Disclosure Guide

This document includes

1. About EasyStreet Mortgages Limited

2. Nature and Scope of Advice

3. Other Important Disclosures

4. Declaration and Authority

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About EasyStreet Mortgages Limited

EasyStreet was founded with a vision of creating a one stop advice company that ensures great advice with ease. Achieving your financial goals can be hard and when you are on your own it is never easy. The team at EasyStreet aims to take the guesswork out of what it takes to achieve your goals. When it comes to finance we work hard to ensure that we are ahead of the game, keeping up to date with developments in lending and insurance that ensures that our clients needs are taken care of.  
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When you are working with any member of the EasyStreet team you are getting the collective experience of every member. In this day and age the old broker working out of his or her back shed finds it hard to keep up and that's why you want to be working with a group that stays ahead of the curve.
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We work from a central Christchurch location, where we strive to create an accessible and inviting environment where you can be assured of your next step towards achieve your goals.  
All members of the EasyStreet Team have come together through a shared interest in ensuring great outcomes for their clients through superior client service.

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Impartial Advice

We offer impartial advice to clients in relation to finance for property, across a large number of both Banks and non-Bank lenders. As part of providing holistic advice, when reviewing your insurance needs, we provide you with recommendations from our large panel of insurance providers

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Scope of Service

The advice our Advisers provide, aims to help you make the finance process easier. You will receive expert advice from our Advisers, who have excellent industry experience to provide you with insights and information to assist your decision making process.
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Buying a property is a big financial commitment and so we work for you to ensure that you have access to all the important information you may need to be able to make informed decisions about the right structure and provider for your situation and objectives.
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We are committed to treating you and all our Clients fairly and to providing the highest standard of service possible. Our scope of service does not end on settlement. Our Advisers are available to help you in the future with any Mortgage or Insurance queries and endeavour to keep in regular contact for reviews.

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Reviews

Our Advisers will review your personal circumstances with you annually, or more frequently if necessary, to ensure the solution we helped you implement remains appropriate 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 is paid 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, when arranging finance or Insurer, when providing life insurance cover. EasyStreet reserves the right to charge a one- off Broker fee for work completed for Mortgage clients. This fee, if applicable, is in no way associated with commission EasyStreet may earn or commission clawback. Fees are disclosed clearly and generally at the point of an approval being 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 the result of credit impairment like defaults or the loan is complex by nature. We will inform of you when this is the case.
  • Loan is intended to be with a lender for less than 30 months.
  • The lending circumstances are complex in nature and require a great deal of pre-application work.

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We do also reserve the right to charge fees at $217.50 + GST per hour. We may do this when charging a percentage of the loan amount isn't appropriate for the circumstances.

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Note, we will inform you of any fees being applicable. Fees are disclosed clearly and generally at the point of an approval being 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

Lumpsum 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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Commission Clawback Policy

If a mortgage is repaid within 30 months of your mortgage settlement, or insurance policy is cancelled within 24 months EasyStreet Mortgages Limited (EasyStreet) will have to repay some of the 'upfront' commission received. This must be repaid to the Lender or Insurer. This is known as ‘commission clawback'.

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If EasyStreet is charged with a commission clawback, due to early settlement of the mortgage or insurance arranged for you, then EasyStreet will ask you to pay $217.50 + GST per hour up to $3,000, for the services provided to you. If this is to exceed $3,000 due to the complexity of your application, we will inform you in writing.

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  • *This $3,000 has been calculated on an average of 12 hours of advice, negotiation and administration to complete and submit your loan/insurance application to the provider, at our hourly rate of $217.50 + GST 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.
  • In EasyStreet's opinion, the early repayment of the mortgage was driven by an exceptional change of circumstance for the Client.


Commission clawbacks are in no way associated with any broker fee EasyStreet may have charged for arranging non- Bank lending.

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Referral Partners

​We may refer you to other service providers, including Generate KiwiSaver, NZ Funds, and Tower Insurance.

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From Generate we will receive an ongoing payment of an amount equal to 0.125% of your account balance for referring you to Generate, in the event that you open an account. This fee is paid to me by Generate. The Generate adviser will provide general advice on the Generate KiwiSaver Funds. They can refer you to advisers who can provide you with in-depth advice if required.

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EasyStreet receives on referral of client payments from New Zealand Funds Management Limited. These Referral payments include an upfront payment of up to $300 across 9 months for each client that invests in the NZ Funds KiwiSaver Scheme. EasyStreet also receives an ongoing service payment of 0.40% on amounts invested in the NZ Funds KiwiSaver Scheme. EasyStreet will share some of these payment amounts with the referring adviser. These payments are met by NZ Funds and are not an extra cost to you.

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From Tower Insurance we may receive ongoing payment equal to 10% of the company premium paid by you. This is not to be confused with the overall premium that includes things such as Fire Levy, EQC Levy etc. If you would like an approximate estimate of what we will receive we are happy to provide this to you.

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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 way of receiving a commission from the sale of a financial product.
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EasyStreet may receive commissions from the managed investment scheme managers on whose products we provide financial advice or in which our clients invest, insurance companies on whose policies we provide financial advice, and from the banks with whom we arrange mortgages. These commissions are based on the amount of the sum invested, insurance premiums paid or mortgage (as applicable).
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Specific commissions that EasyStreet are listed here https://www.easystreet.org.nz/how-we-are-paid

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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 Generate KiwiSaver, NZ Funds, and Tower Insurance.
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From Generate we will receive an ongoing payment of an amount equal to 0.125% of your account balance for referring you to Generate, in the event that you open an account. This fee is paid to me by Generate. The Generate adviser will provide general advice on the Generate KiwiSaver Funds. They can refer you to advisers who can provide you with in- depth advice if required.
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EasyStreet receives on referral of client payments from New Zealand Funds Management Limited. These Referral payments include an upfront payment of up to $300 across 9 months for each client that invests in the NZ Funds KiwiSaver Scheme. EasyStreet also receives an ongoing service payment of 0.40% on amounts invested in the NZ Funds KiwiSaver Scheme. EasyStreet will share some of these payment amounts with the referring adviser. These payments are met by NZ Funds and are not an extra cost to you.
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From Tower Insurance I may receive ongoing payment equal to 10% of the company premium paid by you. This is not to be confused with the overall premium that includes things such as Fire Levy, EQC Levy etc. If you would like an approximate estimate of what I will receive I am happy to provide this to you.

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Complaints Handling and Dispute Resolution

Even with the best of intentions, complaints sometimes arise. EasyStreet is committed to ensuring that all client complaints are handled and resolved in a professional, fair and timely manner in accordance with our Client Complaints Policy and associated procedures. If you are not satisfied with our financial advice services, you can make a complaint by contacting us via email at complaints@easystreet.nz or follow the process on our website.

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When we receive a complaint, we will consider it 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 can’t, we will contact you within that time to let you know we need more time to consider your complaint.

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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.

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If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact FDRS (Financial Disputes Resolution Scheme) an approved dispute resolution scheme who provide a free, independent dispute resolution service that may help investigate or resolve your complaint.

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You can contact FDRS (Financial Disputes Resolution Scheme) at:

Address: PO Box 2272 Wellington 6140
Telephone number: 0508 337 337
Email address: fdrs.org.nz

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Privacy Act

Any information that you provide us, either verbally or in writing, stays secure and confidential. So, if you want access from us to any information you have provided, then all you need to do is ask. You have the right to ask us to correct any information we hold on you, if you believe it is incorrect.

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The information provided by you will be used by EasyStreet for the purpose of providing advice to you and may also be used by any Lender or Insurer when referring to them on your behalf, so as to obtain the best recommendations for your finance and or insurance.
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We may release information to other professionals, such as solicitors, accountants, finance brokers or financial planners, when such services are required to complement this advice and as required.

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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.