Disclosure Statement

Licensing Information

RightSize Financial Services Limited (FSP1006939) trading as RightSize Mortgages is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice.

Nature and scope of the advice

RightSize Mortgages specialise in providing financial advice and solutions in relation to mortgages and home loan products.

In large we work with the following banks, however if required we may engage with other lenders which we will discuss with you first: ANZ, ASB, BNZ, Westpac, Heartland Bank, SBS Bank, and The Co-operative Bank.

We also work with non-bank lenders such as: ASAP Finance, Avanti Finance, Basecorp Finance, BIZCAP, CFML, Cressida Capital, DBR, First Mortgage Trust, General Finance, Liberty Financial Limited, Pallas Capital, Pepper Money, Southern Cross, and Unity.

Fees and expenses

Generally you won't be charged any fees for the financial advice RightSize Mortgages provides you. This is possible because on settlement of a loan the lender usually pays commission to RightSize Mortgages (which is explained in the commission section of this Disclosure Guide). Any exceptions to this general position are explained below. If these exceptions will apply to you, RightSize Mortgages will let you know.

One-off fees

RightSize Mortgages may charge a one-off fee if the following occurs:

a) There's no commission: If you request that RightSize Mortgages provide financial advice and we do not receive a commission from the lender, we may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before we complete the services, and would be based on an estimate of the time spent providing the advice.

This may arise in the rare event that you request we provide services in relation to either a product that is offered by a lender that we do not hold an accreditation with, or a product that is outside our usual arrangements with our approved lenders.

b) Commission has to be repaid: If you make certain changes to your loan, the lender can require us to repay to them the commission we received for your loan - this is called a 'clawback' and can be up to 100% of the commission. If this occurs, we may charge you a one-off fee. Set out below are the circumstances in which this would apply and the fee that would be charged to you:

Changes that trigger a clawback - Your loan is fully or partially repaid or the terms are materially changed.
Relevant time period - The changes occur in the 28 month period following drawdown of your loan.
Amount & calculation of one-off fee - Generally no more than $3,000 (plus GST, if any). Calculated based on a rate of $250 (plus GST, if any) per hour of our time spent providing advice to you in connection with the applicable loan. The fee would not exceed the amount of commission that needs to be repaid to the lender.

You will be invoiced for any one-off fee and will be given 30 days to make payment.

Adviser fee

Some lenders charge a fee which is capitalised (or added) to the amount of your loan. This fee is normally calculated as a percentage of your loan at drawdown but can be a flat fee. If this is the case in your lending, then further information will be provided to you confirming the fee during the advice process.

Commissions & Incentives

Commissions & incentives that apply to RightSize Mortgages:

On settlement of a loan, the lender usually provides us with a commission payment. The commission is generally an upfront commission payment but an ongoing commission payment may also be paid by the lender. The upfront commission is calculated as a percentage of the loan at drawdown. An ongoing commission is calculated as a percentage of the loan outstanding as the relevant time.

We may also receive a fixed rate roll over fee from the lender if we assist in refixing your loan.

The maximum percentage that each lender uses to calculate upfront and ongoing commissions, and the maximum fixed rate roll over fees (refix fees), are detailed further in during the advice process. If there are any variations to these percentages or other commission payments that may apply, specific to your loan application, we will disclose this to you as part of the advice process.

We may also receive a referral fee or commission payment if we refer you to our referral partners.

Commission payments or referral fees are paid in full to RightSize Financial Services Limited, from which the financial adviser takes drawings or profit share.

Occasionally we may receive incentives or rewards from lenders or referral partners. For example, lenders may provide us with gifts, tickets to events or other incentives.

We manage the conflicts of interest arising from these commission payments, referral fees or incentives by:

Following an advice process that ensures we understand your needs and goals so that we always recommend the best loan for you regardless of the type and amount of commission or other payments we may receive.
Ensuring the amount of any loan is in accordance with your identified needs.
Providing you with tables showing commission rates and types by lender.
Undertaking regular training on how to manage conflicts of interest.

We will collect personal information about you in accordance with our Privacy Policy We regard client confidentiality as of paramount importance. We will not disclose any confidential information obtained from or about you to any other person, expect in accordance with our Privacy Policy. The electronic platform we use to store your personal information is secure and run on Amazon Web Services and Microsoft 365 Cloud Services.

Complaints Process

If you have a complaint about our financial advice or the service we gave you, you need to tell us about it. You can contact us by phoning +64 021 086 26522, or emailing us at oliver@rightsize.nz [Subject line: Complaint - Your Name]. Please set out the nature of your complaint, and the resolution you are seeking. We aim to acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and will work with you to resolve your complaint. We may want to meet with you to better understand your issues. We aim to provide an answer to you within 7 working days of receiving your complaint. If we cannot agree on a resolution you can refer your complaint to our external dispute resolution service. This service is independent and will cost you nothing and will assist us to resolve things with you. The name of this service and their contact details are:

Financial Services Complaints Limited (FSCL) - A Financial Ombudsman Service

complaints@fscl.org.nz

0800 347 257

https://www.fscl.org.nz/

PO Box 5967 Wellington 6140

Our duties

We are bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are to:

Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code).
Give priority to our client's interests.
Exercise care, diligence, and skill.
Meet the standards of ethical behaviour, conduct, and client care set out in the Code.