Cost of Borrowing


Credit Fees

Our setup fee reflects the length of time it takes to set up your loan. The base fee is $135.
The table below shows how increasing the amount borrowed and or, lengthening the term of the loan change this

Below $800 $135.00
$800 to,$9,999 for three years or less $270.00
$10,000 to $14,999 for three years or less $300.00
Over $15,000,or for more than three years P.O.A.

There are incremental fees that can be incurred depending upon circumstances:

Each Extra Borrower $10.00
Each Guarantor $10.00
Travel Fee,for an out-of-branch setup $22.50
Security - first,vehicle $40.00
Security - additional vehicles, each $25.00
Security - Chattels $60.00
Security - Caveat $103.00
Security - Mortgage $140.00

There are other costs that are incurred during the setup process for your loan; these are from third parties, such as credit checks from a credit agency, a search on the Personal Property Securities Register, a registration of security interest, which we will pass on at cost.
 
There is a daily charge of 45c to cover the administration of your account for the time it is open. Generally you will receive a statement from us every six months but if you need to ask for one at other times it is free if we can email it to you, else there is a $5 production and handling charge.
 
Early prepayment of an account could incur an administration fee of $95 (averaged) plus third party costs in relation to deregistration of security interests.

 

Default Fees
At present we do not charge default interest but an account in arrears will incur a daily fee of 90c until the arrears are paid off or a satisfactory arrangement is made and kept to. In addition they can incur a defaulted payment fee of $20 when any scheduled payment from a bank account is late, reversed or not made. Also anytime we have to write regarding a missed payment a letter fee of up to $50 will be incurred, or, if we phone, a telecommunication fee of $5 or if we have to make a home visit, a home visit  fee of $80 + GST.
All third party costs which we incur in the collection of a defaulting debt, for example in the repossession process or the legal process,  will be charged as invoiced.
 
Interest
The interest rates are  29.95% for loans with security or refinanced from existing loans, new unsecured loans are 34.95%. The rate is fixed for the whole of the contract. Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate.  The daily interest rate is calculated by dividing the annual interest rate by 365.  Interest is charged when instalments fall due.

 

Quick Fix Loans

Credit Fees
The fee is $65.
 
There are other costs that are incurred during the setup process for your loan; these are from third parties, such as credit checks from a credit agency or a search on the Personal Property Securities Register, which we will pass on at cost.
 
There is a daily charge of 45c to cover the administration of your account for the time it is open. Generally you will receive a statement from us every six months but if you need to ask for one at other times it is free if we can email it to you, else there is a $5 production and handling charge.
 
Early prepayment of an account could incur an administration fee of $95 (averaged) plus third party costs in relation to deregistration of security interests.
 
Default Fees
At present we do not charge default interest but an account in arrears will incur a daily fee of 90c until the arrears are paid off or a satisfactory arrangement is made and kept to. In addition they can incur a defaulted payment fee of $20 when any scheduled payment from a bank account is late, reversed or not made. Also anytime we have to write regarding a missed payment a letter fee of up to $50 will be incurred, or, if we phone, a telecommunication fee of $5 or if we have to make a home visit, a home visit  fee of $80 + GST.
All third party costs which we incur in the collection of a defaulting debt, for example in the repossession process or the legal process,  will be charged as invoiced.
 
Interest
There is NO interest charged on our Quick Fix Loans.