Disclosure Statement

Financial Advisers Act 2008

FSP19543 (Financial Service Provider Registration Number)

What sort of financial adviser are we?

Why Not Finance is a division of South Pacific Loans Ltd. South Pacific Loans is a Qualifying Financial Entity (QFE) under the Financial Advisers Act. It does not provide any licensed services other than as a QFE.

Employees of South Pacific Loans and any nominated representatives (together “advisers) may provide you with financial advice relating to its products and services. South Pacific Loans is responsible for any such advice and must ensure that its advisers exercise care, diligence and skill in providing that advice to you.

Code of Responsible Borrowing

Our Contact Details

South Pacific Loans Ltd.

Cnr Mt Wellington Highway & Penrose Road

PO Box 132241

Sylvia Park

Auckland 1644

Telephone 0800 88 98 88


Our Products and Services

South Pacific Loans offers consumer credit products including personal loans, business loans, mortgages and insurance. The products may be provided by South Pacific Loans, its related companies, or third parties with which South Pacific Loans has agreements to sell their products. Advisers may receive commissions for selling these products.

What to do if something goes wrong?

We all know sometimes things can go wrong. If you wish to make a formal complaint about our products or service you have received we have a free internal dispute resolution procedure, which you can access as follows:

Telephone: 0800 88 98 88

Write to: South Pacific Loans Ltd, PO Box 132241, Sylvia Park, Auckland 1644

If you have followed our internal dispute resolution procedure and your complaint remains unresolved you may refer the matter to the Insurance & Savings Ombudsman Scheme. See our Regulatory Information page for further contact details.

Who is South Pacific Loans regulated by?

South Pacific Loans is licensed and regulated by the Financial Markets Authority to provide financial advisers. You are welcome to report information about South Pacific Loans or its advisers to the Authority.

Their contact details are:

Telephone: +64 4 472 9830

Write to: Financial Markets Authority, PO Box 1179, Wellington 6140

Website: www.fma.govt.nz

Rates and Fees

Terranet Guaranteed Title Report $20.53 plus $12.00

Terranet Comprehensive Title and Transaction Report $5.20 plus $12.00

Terranet fees $47.50 plus $6.00

Mortgage registration setup Lawyers fee $377.50

Mortgage discharge Lawyers fee $200.00

Mortgage discharge SPL processing fee $75.00

Motor web (VIR) fee $14.49 plus $6.00

Credit Check fee $8.17 plus $6.00

PPSR search $1.73 plus $6.00

PPSR registration $11.50 plus $6.00

PPSR deregistration $6.00

Administration fee $6 per month

Direct Debit payment fee $1.00 per payment

Standard set up fee $325.00

Additional statement fee $5.00

Email communication/collection fee $1.00

SMS communication/collection fee $1.00

Repossession Warrent Issueing Fee $39.00

Repossession and service fee (charged at cost) from $57.50

Overdue Letter fee $17.50

Dishonoured payment Letter fee $17.50

Hardship positive result variation fee $100.00

Loan Variation Fee $5 to $25 depending on complexity

Current standard Interest Rate 29.5

Default Interest Rate is a 10% premium on the Interest Rate

This disclosure statement is dated as at 06 June 2015


Settlement Rates and Fees

Settlement charge for loan with one vehicle ($82.80) plus one vehicle ($1.73 each) Total $84.53

Settlement charge for Loan with two vehicles ($82.80) plus two vehicles ($1.73 each) Total $86.26 (additional vehicles $7.73 each)

Settlement charge for mortgage ($82.80) plus discharge ($200) and processing fee ($75) and terranet ($47.50), (Total $405.30)


Settlement loss arising from full prepayment are calculated in accordance with the following formula as laid out in section 54(1)(a) of the Act

Settlement request will be processed in a timely manner but due to compliance processees will take between three and five days to confirm.


What to do if you suffer unforeseen Hardship.

If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the creditor for a hardship variation.

Lenders must comply with the lender responsibility principles when assessing hardship application, and provide written reasons if they decline a hardship application.

Under new rules borrowers can make a hardship application where they are already in default for more than two months, and they have not missed four consecutive payments.

Also borrowers can make a hardship application up to two weeks after receiving a repossession notice or Property Law Act notice. Lenders may not repossess consumer goods while a hardship application is being considered, unless the goods are at risk.


To apply for a hardship variation, you need to:

a) Make an application in writing; and

b) Explain your reason(s) for the application; and

c) Request one of the following:

• An extension of the term of the contract (which will reduce the amount of each payment due under the contract); or

• A postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply; or

• Both of the above; and

d) Give the application to South Pacific Loans Limited.

 Do this as soon as possible. If you leave it for too long, South Pacific Loans Limited may not have to consider your application.

 Lenders must follow specified time frames in processing hardship applications. Lenders cannot charge credit fees in relation to the hardship application however a hardship fee will be charged if the application has been approved.