1.1 Acceptance of terms: By accessing www.fundit.co.nz you accept these terms. If you do not accept these terms, you may not use www.fundit.co.nz.
1.3 Terminology: In these terms and conditions:
'we', 'us' and 'our' refer to Fundit Limited.
'you' and 'your' refer to you and any other party to your loan application.
www.fundit.co.nz means any Fundit website, and includes our associated services and the software and other material underlying and forming part of the Fundit website or our services.
2 OUR ROLE
2.1 We are independent: We are independent of lenders. Except to the limited extent noted in clause 5.4 below, we are not the agent, partner or other representative of any lender. We have no authority to bind any lender or make any promise or statement on behalf of any lender. Neither are we responsible for anything a lender does or does not do.
3 YOUR OBLIGATIONS - THE GROUND RULES
3.1 NZ'er, NZ$, NZ homes: To use www.fundit.co.nz you must be a New Zealand citizen or resident aged 18 years or over or a New Zealand company in each case seeking a NZ$ residential home loan in New Zealand. If you meet these criteria it does not matter if you are applying as a trustee or partnership.
3.2 Genuine: Applications must be in good faith, with a genuine interest in obtaining a loan.
3.3 Accurate information: All information you provide through www.fundit.co.nz must be true, accurate, up to date and complete, and include all information reasonably required for a lender to assess your application.
3.4 Your call: You decide which, if any, bid you accept. Accepting a bid does not mean you need to take the loan. However, we and the lenders expect you to honour an accepted bid unless your circumstances have changed unexpectedly. Clause 5 has more on the process for completing a loan.
3.5 No shopping: You must not show a www.fundit.co.nz bid to any lender or ask any person to match or better any www.fundit.co.nz bid outside of www.fundit.co.nz.
3.6 No brokers: www.fundit.co.nz is for use by borrowers and applications may not be made by brokers, financial advisers or other agents on your behalf. If you do use a broker, financial adviser or other agent to assist you in applying through www.fundit.co.nz, you are solely responsible for any fee that person may charge for those services and neither Fundit nor any lender has any liability to you or the broker, financial adviser or other agent in that regard.
3.7 Stay on-side: If you accept a lender's bid you are expected to proceed with the loan unless there are fair and reasonable grounds for not doing so – that does not include using that bid to get a better offer elsewhere! Both we and the banks have incurred costs in getting you an acceptable bid.
If you accept a lender's bid and take a loan from that lender, then you may only do so (and will be treated as having done so) through the www.fundit.co.nz process.
3.8 Password etc confidential: You must keep your username and password confidential. If for any reason your log-in details may have been discovered you must immediately change your password and let us know of the problem by emailing our help desk.
3.9 Smooth operations: The use of www.fundit.co.nz is a privilege not a right. We may in good faith, in our absolute discretion, at any time and without notice:
(a) suspend, extend, restart or cancel any auction;
(b) remove any bid (lenders' can also remove bids made in error within 1 hour or at any time where there has been a material change to borrower information);
(c) bar any person from using www.fundit.co.nz, including, if we consider the person has breached these terms; or
(d) take any other action we consider desirable to protect the security or integrity of www.fundit.co.nz,
and you agree that you will only use www.fundit.co.nz as it is intended to be used.
4 OUR FEES? THERE ARE NONE! – except where you accept a bid and don’t proceed, other than for fair reasons
4.1 There are no fees charged to you for getting a loan through www.fundit.co.nz and you comply with the terms and conditions. The successful lender will pay us a fee if you get a loan through www.fundit.co.nz.
4.2 Refundable Commitment Fee: To go some way towards covering our costs where you accept a loan and don’t proceed with it, other than for the reasons below, you authorise us to deduct a “commitment fee” of $95 from the credit card you have nominated in your application, but only if you actually accept a bid for a loan applied for through www.fundit.co.nz (Fundit Auction Loan). It is acknowledged that you are not obliged to accept any bid.
However, we will fully refund any commitment fee to your nominated credit card if we are satisfied, acting reasonably, that:
(a) the Fundit Auction Loan has been drawn down,
(b) the property being purchased is not settled due to you not being the successful buyer or the vendor refuses to settle ,
(c) the lender declines or fails to proceed with the Fundit Auction Loan after your acceptance of the lender’s bid, except due to :
- any information or documentation requested by the lender not being supplied or being insufficient, and/or
- incorrect, false or misleading information being supplied in connection with the Fundit Auction Loan,
(d) there are other reasons (not including your obtaining a loan through another lender) which Fundit considers it fair and reasonable that you do not proceed with the Fundit Auction Loan.
In all other circumstances we may retain the commitment fee.
4.3 Credit card details
We will delete your credit card details if:
(a) your auction closes and there have been no bids or you do not accept any bids made, or
(b) you have accepted a bid, following our debiting your credit card with the commitment fee and either we are satisfied no refund is due or you request us to delete thos details.
5 GETTING A LOAN - THE TERMS OF ENGAGEMENT
5.1 Lender revealed: Bids are anonymous. When you accept a bid the lender's identity is revealed. The lender also discovers your identity and should try to contact you within one business day. You will then deal directly with the lender. Where you have stated in your application form the name of a lender with whom you have an existing mortgage, we will indicate to that lender as part of the bidding process that the application is from an existing customer, but will not reveal your identity.
5.2 Bids should be honoured: Like you, a lender is expected to honour its bid but is not legally required to do so. Before entering into a loan a lender may, among other things, seek to satisfy itself:
(a) that the material information in your application is accurate, up to date and complete and includes all information required for a lender to assess your application;
(b) as to your identity;
(c) that any express conditions of its bid have been or can be satisfied; and
(d) that no material and adverse event has occurred since you lodged your bid.
You acknowledge that the lender will rely on the information you provide.
5.3 Documenting your loan: If you are refinancing your current loan you can choose to use “Switchme” a simple and cost-effective documentation, settlement and mortgage registration service offered by law firm Sanderson Weir. This service allows you to complete the refinancing of your mortgage without having to visit your lawyer in person. We will have no liability to you in connection with your use of this service.
5.4 The point of no return: You become legally bound when you sign a loan agreement (and other relevant documentation) as arranged with the lender direct. Of course, if your loan is subject to the Credit Contracts and Consumer Finance Act 2003 then you will also have any right of cancellation under s27 of that Act.
5.5 Credit checks:Despite clause 2.1, we are technically each lender's agent for the limited purpose only of obtaining a credit check of you from a credit reporting agency and supplying it to that lender. An anonymous version of your credit check will be available to each lender as part of the auction process. We will supply the full credit check to the successful bidder.
5.6 Multiple and repeat auctions:You can run up to two auctions for the same base terms (for example, for a fixed rate or both fixed and floating) at the same time. If you reject all the bids on an auction and run another auction for the same base terms we may inform lenders of that fact when providing your application details. If you again reject all bids and run a further auction for the same base terms and in short proximity, we may suspend your use of www.fundit.co.nz for a period.
5.7 We don't standstill: In keeping with our policy of continuous improvement, we may change www.fundit.co.nz and its content at any time without notice. We may ask you for feedback on your www.fundit.co.nz experience. Please respond fully.
6 DISCLAIMERS AND OUR LIABILITY
6.1 What we do: We provide a forum for you to ‘auction' your loan to lenders. We are not a mortgage broker or financial adviser and while our helpdesk can assist you to complete your application we do not give financial, professional or other advice (including whether any loan suits you). Nor do we check or verify any bids or information on www.fundit.co.nz. When using www.fundit.co.nz and entering into any loan you need to take and rely solely on your own advice.
6.2 Best match indicator: www.fundit.co.nz's uses a pre-defined formula to identify the bid or bids that we consider should best meet the requirements you specified in your application. We do not warrant the accuracy of the formula or the results of applying it to your circumstances. This ‘best match indicator' is not a substitute for advice specific to your circumstances, and should not be relied on.
6.3 Ads etc: www.fundit.co.nz includes advertisements for, and information provided by, lenders and others. It also includes links to external sites. We do not control, review or endorse the advertised product or service, or the external sites.
6.4 No guarantees: We do not guarantee any outcome from using www.fundit.co.nz. It is possible that your application does not receive any bid acceptable to you (or any bid at all) or that you accept a bid but the loan is not completed.
6.5 www.fundit.co.nz: www.fundit.co.nz is provided on an ‘as is' and ‘as available' basis. We cannot, and do not, warrant that www.fundit.co.nz will be uninterrupted, timely, secure or error free, or give any other specific performance guarantee relating to www.fundit.co.nz or its operation or use.
6.6 No warranties: All warranties and representations implied by law are excluded to the extent permitted by law.
6.7 Our liability: You use www.fundit.co.nz at your own risk. Subject to complying with our duty to exercise reasonable care and skill under the Consumer Guarantees Act 1993, we will never in any circumstances be liable to you or any other person in contract, negligence or other tort, equity or in any other way for any loss or damage of any kind arising from your use of, or inability to use, www.fundit.co.nz, any other website linked to www.fundit.co.nz, or the Sanderson Weir Switchme service.
If for any reason we cannot rely on the above exclusion of liability, our liability to you will be limited to $100 and in no event will we be liable to you for any loss of profit, savings, goodwill or business opportunity or for any indirect or consequential loss.
You agree that if you are using www.fundit.co.nz for the purposes of a business as defined in the Consumer Guarantees Act 1993, the provisions of that Act do not apply to anything we agree to provide.
7 INTELLECTUAL PROPERTY
We (and our licensors or suppliers, as applicable) own all copyright and other intellectual property rights in www.fundit.co.nz. We reserve all our rights.
You may download, print and store any part of www.fundit.co.nz for your personal non-commercial use. Otherwise, you may not in any form or by any means copy, reproduce, modify, create derivative works from, distribute, or publicly display anything from www.fundit.co.nz without our (and any applicable third party's) prior written consent.
www.fundit.co.nz includes proprietary software. You may not copy, reproduce, reverse engineer or modify it. The software may only be used for the purposes of accessing this website and making loan applications in the manner provided.
We have applied for a patent (under New Zealand Patent Application No. 553348) in respect of the ideas, concepts and processes contained in or represented by this website.
9 OTHER LEGAL MATTERS
9.1 Not an auctioneer: Even though www.fundit.co.nz is sometimes referred to as an auction, we are not auctioneers (under the Auctioneers Act 1928 or otherwise).
9.2 CCCFA disclosure: Lenders may provide you with the disclosures required by the Credit Contracts and Consumer Finance Act 2003 in electronic form by means of an electronic communication, including as part of (or via a hypertext link to) a lender's bid and/or their documentation of your loan.
9.6 Governing law: New Zealand law governs these Terms and the use of www.fundit.co.nz. You agree to the jurisdiction of New Zealand's Courts.
Recent Blog Posts
- Fundit Quarterly Interest Rate Outlook – May 2013
- Fundit Mortgage Digest 16/5/2013: Budget – House Price Risks, Rental WOF, Tax Property Investors
- NZ’s best mortgage tools, calculators and guides
- 5 things even experienced borrowers forget when refinancing
- Fundit Mortgage Digest 3/5/2013: Mixed Messages from RBNZ on Interest Rates