Public Disclosure

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Our details

Company name: Benchmark Mortgages Limited

‍Trading name: Benchmark Mortgages

‍FSP number: FSP1004844

‍Phone: 021 0822 6113

‍Email: hello@benchmarkmortgages.co.nz

‍Address: Unit 6/273 Neilson Street, Onehunga, Auckland

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Licensing information

Benchmark Mortgages Limited operates as an Authorised Body under a Financial Advice Provider licence issued by the Financial Markets Authority to NZ Financial Services Group Limited (NZFSG), FSP286965.

There are no conditions attached to this licence that limit or restrict the advice that may be given.

Our duties

Benchmark Mortgages Limited, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013.

These duties require us to:

Meet the standards of competence, knowledge and skill, and the standards of ethical behaviour, conduct and client care, set out in the Code of Professional Conduct for Financial Advice Services.

Give priority to your interests.

Exercise care, diligence and skill when providing financial advice.

Our products and product providers

We provide financial advice on lending products, including home loans for first-home buyers, refinancing and restructuring, investment property lending and construction finance. We also assist clients with commercial lending and property development funding.

We provide advice about products from selected lenders. Our advice is limited to the products and providers available through our lending arrangements and our advisers’ accreditations.

Our lender panel

We work with the following lenders:

AIA Go Home Loan, ANZ, ASB, ASAP Finance Limited, Avanti Finance, Bank of China, Basecorp Finance, BIZCAP, BNZ, CFML, China Construction Bank (New Zealand) Limited, Cressida Capital, DBR, Finbase, First Mortgage Trust, General Finance, Heartland Bank, Industrial and Commercial Bank of China (New Zealand) Limited, Kiwibank, Liberty Financial Limited, Midlands Funds Management, Pallas Capital, Pepper Money, PROSPA, RESIMAC, SBS Bank, Select Home Loan, The Co-operative Bank, TSB, Unity and Westpac.

The specific product types and providers each adviser can advise on are set out in their individual Disclosure Guide. Your adviser will provide this when you engage them, and you can request a copy at any time.

Where we refer you to another service provider, we will explain the referral and any relevant referral fee or arrangement. That provider is responsible for the advice and services they provide.

Fees and expenses

Generally, we do not charge you a fee for our financial advice because we usually receive a commission from the lender when your loan settles.

However, we may charge a one-off fee in the circumstances below.

Where we do not receive a commission

If you ask us to provide services for which we will not receive a commission, we may charge a fee based on the estimated time required to provide those services.

This may apply where the product is offered by a lender with whom we do not hold accreditation, or where the service falls outside our usual arrangements with lenders.

Any such fee will be agreed with and authorised by you in writing before we complete the services.

Where a lender requires repayment of our commission

If a lender requires us to repay commission within 28 months of your mortgage settling, we may charge you a fee to recover some or all of the cost of the services provided.

This fee will:

Be calculated at $250 per hour, plus GST if applicable, for the adviser’s time spent providing services in connection with that mortgage.

Be capped at $3,000, plus GST if applicable.

Not exceed the amount of commission clawed back by the lender.

If a fee applies, we will issue an invoice with payment due within 30 days.

Commissions and other incentives

If you proceed with a loan following our advice, your adviser, Benchmark Mortgages and/or NZFSG will usually receive a commission from the lender when the loan settles.

Payments and benefits may include:

Upfront commission: Calculated as a percentage of the loan amount drawn down.

Ongoing or trail commission: Calculated as a percentage of the outstanding loan balance.

Refix fees: Paid by some lenders when we assist with refixing a loan.

Referral fees: Paid where we refer business to another service provider.

Other incentives: Such as gifts or invitations to events.

Your adviser will explain the commissions and incentives relevant to the advice you receive, including the applicable maximum commission percentages.

Commission helps pay your adviser and covers the costs of running our business, including staff, premises and technology. We also pay NZFSG for services provided in connection with our authorisation under its Financial Advice Provider licence.

Conflicts of interest

Receiving commissions, referral fees or other benefits can create potential conflicts of interest. We manage these by prioritising your interests and recommending lending products that are suitable for your needs and objectives.

We do this by:

Following an advice process that helps us understand your financial position, needs and goals.

Assessing suitable lending options without allowing the type or amount of commission to determine our recommendations.

Providing regular training to our advisers on identifying and managing conflicts of interest.

Providing a schedule of commission types and amounts by product provider in each adviser’s Disclosure Guide, with further information during the advice process.

We may attend events hosted by lenders, industry associations or NZFSG where providers share information about their products. Our recommendations remain based on your circumstances and the suitability of the available products.

Any additional conflicts that could influence the advice you receive will be disclosed to you by your adviser.

Complaints

If you are unhappy with our service, please contact us so we can investigate and work towards a resolution.

Contact: Manshil Krishna

‍Phone: 021 0822 6113

‍Email: manshil@benchmarkmortgages.co.nz

‍Address: Unit 6/273 Neilson Street, Onehunga, Auckland

For complaints by email, please use the subject line “Complaint – [Your Name]” and explain your concerns and the outcome you are seeking.

We will:

Acknowledge your complaint within 24 hours.

Record it in our Complaints Register and notify our licence holder.

Contact you if we need further information or would like to discuss your concerns.

Investigate and provide a response within seven working days of receiving your complaint.

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If we need more time to investigate, we will let you know.

If we cannot agree on a resolution, you can refer your complaint to our external dispute resolution scheme, Financial Services Complaints Limited (FSCL). This service is free and independent.

Financial Services Complaints Limited (FSCL)

Phone: 0800 347 257

‍Email: complaints@fscl.org.nz

‍Website: https://fscl.org.nz‍

Postal address: PO Box 5967, Wellington 6140

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