Fees and Charges

Interest rates
Our interest rates range up to 19.75%pa. The interest rate that is applicable to you is assessed by considering your credit history, stability in employment and residence, asset backing, affordability and security value offered.

Documentation Fee
This is a fee for receiving and processing your loan application together with acceptance and establishment of your loan. It is added to your loan contract when your loan is drawn.

Direct Costs
These are costs that have been incurred for services that relate directly to the approval of the loan advance:

• PPSR Lodgement $8.50
• PPSR Search $2.00 per search
• Credit Check – Centrix $7.00 per search
• Ministry of Justice fines check (if not included in Credit Check)
• $1.00 per search
• Motor Check $1.00 per search
• Secured Signing $2.50 per loan account
• Illion Bank Statements $???? per loan account
• Real AML $???? per client

Account Maintenance Fee
This fee is part of the loan instalment and is for the maintenance service provided. This fee is $3.75 per week/$7.50 per fortnight/$15.00 per month. This fee is charged on the same day as the instalment falls due.

Legal Costs
If the structure of your loan is such that we require solicitors to prepare any documentation or advice, you will be responsible for the reasonable legal costs of the legal work undertaken.

Early Repayment Fee $15
An administration fee charged to your loan account when the account is settled early.

Modifications Fee $35
Applied for variations or modifications to your loan contract. This fee is charged when a loan is varied due to amount, term payment structure or security.

Default Interest Charge
Is calculated at the rate of the annual interest rate, plus 5 percent in respect of the amount of the default while the default continues.

Dishonoured Payment Fee $10
Charged to your loan account in the event of a payment tendered to the account is dishonoured by the debtor’s bank.

Reminder Letter $10
This fee is charged to the loan account where you have been advised that a payment has been missed or is overdue.

Repossession Warning Notice $40
Charged to your loan account when a Repossession Warning Notice is issued. This is generally 9 days after a breach of terms (e.g. Overdue installments).

Repossession Authority $40
Charged to your loan account when it is necessary to issue a repossession authority because of a service default (e.g. overdue installments). This amount along with the arrears and any agent costs due are payable immediately to avoid repossession.

Recovery Costs
Incurred by a third party, (e.g. repossession agent, legal provider, repairer) will be charged to your loan account for the invoiced amount, copies of which are available upon request.

Post-Repossession Notice $30
This fee is charged to the loan account for the issue of the post-repossession notice and will be charged to your loan account within 14 days of the good being repossessed by the creditor.

Statement of Account After Sale $40
Charged to your loan account following production and service of this notice after the sale of goods within 7 days of the sale being affected.

Voluntary Repossession $150
This fee will be charged to the loan account when a borrower willingly returns the secured security, such as a vehicle or boat to the finance company because they can no longer meet their repayment obligations.

Insurance Letter $10
This fee will be charged to the loan account when the finance company receives notification from the insurer that the insurance premium has not been paid.