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How we are paid.

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We feel it's important you understand how we are paid, after all we ask the exact questions to you when applying for a home loan. Most of the time, our services come at no direct cost to you. That’s because instead of being paid by you, we receive revenue from our product suppliers such as banks and some non-banks.

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Fees

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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 - generally this is at a flat rate of 1.00% of the loan amount. 

  • 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.


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.


Note, we will inform you of any fees being applicable. This may be when confirming an approval, and may not be at the very start of our engagement. 

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Product Commissions

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Mortgages

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

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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

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

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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

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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

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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'.

 

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

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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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