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. We are a specialist Finance and Insurance Broker / Advisor business that is widely recognised as a loan solution provider due to the fact we will take a loan application for almost any purpose so long as that purpose is legal. All our Brokers/Advisers are registered with the Financial Markets Authority (FMA) as a Registered Financial Advisor.
  3. 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 and Residential Property.
  4. 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.
  5. At Gateway, we strongly recommend that all clients consider their risk (insurance) cover whenever they 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 $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 and a mandate detailing those terms will be agreed usually prior to the lodgement of any loan application.
  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.

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. Member of PAA 2008-2018 until the PAA became part of Financial Advice New Zealand.
  3. Member NZMBA 2003-2008.
  4. I am a Member of New Zealand Financial Services Group (NZFSG) who represents the largest body of independent brokers/advisors in New Zealand.

Your Obligations

Any advice or product implementation provided as a result of the needs analysis can only be as good as the information received from you, so I ask that you provide me with the information that is requested.

Without relevant and correct information about your personal and financial situation, I run the risk of giving advice that is not appropriate for your needs. If you are unsure as to why I need certain information, please do ask so that I can explain.

Privacy Act

  1. It is understood that any information gathered for this needs analysis is personal and I undertake to keep this information confidential and secure.
  2. The Privacy Act 1993 gives you the right to request access to and correction of your personal information.
  3. Information provided by you and or any authorised agent will be used by me and any members of my staff for the purpose of providing advice to you and may also be used by any:
    1. Product or service provider when implementing any of my/our recommendations or variations thereof;
    2. Compliance advisors, assessors or by any claims investigators who may need access to such information; and
    3. Other professionals such as solicitors, accountants, finance brokers, financial planners when such services are required to complement this advice and as requested by you.

This information will be held by Gateway Finance Brokers at 51 Barton Avenue, Heretaunga, Upper Hutt.

Scope of Service and Engagement Acknowledgements

Our discussions and my advice will be in relation to assisting you manage your and/or your family’s financial security or Company or Trust in relation to the areas or product(s) that you have requested in section 2 of the Gateway Finance Brokers Limited application form. The discussions and advice will take into consideration any specific objectives or limitations of our engagement noted in section 2 of your application form.

Gateway Finance Brokers may be required to evidence that we have explained specific requirements or obligations and provided certain information to you. Would you please acknowledge by signing that these requirements have taken place.

I / We acknowledge that

  • I / We have received a Disclosure Statement from the advisor named in this document. The document was current and dated 6 May 2015.
  • The advantages of undertaking a full suitability (needs) 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______________________________
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