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[VIDEO] Paul Fuller tells mortgage advisers what life's like as an AFA

In this video one of New Zealand's top mortgage advisers, Paul Fuller,  talks about giving mortgage advice as an AFA.

Saturday, April 9th 2016, 11:33AM

by Philip Macalister

Under the review of the Financial Advisers Act, Registered Financial Advisers may be forced to step up to the same standards as Authorised Financial Advisers.

Paul Fuller of the Mortgage Room in Blenheim has regularly won awards for the quality of advice. One of his more recent Awards was being named Mortgage Broker of the Year at last year's Professional Advisers Association conference.

Fuller sets a high standard with his business and he is one of the few mortgage advisers who voluntarily stepped up to Authorised Financial Adviser status when the Financial Advisers Act was introduced. To become an AFA he had to pass the National Certificate in Financial Planning Level Five, plus when he deals with clients he has to provide them with a Statement of Advice.

TMM spoke to Fuller about being an AFA, as there is a high probability RFAs in the future will have to step up from the RFA level to the equivalent of current AFAs.

Fuller says he decided to become an AFA (just in lending - not in insurance or investments) as it was the right thing to do by his clients.

He acknowledges it has been harder than what he expected, from a compliance point of view. It also puts more pressure on his service as often lending decisions have to e made quite quickly.

Fuller also the compliance requirements mean it takes longer to do a deal and limits the volume of business he can do compared to being and RFA. 

Despite that he believes all mortgage advisers should step up to the AFA level.

To hear what else he says watch the full video here

Tags: AFA

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 ▼3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 ▼3.55 ▼3.49 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 14 August 2020 1:06pm

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