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Lifestyle Securities
Standby Servicers Limited P O Box 248
Question: Who is my mortgage with? Answer: Your mortgage was originally with Propertyfinance Securities Limited. Prior to the receivership it was sold to Guardian Trust as trustee. You will have received a letter notifying you of this transfer. The day-to-day processing of Lifestyle loans and mortgages is now being carried out by Standby Servicers Limited. Question: Who are all these different companies? Answer: The New Zealand Guardian Trust Company Limited is a corporate and personal trust company. Standby Servicers Limited is owned by Deloitte. Guardian Trust and Deloitte are both reputable long-standing companies who are experienced in dealing with financial assets. Please see www.guardiantrust.co.nz or http://www.deloitte.co.nz/ for further information about them. Question: Do I need to do anything differently? Answer: No, the terms of your Lifestyle Loan are the same. Standby Servicers will continue to process any repayments you choose to make and maintain your Lifestyle Loan account. We’ll also provide other general services including sending out statements and answering your general enquiries. Question: Do I have to sell my house or pay my loan back? Answer: No. All the terms and conditions in your Lifestyle line of credit contract still apply. Question: Will my available funds limit continue to increase each year? Why have my available funds increased on my statement? Answer: Yes. If you have available funds to draw down, the available funds limit will increase based on your undrawn loan amount at the end of each quarter up to a maximum of 5% per annum as provided for in your Lifestyle Loan agreement. Question: Can I continue to draw down funds on my line of credit contract? Answer: Yes, up to the maximum amount remaining in your approved line of credit. The maximum amount, also known as the "Facility Amount" is noted on the front page of your Lifestyle Security line of credit contract. Question: Is my interest rate going to change? Answer: The basis for the calculation of interest on your Lifestyle Security Loan will not change. Your interest rate will continue be adjusted each quarter and you will be notified of this in the usual way. Question: A mortgage broker has called/written to me saying I need to refinance my loan. Is that correct? Answer: No. Question: Do I need to talk to my lawyer? Answer: Certainly, if you wish to. You can also refer them to us if they have any questions. |
