EXPRESS FINANCE & MORTGAGES LIMITED
Licensing Information
NZ Financial Services Group Limited (FSP 286965) (NZBN:9429030335615) holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice. Express Finance & Mortgages Limited (FSP729211) is authorised by that licence to provide financial advice.
Identifying Information
Aziz Ali-Express Finance & Mortgages Limited
I am a Financial Adviser (FSP22861) and I am giving advice on behalf of Express Finance & Mortgages Limited (FSP729211).
My details are as follows:
Name: Aziz Ali
Phone: 021 729676
Email: aziz@expressfinance.co.nz
Address: 53 Central Avenue, Papatoetoe, Auckland 2025.
Nature and Scope of the Advice
Aziz Ali-Express Finance & Mortgages Limited
I can/will provide advice to you about your mortgages and personal loans (eg. Fixed rates, revolving credit, low doc etc), bridging loans, construction loans, investment loans/ home loan packages offered by various lenders.
I can/will also provide advice to you about your Life Insurance, Health Insurance, Income Protection, Trauma Insurance, Total Disablement Insurance, Mortgage Repayment Insurance, Business Risk Insurance (Key Person Insurance, Business Buy/Sell Insurance).
Product Providers
- Mortgages and Loans – ANZ, Westpac, ASB, BNZ, Sovereign Home Loans, SBS Bank, Cooperative Bank, TSB Bank, ASAP, Avanti Finance, Cressida Capital, DBR, First Mortgage Trust, Liberty Financial, Resimac, Select, Pepper Money and Southern Cross Partners.
- Life and Risk Insurance – Fidelity Life, AIA, Partners Life and Cigna.
- Health Insurance – Partners Life, AIA and NIB.
I don’t provide advice on existing Whole of Life or Endowment products. I also don’t provide advice on any tax related matters, Trusts and Wills. To get advice on these products you will need to consult a specialist for those products.
What else I can offer:
I can help you with other services through my referral partners set out below:
Tower – F&G Asset Finance UK Pension Transfers
XE Money
I am unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this
type of advice.
Experience & Qualifications
I have worked for Westpac in Fiji for over 30 years and have been in mortgage industry since 2004.
I hold an advance Diploma in Quality Management obtained in Fiji.
I also hold New Zealand Certificate in Financial Services Level 5(Residential Property Lending and Life & Health Insurance)
Membership
I am a member of Financial Advice New Zealand and am bound by their code of ethics.
My Reliability History
Aziz Ali-Express Finance & Mortgages Limited
Neither Express finance & Mortgages Limited nor I have been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from me or from Express Finance & Mortgages Limited. As an example, it would include legal proceedings against me, or if I had been discharged from bankruptcy in the last four years.
Fees or Expenses
Generally I won’t charge you any fees for the financial advice I provide to you. This is possible because, on settlement of a loan, I usually receive commission from the lender [which is explained in the Commissions section of this Disclosure Guide]. Any exceptions to this general position are explained below. If these exceptions will apply to you, I will let you know.
One-off fees
I may charge you a one-off fee if the following occurs:
(a) When I don’t receive commission from the lender: If you request that I provide financial advice and I do
not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before I 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 that I provide services in relation to either a product that is offered by a lender that I do not hold an accreditation with, or a product that is outside my usual arrangements with my approved lenders.
(b) When I have to repay commission to the lender: In the event that, in the 28 month period following drawdown of your loan, your loan is fully or partially repaid or the terms materially changed, and a lender requires that I repay the applicable commission to them, we may charge you a one-off fee. Any such fee would be no more than $2,500 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of my time spent providing financial advice to you in connection with the applicable loan. The fee I charge you will not exceed the amount of commission I have to repay to the lender.
You will be invoiced for any one-off fee and will be given 30 days to make payment.
Conflicts of Interest and Incentives
I receive commissions from the providers on whose products I give financial advice (insurers, banks, lenders). If you decide to take out insurance, personal loan or a mortgage the product provider will pay a commission to me.
The commission is generally of an upfront nature ranging between 20% to 140% for Health Insurance and 180% to 200% for Risk Insurance of the total yearly premium (minus the policy fee) and between 0.45% to 0.85% of the total loan amount for Mortgage and Home Loans.
My commission may also include a small renewal or trail commission ranging between 7.5% to 10% for insurance.
Trail commission for mortgages range from .15% to .20%
.I also do receive a fixed rate roll over fee from some providers if I assist in re fixing your loan. These commissions can be clawed back by the insurance company or the bank/lender if the policy/loan is cancelled/changed/paid off in the first two years.
A full schedule of all providers and their commission rates can be made available on request.
From time to time, product providers may also reward me for the overall business I provide to them. They may give me tickets to sports events, hampers, or other incentives.
However, I prioritise my client’s interests above my own. I don’t have any quota system with any insurer or bank/lender and follow procedures that is solely based on what is in the best interest of my clients. I also keep a register monitoring these gifts and incentives.
I may charge a fee for the financial advice provided to a client where a client cancels, lapses or reduces a life or health insurance policy within 24 months of inception and for a mortgage/home loan within 27 months of inception. This fee will be discretionary and will not be charged if the client cancels or reduces a life or health policy due to financial hardship. This fee will be $2,000 per policy or home loan.
However, if it takes me more than 10 hours to perform the service, the fee will be calculated on the following basis: $2,000 + $150 per hour above 10 hours. This fee will be payable by the client by the 20th of the month after the policy is cancelled.
Any advice or product implementation provided as a result of a fact find/needs analysis can only be as good as the information received from you so I ask that you provide me with the information I request. 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 ask, so that I can explain. Therefore please do disclose fully about your health, finances, passtimes and all other questions asked in the application form.
The Information will be held by me/us at 53 Central Avenue, Papatoetoe, Auckland, New Zealand