Public Disclosure Statement

Important information about our business  

Ladder Financial Services Limited holds a Financial Advice Provider license issued by the FMA to provide financial advice services. Ladder Financial Services Limited Financial Services Provider Number is 1009602 

 

Our office contact details: 

Address: 1/274B Birkdale Road, Birkdale, Auckland, 0626 
Phone: 0273193311 
Email: ben@laddermortgages.co.nz 
Website: www.laddermortgages.co.nz 

 

Nature and Scope of financial advice services 

Our Services 

  • Mortgages 

 

Products we can provide financial advice about 

  • Loans including mortgages, reverse mortgages and deposit bonds  

  

Product providers we might recommend  

  • ANZ 

  • ASB 

  • BNZ 

  • Westpac 

  • Kiwibank 

  • Co-Operative 

  • SBS 

  • TSB 

  • AIA Go Home Loans 

  • Avanti Finance  

  • Basecorp 

  • Bizcap 

  • CFML 

  • Funding Partners 

  • Liberty Finance 

  • Pepper Money 

  • Cressida Capital 

  • DBR 

  • Finbase 

  • First Mortgage Trust 

  • Go Lend 

  • Heartland Bank 

  • Pallas Capital 

  • Plus Finance 

  • Prospa 

  • Southern Cross Partners 

  • Unity 

  • Vincent Capital 

  • Xceda 

 

Our fees  

In general Ladder Financial Services LTD will not charge you a fee if you decided to take a loan with a lender that pays Ladder Financial Services LTD a commission. However, there are certain cases in which we will charge a fee which will depend on the lender we approach on your behalf, any clawback risk which may be imposed to us, and will depend on the nature and scope of the advice or service we provide.  
We will discuss and agree on the actual fees with you before we proceed and explain how they are payable. 

The following section outlines the types of fees that may apply: 

  • The fees charged for our advice and services may be based on a combination of:  

  • A set dollar amount; OR 

  • a percentage-based fee. For example, 1% of the total loan amount. 

  • Our agreed advice and service fees may include charges for:  

  • Initial advice ongoing; OR  

  • annual advice and services. 

 

Other costs  

Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs.  

However, we will agree on all additional costs with you prior to incurring them; OR We don’t charge our clients fees, expenses or anything else directly for the financial advice we provide. 

Commissions 

For services in relation to loan products, commissions may be paid by the product provider as follows: 

Initial Commission: A percentage of the value of your loan balance.  
Generally, a lender will pay us anywhere from 0.55% to 0.85% of the loan balance on settlement of the loan. 

Ongoing Commission: A percentage (0.15% to 0.20%) of the value of your outstanding loan amount, usually calculated at the end of each month in which you hold the loan. 

 
Clawback Policy & Fees 

If you cancel, refinance, or repay your loan within the first two years after it settles, Ladder Financial Services LTD will likely incur a fee from the lender who provided you the loan, in which Ladder Financial Service LTD may charge you a fee for the financial advice we provided. 

This fee will be calculated based on either the time we have spent into developing and providing the financial advice to you and will be charged at a rate of $400 per hour, or will be based on the clawback fee we have incurred from the lender for the cancellation, refinance, or repayment of your loan. 

The charges we incur will vary from lender to lender, but generally lenders will charge, 

  • 100% of the upfront commission within 0-15 months, if you cancel, refinance, or repay the loan, 

  • 50% of the upfront commission within 15-28 months, if you cancel, refinance, or repay the loan. 

What we are paid from the lender and what the specific clawback policy for that lender will be made clear to you prior to you taking out/settling your loan through our Compliance/Mortgage Recommendation document. 
 

Conflicts of interest or other incentives 

We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also. 

We do have referral relationships with some other service providers who will pay us a referral fee.
 

 

How we manage any conflicts of interest  

To ensure our advisers prioritise our clients’ interests: 

  • We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances. 

  • We will let you know up front of any incentive we receive from any product providers we have relationships with. 

  • All our advisers undergo annual training about how to manage conflicts of interest.  

  • We maintain registers of conflicts of interest and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required. 

  • We undertake an annual independent Compliance Assurance Review. 
     

Our duties and obligations to you 

We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to: 

  • Meet the standards of competence, knowledge, and skill set out in the Code of Conduct  

  • Give priority to the clients’ interest, and  

  • Exercise care, diligence and skill, and 

  • Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct. 

Our Internal complaints process

If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can try to fix the problem.

Our internal complaints manager is Ben Starr who can be reached via email at ben@laddermortgages.co.nz or 0273193311. Ben Starr will reply to you within 24 hours.

Our internal complaints handling process is as follows:

  1. Acknowledge the complaint within 2 working days

  2. Inform you on how we will address the complaint

  3. Gather any information that will help us resolve the complaint

  4. Aim to resolve the complaint within 10 working days

  5. If we cannot resolve the complaint within this time frame, we will update you regarding the next steps.

Our external complaints process

If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme: FSCL (Financial Services Complaints LTD). This service will cost you nothing, and will help us resolve any complaints.

You can contact FSCL (Financial Services Complaints LTD) at:

Address: Financial Services Complaints Limited, Level 4, 101 Lambton Quay, Wellington 6011

Phone number: 0800 347 257

Email address: Complaints@fscl.org.nz