Disclosure statement

INTRODUCTION
Legend International provides this disclosure statement to ensure the openness in our relationship.

NATURE OF BUISNESS
1. We are a mortgage brokering firm having been active in the market since 1998. Our core day to day business is actively arranging secured loans (mortgages) against fixed property.
We work through out New Zealand for the New Zealand mortgage market and source our funds both nationally and internationally.
Some clients approach us direct but, predominantly clients are referred through our networking system to our offices for assistance. (Our referring agents include other brokers, solicitors, accountants and lending entities)

2. We are not a member of an aggregator/ franchise group/ company or firm who holds agreements with lenders on our behalf. We generally hold agreements direct with the lenders ourselves.

3. Our lending base includes ASB, Westpac, Bluestone, GE Money, Southern Cross Finance, Custom Credit, Asset Finance, Southern Cross Finance, Auckland Mortgage Trust, New Zealand Finance, General Finance, Cairns Lockie, Freedom mortgages, Southern Finance, Pioneer finance, Professional Mortgage Trust, Prudential mortgages, Axis Finance, The Law Oak Centre, City Wide Finance, File Management services, Mairangi Properties, Dimidiate Investments, Primosso Holdings, Abridge Finance, Trimac Finance, Spiers, Orix, North South Finance, Blackbird Finance, Marac, Allied Nationwide, New Zealand Mortgage funds, Glaister Ennor, Bridger Finance, Capital Acceptance, Howard Trust, Trident Covenant Mortgage Trust,UDC.
We confirm we do have access to further lenders than listed above however due to the number of lenders available have tried to show a variety. We are also continually sourcing further lenders and growing our portfolio to provide as many options as possible for our clients.

4. We have operated as a mortgage brokering firm since 1998.

PRIVACY ACT
All discussions and information shared with Legend are subject to the Privacy Act of 1993. You are entitled to access to your information held on file on request. We are required by law to hold all information collected for 7 years so, any information you require from your file will be copied for you on request. We request that a Privacy Act Waiver is signed so we can present your information on your behalf to our lending base to obtain finance. The same privacy act waiver is also used to obtain accurate settlement statements on any debt that is to be refinanced.

OTHER MATTERS REQUIRING CLARIFICATION/ RECOMMENDATION
1. Legal and accounting issues - we recommend that independent and specialist advice is sought and obtained when required. Any discussions with Legend in respect of legal and accounting issues do not replace advice from qualified professionals.

2. We advise our clients to discuss there mortgage documents with an independent solicitor prior to signing the same.

3. Professional Risk Insurance -Generally, but especially, as part of any financial transaction, clients should review there personal risk insurance requirements. Making a financial application in no way implies that such a review has been applied with Legend and or its staff and specialist advice should be obtained.

4. Professional Indemnity Insurance - As is requested by some of our lenders we do hold current Professional Indemnity Insurance through Lumley Insurance, managed by Mooney and Associates to the value of $2,000,000.00. In proven cases, this protects our clients from financial loss due to fraud, gross negligence, gross misrepresentation etc (if perpetrated by Legend).

5. Remuneration
1. We confirm that on standard bank applications we generally do not charge fees. Further that if we need to charge fees on any work we conclude, these fees are disclosed in our Authority to Assist and are firstly accepted by the client and then only payable after the client has accepted the loan offer arrange. Should the client not sign and accept finance arranged on there behalf the fees are not payable.

2. Occasionally we do charge an upfront, non refundable retainer, either on behalf of our lender or / and for a portion of our fees upfront. Often this is due to the complexity of the application presented on larger applications with multiple entities or properties or developments. If a retainer is required this is discussed upfront, signed and agreed upon so we can proceed.

3.. We confirm we have an arrangement with Fidelity life Insurance for long term and mortgage protection Insurance for clients which we do receive a commission direct from them for any Insurance arranged.

4. We confirm we have an arrangement with Avon Insurance Brokers who can assist with arranging house and house hold insurance for clients, we confirm we refer as a service to our clients and do not receive any remuneration for the same.

5. In the normal course of business, Legend receives commission from Lenders that successful business is placed with. This is confirmed in our Authority to assist which is signed by our clients when signing acceptance of any loan offer and/ or disclosed in the lenders loan offer documentation.
If we do not receive commission payments from our lenders or if the remuneration to be received does not cover our costs in obtaining the same, clients are charged a fee direct from ourselves which is payable on acceptance of the loan or at draw down of the same. Fees charged and payable direct by clients, if applied are agreed and signed for by the client.

6.. The nature of the commission paid to us by our lenders can be a single upfront commission (percentage of the loan facility) and ongoing (trail) commission (percentage of the loan facility), or a mix of both.

7. We may also receive a commission in the placement of Insurance on behalf of clients similar to clause 5.2.

6. Referral Network
We do obtain clients from referral sources, most of which we pay a referral fee on success to. This does not generally increase any charges applied to clients that are
Referred but, assists the clients in not having to pay additional fees to the referral agent.

7. Money Handling
Legend does not operate a Trust account so, it is our preference that all payments required to be made to Lenders, Solicitors, Accountants etc. are made direct to there account details provided. We do NOT operate a Trust account and do not, under any circumstances use clients money or property for our own benefit.

PERSONAL HISTORY
Legend International is owned and managed by Carolyn Calder who completes and checks each application that comes into our offices.
Carolyn has been has experience in New Zealand Mortgage Brokering Industry since 1997 and managed Legend since 1998.
Carolyn keeps abreast of products available on the market and attends at least 3 product training courses offered a year.
Carolyn's associated qualification include: - Diploma in property practice and the law (SA), Diploma in Tax law (SA), Diploma in Matrimonial Law (SA).

DISCLOSURE
As required we herby certify that in the proceeding five years neither Legend nor Carolyn Calder has been:
1. The subject of a successful claim (for dishonesty, negligence or misrepresentation) under any Professional Indemnity Insurance Policy held on either's behalf.
2. Convicted of any offence of dishonesty or any relevant offence under any Act or law applying in New Zealand, nor been a director of a company so convicted.
3. Adjudicated bankrupt, nor are and undischarged bankrupt, nor have had a bankrupt discharged.
4. Prohibited by law from taking part in the management of a company.

There are no proceedings currently being taken against Carolyn Calder, (or any company of which Carolyn Calder is a director of) under any of the above mentioned list (1-4)