Rethink Group Limited holds a transitional Financial Advice Provider License issued by the Financial Markets Authority (FMA) to provide financial advice services. Our Financial Services Provider Number is FSP721271. As a licensed Financial Advice Provider, Rethink Group has standard conditions to our licence. There are no conditions specific to Rethink Group nor limitations or restrictions on the advice that may be provided.
Our office contact details are:
Address: 20 Woodridge Drive, Stanmore Bay, Whangaparaoa
Phone: 0800 021 337
What services does Rethink Group offer?
Our services include:
- Loans including mortgages, constructions loans, bridging finance, reverse mortgages, personal loans, and debt consolidation loans
- Personalised mortgage reduction plans
- Personal and business insurance (life cover, disability, income protection, mortgage protection, trauma, and health insurance)
What are 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
How much does Rethink Group charge?
Almost all of Rethink Group’s services are at no direct cost to you as Rethink Group is remunerated by the financial product providers by way of commission.
The exceptions to this:
- In the event of early repayment of a mortgage by sale of property, refinancing away from the lender to another lender, or by repaying your mortgage in full within 27 months from the original drawdown date, Rethink Group may charge you for the hours spent on the advice provided. This is charged at $230 per hour and is capped at 15 hours being $3,450 (including GST). The fee we charge you will not exceed the amount of commission we have to repay to the lender.
- Certain mortgage products offered by non-bank lenders and finance companies do not attract commission and therefore Rethink Group will charge a fee for these products. This fee will be discussed with you in advance and agreed in writing prior to the loan being finalised.
- In the event of an insurance policy being cancelled within 24 months of the policy start date, Rethink Group may charge you for the hours spent on the advice provided. This is charged at $230 per hour and is capped at 15 hours being $3,450 (including GST). The fee we charge you will not exceed the amount of commission we have to repay to the insurance company.
- After engaging Rethink Group for financial advice, you elect not to continue engaging Rethink Group to settle the mortgage or finalise the insurance product, Rethink Group may charge you for the hours spent on the advice provided. This is charged at $230 per hour and is capped at 10 hours being $2,300 (including GST).
- Personalised mortgage reduction plans incur a one-off fee of $2,300 (including GST).
Which mortgage lenders does Rethink Group work with?
Our list of 24 approved lending providers is: (current as of 13 March 2021)
|ANZ Bank of New Zealand Limited||Sovereign Home Loans (AIA)|
|ASB Bank Limited||The Co-Operative Bank Limited|
|Westpac Banking Corporation||SBS Limited|
|Bluestone Mortgages NZ Limited||Bank of China Limited|
|Pepper New Zealand Limited||Resimac Financial Securities Limited|
|Liberty Financial Limited||First Mortgage Trust Limited|
|Avanti Finance Limited||Basecorp Finance Limited|
|Heartland Bank Limited (reverse mortgages)||DBR Limited|
|ASAP Finance Limited||Southern Cross Partners Limited|
|Unity Credit Union||Cressida Capital One Limited|
|Funding Partners Limited||FICO Finance Limited|
|Gold Band Finance Limited||Metro Finance Limited|
Which insurance companies does Rethink Group work with?
Rethink Group can recommend 6 insurance providers: (current as of 13 March 2021)
|Partners Life Limited||Asteron Life Limited|
|AIA New Zealand Limited||NIB NZ Limited|
|Southern Cross Medical Care Society||Fidelity Life Assurance Company Limited|
Which KiwiSaver companies does Rethink Group work with?
Rethink Group works with 2 KiwiSaver providers: (current as of 13 March 2021)
|Booster Investment Management Limited||Generate Investment Management Limited|
How does Rethink Group deal with conflicts of interest?
Rethink Group and our Financial Advisers receive commissions from the providers on whose products we give financial advice (the lenders and insurers). If you decide to take out a mortgage or insurance, the provider will pay a commission to Rethink Group and to your Financial Adviser. The amount of commission is based on the amount of the mortgage and/or the insurance premium.
From time to time we may receive commission, tickets to sports events, gifts, hampers, or other incentives for referring you to our business partners for products such as Fire and General insurance, currency exchange and business loans. These business partners include:
|Prospa Business Loans||XE.com|
|Crombie Lockwood Insurance Brokers||Tower Insurance|
To ensure that we prioritise your interests above our own, Rethink Group does significant due diligence to ensure that all business partners are of the highest quality and compliance standards. Rethink Group operates a comprehensive and robust framework of policies and procedures and follow an advice process that ensures our recommendations are made on the basis of your best interests after considering your goals and financial circumstances. Our Financial Advisers undergo an annual compliance review and receive ongoing training regarding Rethink Group’s policies and procedures including managing conflicts of interest. We maintain and monitor registers of conflicts of interests, and the gifts and incentives we receive.
Do you have a complaint or problem?
Rethink Group aims to provide you with the highest quality service and support. But if you do have a problem, concern, or complaint, please tell us so that we can try to fix the problem. Our complaints process outlined below aims to address your concerns:
Step 1 – Let’s sort it out
The first step is to address your complaint with your Financial Adviser to ensure they are aware of your concerns. This can be done verbally or in writing and will start the official process.
Step 2 – Review
If your complaint is not resolved in Step 1, you can call or email our internal complaints manager:
Phone: 0800 021 337
They will record your complaint and strive to resolve your complaint as early as possible. You should know the steps we are taking to address your concerns within 48 hours of starting Step 2.
Step 3 – We are a participant of the Financial Dispute Resolution Service
If your complaint cannot be resolved by Step 2, we encourage you to refer your complaint to the Financial Dispute Resolution Service. This is a free, independent dispute resolution scheme and will help resolve any disagreements. This process may take several weeks as the procedure is overseen by an independent adjudicator.
Phone: 0508 337 337