Disclosure Statement
Financial Markets Conduct Act 2013 (replacing Financial Advisers Act 2008)
The Financial Markets Conduct Act 2013 (FMC Act) governs how financial products are offered, promoted, issued and sold, and the ongoing responsibilities of those who offer, issue, manage, supervise, deal in, and trade them. The FMC Act also regulates the provision of certain financial services (including financial advice services) and the conduct of financial institutions.
Financial institutions conduct regime
The Financial Markets (Conduct of Institutions) Amendment Act 2022 was passed into law on 29 June 2022. The legislation introduces a new regime regulating the conduct of financial institutions that came fully into force on 31 March 2025.
The new regime will:
Require banks, insurers and non-bank deposit takers (together, financial institutions) to be licensed in respect of their general conduct towards consumers. The licensing regime will be monitored and enforced by the Financial Markets Authority (FMA).
Require financial institutions to establish, implement and maintain effective fair conduct programmes throughout their businesses that ensure they meet the requirement to treat consumers fairly.
Require financial institutions to comply with their fair conduct programme.
Require financial institutions and intermediaries involved in the chain of distribution to comply with regulations that regulate incentives. These regulations will be able to prohibit sales incentives based on volume or value targets, e.g. soft commissions such as overseas trips, bonuses for selling a certain number of financial products, or leader boards.
FSP19543 (Financial Service Provider Registration Number)
What sort of financial adviser are we?
Employees of Basalt Group Ltd and any nominated representatives (together “advisers) may provide you with financial advice relating to its products and services. Basalt Group Ltd 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
Basalt Group Limited. Trading as Why Not Finance and South Pacific Loans.
22 Cavendish Drive
PO Box 76667
Manukau
Auckland
Telephone 0800 949 668
Our Products and Services
Basalt Group Ltd offers consumer credit products including personal loans, business loans, mortgages and insurance. The products may be provided by Basalt Group Ltd, its related companies, or third parties with which Basalt Group Ltd 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 949 668
Write to: Basalt Group Ltd, PO Box 76667, Manukau, Auckland
If you have followed our internal dispute resolution procedure and your complaint remains unresolved you may refer the matter to the Insurance Financial Services Ombudsman Scheme. See our Regulatory Information page for further contact details.
Who is Basalt Group Ltd regulated by?
Basalt Group Ltd is licensed and regulated by the Financial Markets Authority. You are welcome to report information about Basalt Group Ltd 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 $264.19
Additional statement fee $5.00
Email communication/collection fee $1.00
SMS communication/collection fee $1.00
Repossession Warrant Issuing 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 between 16% and 29.5
Default Interest Rate is a 10% premium on the Interest Rate
This disclosure statement is dated as at 27th March 2026.
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 processes will take between three and five days to confirm.
Hardship
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 Why Not Finance.
Do this as soon as possible. If you leave it for too long, Why Not Finance 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.