What We Finance
Insurance
Calculators
What We Finance
Insurance
Calculators
Financial Advice Provider
Rostron Finance Pty Ltd
NZBN: 9429049999662, Financial Service Provider: FSP 100 1984
Level 3, Forsyth Barr House, 35 The Octagon, Dunedin Central, 9016
E: finance@rostron.co.nz
P: 0800700399
W: www.rostron.co.nz
We encourage you to read the important information given below. It may help you decide whether your financial needs may be met by engaging with us.
Licence status and conditions
We hold a financial advice provider licence, issued by the Financial Markets Authority, to provide financial advice in relation to Personal Lending.
We are also authorised by the financial advice provider licence held by the insurers below to provide factual information in relation to their general insurance products.
Nature and scope of financial advice service
We engage financial advisers to provide financial advice on the following financial products:
Vehicle and Equipment Finance and Personal loan products
Rostron, through advisers under its licence, provides financial advice about vehicle and equipment finance and personal loan products only from the following providers (also known as Credit Providers):
General insurance products
These are policies that insure your personal assets (e.g. motor vehicle, and watercraft etc). Rostron, through its Nominated Representatives, provides factual informattion about general insurance products only from the following providers (also known as fire and general insurers):
Rostron provides a financial advice service related to:
We only provide you with financial advice in relation to Personal Lending such as vehicle and equipment finance, and personal loans.
Rostron does not provide financial advice service related to:
You will need to consult appropriate specialists if you would like advice in the above areas.
Duties
Rostron and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:
Fees, expenses, or other amounts payable
Rostron will charge an origination fee for the financial advice provided to you or for implementing that advice. Remuneration may also be paid by the product providers by way of commission.
We may also charge a fee where a general insurance policy is cancelled within 24 months from the date that policy is put in place through us.
Conflicts of interest and commissions or other incentives
Vehicle and Equipment Finance and Personal loan products:
Rostron will receive commission from the lenders who provide vehicle and equipment finance and personal loan products. If you decide to proceed, then the lender will pay commission based on the amount of loan settled with that lender or lenders. In certain situations, we might recommend another lender to you. If you choose to proceed with the finance offered, we will receive a referral fee for the introduction.
General insurance products
Rostron and its advisers will receive commission from the insurance companies who provide general insurance products. If you decide to take out a general insurance policy, then the insurance company will pay commission based on the premium that you pay, our advisers may receive commission or other incentives.
Additional Remuneration
From time to time, various product providers (described previously) may also reward Rostron for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives.
To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s personal goals and circumstances. All our financial advisers undergo annual professional development refresher training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives received.
Complaints handling and dispute resolution
Rostron takes all complaints seriously and works to resolve them as quickly as possible. You can find information about how to make a complaint and an overview of our internal complaints process on our website at www.rostron.co.nz/complaints.
If you are unhappy with our financial advice service, and wish to make a complaint, please contact your financial adviser so he or she can try to put things right.
Our website also provides information about, and the contact details of, the dispute resolution scheme we belong to. That scheme provides a free and independent service that may help investigate or resolve your complaint if we haven’t been able to resolve your complaint to your satisfaction.
If you do not feel comfortable discussing your concerns with your adviser, you can call us on 0800700399 between the hours of 9:00 am – 5 pm weekdays. Email us at finance@rostron.co.nz or write to us at Level 3, Forsyth Barr House, 35 The Octagon, Dunedin Central, 9016, addressing your letter to the attention of the General Manager.
How your Complaint will be handled
We will deal with your complaint using our internal complaints handling process:
FSCL provides a free and independent external dispute resolution service to consumers with complaints about their financial service providers. This service will cost you nothing and will help us to investigate or resolve your complaint if it is not resolved to your satisfaction using our internal complaints process.
You can contact the Financial Services Complaints Scheme at:
E: complaints@fscl.org.nz
W: www.fscl.org.nz
T: 0800 347 257 or +64 4 4723725
A: Level 4, 101 Lambton Quay, Wellington 6011 or P O Box 5967, Wellington 6140
Disclosure Document
This document is designed to give you an estimate of any fees or expenses that may need to be paid in relation to the following of our advice, including the circumstances when they are payable, terms of payment, how they will be determined and an estimate of these fees. The fees disclosed only apply if you act upon the advice provided and excludes GST.
What fees are payable by you to Rostron Finance Pty Ltd?
If you act upon the advice in relation to the credit facility a fee is payable to us for the research we undertake, and the implementation of the advice is disclosed below and will vary depending upon the complexity of your application and the Credit Provider we recommend. The fee will be included in the loan amount, it is not an out-of-pocket expense.
What is a reasonable estimate of the fees and charges payable to the Credit Provider?
The fees and charges payable will depend on which credit provider approves your loan. At the time of providing this document we have not determined which Credit Provider best suits your needs. As such we have provided a range of fees and charges from the Credit Providers with whom we have entered a formal relationship with, as disclosed in our Scope of Service agreement. We are unable to determine the interest rate as this is determined by the Credit Provider based upon your unique credit profile and the age of the asset you are purchasing. Lender Establishment Fees* range from $130 - $350. Lender Monthly Account Fees range from $2 - $10. Personal Property Security Register fees range from $7 to $11.
What fees are payable to Rostron Finance regarding my loan?
A commission is paid by the Credit Provider to Rostron Finance Pty Ltd for assisting you to obtain finance. These fees differ depending upon the Credit Provider recommended and range from 0 – 6.25% of the amount financed*. Should you terminate the loan in the first 18 months a fee equating to 5% of the Amount Financed will become payable upon demand. An origination fee is also paid by the Credit Provider to Rostron Finance Pty Ltd for assisting you to obtain finance. These fees differ depending upon the Credit Provider recommended and range from $395 to $995 for a secured loan. For unsecured Loans our fee is 10% of the amount financed, with a minimum fee of $495 and a maximum of $2500. In some instances, we may need to refer you to another provider, and if you proceed, we may be paid a referral fee of between $200 and $2000, depending upon how much you borrow, in this situation no fees are payable by you to us.
What fees are payable to Rostron Finance regarding insurance?
A commission is paid by the Insurer to Rostron Finance Pty Ltd for assisting you to obtain Insurance These fees differ depending upon the Insurer recommended and range from 10% - 50% of the premium*. To ensure that our advisers prioritise the client’s interests above their own, we follow an advice process that makes certain our recommendations are made based on the client’s personal goals and circumstances. *The actual amount payable is determined by the Credit Provider and Insurer and is subject to review and change
Will I receive additional information once my loan is approved?
Before you enter into the consumer credit contract the lender recommended will provide you with key information about the terms of the contract including the annual interest rate, total interest charges and any fees and charges you must pay to the lender under the terms of the credit contract.
Terms of Payment
If you proceed with our recommendations our fees and commission will be payable after your finance has settled or your insurance policy has been issued. Our fee will be included in your loan amount.
Financing your vehicle | Things you should know
Consider your options before you buy
At Rostron, we will never put you into a commitment you cannot afford. We will check whether the loan meets your needs and objectives and that you can afford the loan, without putting you in a financial situation that is too difficult to manage.
Borrowing money is a long-term commitment. It leaves you at risk if your financial situation changes, and you can no longer make payments. If you are concerned by job security, you could consider buying an older car or saving up enough cash to buy outright instead. You could also talk to us about Loan Protection Insurance.
Know your budget
During our conversations we need you to have considered your budget for the loan and the other costs you’ll be paying as well, such as fuel, insurance, and licensing fees. Understanding this means knowing you can make your payments on time.
Risk based pricing
Interest rates for loans on vehicle or other asset purchases depend on a number of other factors including your credit history, income and financial position, the term of your loan, the amount you wish to borrow and the vehicle or asset that you are purchasing and its age. At Rostron we will compare over 20 lenders to get the desired outcome with a competitive rate and repayment based upon your unique profile.
Choosing the right loan for you
Secured and unsecured. Car finance, Loans for people with adverse credit when it comes to loans and lenders, there are a lot of options. We will shop around for the best finance deal and lowest interest rates from our panel of lenders. If timing permits, we will obtain preapproval for the finance, so you know all the terms before you buy a car.
If you are unable to make repayments
If you can't keep up your repayments because something unexpected happened such as illness, injury, or losing your job, contact us as soon as possible and we will contact the finance company and assist you with a hardship application. We can ask your finance company to:
- reduce the amount you pay by spreading payments over a longer period
- take a payment holiday until a future date when you can start paying again
- make interest-only payments for a period of time.
Even if you don’t qualify for a hardship application, we can still approach the finance company to see if they can help.
Repossession and your rights
If you can't make your vehicle loan repayments, the finance company may be able to take your vehicle away from you and sell it to repay your loan. This is called repossession. A lender can only repossess your vehicle if this right is specified in your credit contract and you have missed payments or broken another term in the contract, and they sent you a warning notice at least 15 days beforehand. If the lender sells the car for less than the money you still owe, they will still require you to
pay the remaining balance. The finance company cannot sell the car for an unreasonably cheap price. They must take reasonable steps to get the best market price for the car.
Effective date of the 10th March 2024
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