Interest Rates – Secured Lending

The annual interest rate applicable to our loans is 13.95% to 23.95%. From time to time we offer promo interest rates from 9.95% subject to lending criteria. The interest rate is based on the profile of the borrower(s) and the collateral offered for the loan. Interest is calculated and accrued on the daily unpaid balance and posted on to the loan on the last day of the month.

Establishment Fees

Other Fees and Charges

Account Administrative Fee – An account administration fee of $2.80 per week or $12 per month also applies for all active loans. This cost is included in total cost on the credit contract.

Changes to the Loan Contract

Security Variation Fee – A security variation fee up to $150 to change the collateral on an existing loan. e.g. car.

Loan withdrawal/variation Fee – up to $95 to $250 per additional advance made to you dependent on the size of the advance and the number of borrowers and the collateral types.

Refund Fee – to refund an over payment is up to $50.

Statement Fee – $10 per additional statement (no charge for regular statements).

Early Settlement Fees

Refer to your loan contract. An early settlement fee of $40 may apply to your loan if you wish to pay it off.  New loans from 1 July 2017 will not be charged an early settlement fee.

Collateral Inspection and Mortgage Fees (if property used as collateral)

Mortgage fee – $399 to register a mortgage or caveat. This includes discharging the mortgage at the end of the loan. The fee to discharge or register a mortgage or caveat as a one off transaction is $250.

Mortgage Refinance Fee – $75 if we already hold a mortgage or caveat and you wish to refinance.

Inspection Fees and Home Sign up – If an agent is needed to inspect the collateral or you have opted for an agent to visit in order to sign your loan agreement $50-$95 or the actual cost if a third party performs the service.

Credit Fees

There is no credit fee associated with a standard loan agreement.

Collection Charges

Default Fees – Default fees are generally 10% points higher than your annual borrowing rate for any outstanding unpaid amount. There is also a daily default fee of $2.00 for every day you are in arrears. Generally there is a grace period of 2 to 5 business days before default fees commence but if the arrears are not paid within the grace period then the fees are backdated to the first day of default.

Other Default Related Charges – Reminder letters sent in relation to payment defaults or contract breaches are $20.00 and telephone/text message calls are $10.00. If an agent is required to visit due to contract breaches, the fee is $95 or more depending on the circumstances of the breach and is based on actual time/costs. Other enforcement costs which we incur may be added to your account.

• Credit Monitor Fee – If we receive a credit monitor advice from a credit reporter then a fee of $10 will be charged to your account.
• Repossession Letters – Repossession warning letters are charged at $50 per letter plus any disbursement costs for serving the letters.
• Recovery Costs – Actual enforcement costs may be added to your loan account. Also our time may be included based on our time incurred.

Current at 1 June 2017