Terms of Engagement

Who We Are

Advisor: William (Bill) Slater, RFA, FSP No. 327686

Gateway Finance Brokers Limited

PO Box 47-149

Trentham

Upper Hutt 5143

What We Do

  1. Gateway Finance Brokers has been in business since 2002. Prior to that, our Managing Director had more than 30 years in senior management positions in multi-National manufacturing businesses.
  2. I am a specialist Finance and Insurance Broker / Advisor. For regulated lending, I can give advice about category 2 financial products such as homes loans, mortgages, life insurance, health insurance, risk insurance and consumer credit contracts.
  3. At Gateway we are widely recognised as a loan solution provider. Borrowers often come to us because they have run into all sorts of difficulties. Gateway has a reputation that we will take a loan application for almost any purpose, so long as that purpose is legal.
  4. Our core day to day business activity is the arranging of loan facilities and all transactional solutions for clients in areas of Mortgages & Risk Insurance services. As a specialist Broker / advisor, we will accept loan applications from both retail and wholesale clients for Commercial Property, Developments, Farm Finance, Business Finance, Trade Finance, Car Finance, Debt Consolidation and Residential Property.
  5. There is no guarantee that we will be able to successfully conclude your loan application but what we can promise you is we will exhaust every avenue available to us in an effort to achieve a positive result. Borrowers who place their confidence in Gateway Finance Brokers Limited can be assured of a dedicated and determined effort to get the best solution for them. At Gateway Finance Brokers Limited we have the experience and knowledge to make the difference.
  6. At Gateway, we strongly recommend that all clients consider their risk (insurance) cover whenever they are approved for a loan or increase or adjust any borrowings. Gateway may at its own discretion or at your request, review your risk position unless you specifically direct us not to do so.

How We Work

  1. In the first instance, we require all applicants to complete the application form and fact find so that we have a clear brief on the client’s expectations and wishes. This does not necessarily mean that we will be able to satisfy every request made of us, but we will take this information into account when we are completing our analysis.
  2. We then analyse and research your circumstances – develop strategies to meet your needs and objectives as well as identifying possible providers. If required we will advise you of any further terms of engagement.
  3. If we believe there is merit in submitting an application to any of our lenders, we will progress that and advise you of the outcome.
  4. We will provide claims and/or re-fixing services for our clients as required.

How We Get Paid

  1. In the normal course of business, applications from retail clients for standard residential loans, Gateway Finance Brokers Limited receive a commission payment from the lenders and insurers that we place the client’s ‘Finance Applications’ and ‘Insurance Applications’ and/or ‘Insurance Referrals With’. The commission can be a single upfront commission or in some situations, an establishment fee, or an ongoing ‘trail’ commission (percentage of the loan facility), or a mix of them all.
  2. Where in good faith substantial work has been applied towards any loan application and the application does not proceed for any reason, at the discretion of the broker, a consultation fee of up to $800.00 may be charged.
  3. For all Investment, Development and Commercial Finance applications, a fee will be charged, and this will be defined at the earliest opportunity. In some situations, a mandate detailing those terms will be agreed and may define a non-refundable fee component.
  4. Occasionally a residential lender may apply a remuneration claw back from the broker when a loan is not retained for a minimum period (normally two years). Claw backs most often apply where the loan was disclosed by the client for long term residential or investment purposes but where the borrower chose to sell the property or refinance inside the first two years. Where a claw back or partial claw back applies, the client may be charged directly for any short fall in remuneration.
  5. Should there be a breach of this agreement and funds are left owing to Gateway, then Gateway reserves the right to pass the account to a third party to recover those costs, including but not limited to debt collection fees (collection costs) and/or legal fees on a solicitor client basis.

If you have any further questions, please do not hesitate to contact us for further explanation.

Memberships

  1. I am a member of Financial Advice New Zealand.
  2. I am a Member of New Zealand Financial Services Group (NZFSG) who represents the largest body of independent brokers/advisors in New Zealand.

How am I regulated by the Government?

You can check that I am a registered financial advisor at www.fspr.govt.nz. The Financial Markets Authority regulates financial advisors. Contact the Financial Markets Authority for more information, including financial tips and warnings.

You can report information or complain about my conduct to the Financial Markets Authority, but in the event of a disagreement, you may choose to first use the dispute resolution procedures described above (under ‘What should you do if something goes wrong?’).

Declaration:

I William (Bill) Slater, declare that, to the best of my knowledge and belief, that the information contained in this disclose and terms of engagement statement is true and complete with the disclosure requirements in the Financial Advisors Act 2008 and the Financial Advisors (Disclosure) Regulations 2010.

I / We acknowledge that

  • The advantages of undertaking a full sustainability analysis and the need to provide relevant personal and financial information and by not doing so I / we risk receiving advice or product recommendations that may not be appropriate to my / our needs.
  • I / We understand the services being provided are restricted to the scope of service or subject to specific limitations indicated above and those outlined in the Gateway Finance Brokers application form.
  • I / We have read and understood information relating to the Privacy Act 1993 and how this information may be used.
  • I / We understand the basis of advisor remuneration as defined in the sub-heading ‘How We Get Paid’.
  • I / We have received a copy of the Terms of Engagement from the Advisor.
Client Name______________________________Client Name______________________________
Signature______________________________Signature______________________________
Date______________________________Date______________________________

Last Reviewed 16 July 2019

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