiSaver

Business Lending and Commercial Finance

Personal Loans

Asset finance

Areas not covered by this Adviser:

Investment Products (e.g., Shares, Bonds, Managed Funds)

General Insurance (e.g., Car, Home, Contents)

Estate Planning and Legal Advice

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Name: Brian Magellan 

FSP Number: FSP506906 

Email: brian@easystreet.nz 

Phone: 0275551083 

Scope of Advice & Limitations (further to above) 

Residential Mortgages

Personal Risk Insurance (Life, Trauma, TPD, IncomeProtection)

KiwiSaver

Business Lending and Commercial Finance

Personal Loans

Asset finance

Areas not covered by this Adviser:

Investment Products (e.g., Shares, Bonds, Managed Funds)

General Insurance (e.g., Car, Home, Contents)

Estate Planning and Legal Advice

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Name: Vipin Varghese 

FSP Number: FSP717951 

Email: vipin@easystreet.nz 

Phone: 0211128412 

Scope of Advice & Limitations (further to above) 

Residential Mortgages

Personal Risk Insurance (Life, Trauma, TPD, IncomeProtection)

Business Lending and Commercial Finance

Personal Loans

Asset finance

Areas not covered by this Adviser:

Investment Products (e.g., Shares, Bonds, Managed Funds)

General Insurance (e.g., Car, Home, Contents)

Estate Planning and Legal Advice

KiwiSaver

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Queries?

Should you have any queries relating to the above information, then please contact your EasyStreet Adviser who will be pleased to help and answer any query you may have. You will be provided with a PDF version of this Disclosure Guide when you are dealing with an EasyStreet Adviser, if you require one now, please reach out to request.