Disclosure Statement

Important information about our business

Company and Licensing information:

Achiva Financial Services Limited (FSP1005772), trading as Achiva is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice services.

  • Luna Zhang (FSP719511) is authorised under our FAP license to provide financial advice.
  • Phone: 021886116
  • Email: info@achiva.nz

Our office contact details:

Address:  85 Ahutoetoe Road, Wainui, Auckland.
Phone:     +64 21 886 116
Email:      info@achiva.nz
Website:  www.achiva.nz

Nature and Scope of financial advice services

Our Services

We provide advice to our clients about home loan products.

  • Mortgages
  • KiwiSaver schemes
  • Personal risk insurance

Products we can provide advice about:

  • Loans: Including mortgages, reverse mortgages, residential home loans, investment property loans, construction loans, debt consolidation (using property as security), and Sustainable Energy Loans. Business & Commercial Loansand property development loans.
  • KiwiSaver investments: Scheme selection, transfers, and ongoing management, including KiwiSaver for buying your first home.
  • Personal Risk Insurance: Health insurance, life cover, disability, income protection, trauma cover, and mortgage protection.

Product providers we might recommend:

  • Lending: ANZ, ASB, BNZ, Westpac, Kiwibank, ASAP, Avanti Finance, Bank of China, Basecorp Finance, Bizcap, CFML, Bluestone, China Construction Bank, Cressidal Capital, DBR, Finbase, First Mortgage Trust, Funding Partners, Heartland Bank, Liberty, Pepper Money, Plus Finance, Prospa, Resimac, SBS, TSB, Pallas Capital, Southern Cross Partners, Unity.
  • KiwiSaver Schemes: Milford Asset Management, Generate Wealth, NZ Funds.
  • Personal Risk Insurance: AIA, NIB.

Please note: We can only provide advice on the products offered by the providers listed above. We do not provide advice on products from other providers.

Our fees

The fees we charge depend on the nature and scope of the advice or service we provide. We will always discuss and agree on any fees with you before we proceed, and we will explain how they are payable.

The following outlines the types of fees that may apply:

Mortgage Services

We do not charge a fee for our services if you take out a home loan we have arranged and the lender pays us a commission when your loan settles.

We may charge a fee in the following situations:

  1. Application fee
    • If we obtain loan approval for you but you choose to proceed with another lender (not arranged by Achiva) or through another provider, we may charge a one off application fee of $500 (Incl. GST).
  2. Adviser Fee (Where no commission is paid)
    • If your chosen lender does not pay us a commission, we may charge an adviser fee. Options include:
      • $250 (Incl. GST) per hour, or
      • Up to 1% of the loan amount (whichever is lower), or
      • A set fee agreed with you before we proceed.
  3. Clawback Fee
    • What it is: If your loan is cancelled, repaid, or refinanced within 28 months after settlement, the lender may reclaim some or all of the commission paid to us.
    • What this means for you: If you refinance or cancel a loan we arranged within this period, and we are required to repay the commission, we may recover some or all of that amount to cover the advice and services our adviser provided to you
    • Fee Calculation:
      • Capped at $2,500 (Incl. GST)
      • Calculated at $250 (Incl. GST) per hour for the adviser’s time spent providing services in connection with your loan.

KiwiSaver

  • Initial Advice Fee: $150 (Incl. GST)

Personal Risk Insurance

Clawback Fee & Client Fee

  • If your policy is fully or partially cancelled within 26 months of when your policy starts, and the insurer requires repayment of commission, we may recover some or all of that amount to cover the advice and services our adviser provided to you
  • Fee Calculation:
    • Capped at $2,500 (Incl. GST)
    • Calculated at $250 (Incl. GST) per hour for the adviser’s time spent providing services in connection with your insurance cover.

Payment of Fees

  • If we charge a fee, we will discuss with you and issue an invoice.
  • You will have 21 days to make payment.

Our Commitment

We aim to build a long-term relationship. If you continue working with us whether for refinancing, restructuring, future property purchases, or reviewing and updating your insurance cover, we may choose to waive our service fee.

Our goal is to provide good service and earn your ongoing trust. You can feel confident that staying with us.

Commissions

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

Mortgage

  • Upfront from lenders after settlement: 0.55% – 0.85% of the loan amount.
    (Note: Some lenders do not pay commission on revolving credit facilities.)
  • Trail / Ongoing: 0.15% – 0.20% per year of the outstanding loan balance, paid monthly.
  • Refix Service: $150 for a refix service.

KiwiSaver

  • Milford Asset Management Limited: Up to 0.2% per year of your account balance, paid monthly from the fees you pay to Milford. You do not pay this fee directly.
  • Generate KiwiSaver: We may receive an upfront commission of $50 – $300 if you invest.
  • Generate Managed Funds: We may receive an ongoing commission of 0.125% per year of your account balance if you invest. These payments are made by Generate from the fees you pay; you do not pay us directly.

Personal Risk Insurance

  • Upfront: We receive commissions from insurers (such as AIA and NIB) based on your insurance premiums. This ranges from 2.5% to 210% of the annual premium.
  • Ongoing / Trail: Ranges from 0% to 30% per year.

Business Partner Referral Fee

We work with a range of business partners who can provide financial advice on products that Achiva cannot advise on directly.

  • If you choose a product offered by one of our partners, Achiva may receive a referral fee.
  • Any referral fees will be fully explained to you before you are referred to our business partners.

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.

Discounted CRM, subsidised training for advisers or other non-monetary benefits.

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.
  • 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 behavior, 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 Luna Zhang who can be reached via email at info@achiva.nz or 021886116.  We will reply to you within 24 hours.

Our internal complaints handling process is as follows:

  1. We will analyse and investigate your complaint and the supporting information provided;
  2. We may contact you to request additional information about your concerns;
  3. We will provide you with regular updates; and
  4. Work in a constructive and good-faith manner to try and resolve your complaint promptly.

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 – Financial Services Complaints Ltd (FSCL) . This service will cost you nothing and will help us resolve any complaints.

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