CONSUMER LOANS

Costs of Borrowing for Consumer Loans Current as at 1 May 2018

Interest Rates
Rates range between 9.95% per annum and 19.95% per annum and are determined by several factors including:
a.  The security for the loan
b.  Your credit history
c.  Your financial stability, work status and financial commitments
d.  Your ability to service the loan
e.  The amount you wish to borrow and the term of the loan

The interest rate is fixed for the term of the loan and interest is debited to your account based on monthly rests.

If you require clarification regarding the interest rate that would apply to you or any of the fees detailed below, please contact us on 03 351 1136 or 03 355 5961.

Default Rate
Default interest rate is charged at the rate of 10% per annum above the annual interest rate. If you fail to make a payment on the due date, then Default Interest is charged on the overdue amount from the date you were supposed to make the payment to the date that the lender receives the overdue amount.

Establishment Fee
An Establishment Fee of up to $995.00 is payable when you first draw the loan.

Administration Fee
An Administration Fee of $7.50 is charged to your account each month.

Repayment Administration Fee
Repayment Administration Fee applied upon repayment: NIL

Default Letter Fee
The Default Letter Fee of $25.00 is charged every time that we send you a letter regarding a missed payment.

Consumer Loan
All Credit and Default Fees are added to your loan account and form part of your loan which means that we will charge interest on them until they are paid. If we register a mortgage over collateral as security for your loan this will be completed by our lawyers. Legal costs and disbursements vary and will be quoted in advance for your specific situation. These costs are payable by you when you first draw the loan.

If it is necessary for us to enforce the loan because you have defaulted, then you will be charged with all the costs and disbursements we will incur in doing so. These costs may include (without limitation) the costs of lawyers, process servers, repossession agents, valuers, real estate agents, auctioneers and court costs.

Click here to view our Consumer Fixed Interest Loan Contract Template

Phone Adrian (03) 351 1136 or John (03) 355 5961