Schedule of Standard Fees and Charges applied to Consumer Contracts

Application / Approval / Account Maintenance | Collections | Insurance

 

Application / Approval / Account Maintenance

Effective 19 May 2018
 

Loan Establishment Fee $250

This is a fee for receiving and processing the loan applications together with acceptance and establishment of the loan and is added to the loan contract when the loan is drawn.
 

Direct Costs

These are actual costs that have been incurred for services that relate directly to the approval of your advance:

• PPSR lodgement                              $8.05 
• PPSR search                                     $1.15 per search     
• Credit check                                     $7.10 per search
• Ministry of Justice search                $0.40 per search
• Verification of ID search                  $2.30 per search
• Motor check                                     $0.18 per search
• Driver check                                     $0.16 per search

Account Maintenance Fee $2.50

This fee is part of the loan instalment and is for the maintenance service provided.  The fee charged is $2.50 per loan instalment.
 

Assignment Fee $250.00

This fee is charged when assigning a contract from one Debtor(s) and/or Guarantor(s) name to another Debtor(s) and/or Guarantor(s) name.
 

Caveat Fee

Where a loan is secured by a caveat / agreement to mortgage we will register a caveat over the property, caveat registration costs will be charged to the loan to a maximum of $322.00 for each property.

NB: Upon settlement, costs may be incurred for the release of the caveat.
 

Mortgage Fee

For any loan where we register a mortgage over a property, mortgage registration costs will be charged to the loan on invoice from the solicitor for each property.

NB: Upon settlement, costs may be incurred for the release of the mortgage.
 

Legal Costs 

If the structure of your loan or financing 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

$15.00 administration fee charged to the loan account when the account is settled early.
 

Settlement Loss Fee

A variable fee to cover any loss derived from breaking the funding associated with your loan. (As described in the disclosure statement and credit contract)
 

Modifications $100

$100 fee is applied for Variations or Modifications to the loan contract.  Fee is charged when a loan is varied due to amount, term, payment structure or security.

 

Collections

Default Interest Charge

Default interest (also known as Penalty Interest) is calculated at the rate of the Annual Interest rate plus 10% in respect of the amount of the default while the default continues
 

Dishonoured Payment Fee $10.00

Fee is charged to the loan account in the event of a payment tendered to the account is dishonored by the Debtor’s bank
 

Repossession Warning Notice $20.00

Fee is charged to a loan account when a Repossession Warning Notice is issued. This is generally 9 days after a breach of terms (e.g. overdue installments).
 

SMS Charge $0.25c

Fee is charged to the loan account where we are attempting to contact the client by SMS message service after a breach of agreement has occurred (e.g. overdue installments).
 

Repossession Authority $50.00

Fee is charged to the loan account when it is necessary to issue a Repossession Authority as a result of a serious default (e.g. overdue installments). This amount along with the arrears and any agent costs are due and payable immediately to avoid repossession.
 

Recovery Costs

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

Formal Demand (Mortgage) $20.00

Fee is charged to a loan account for a Demand issued when the loan account has a serious breach of agreement. Formal demand is issued prior to a Property Law Notice.
 

Property Law Notice (Mortgage) $150.00

Fee is charged to the loan account when a serious breach of agreement has occurred (e.g. overdue installments).
 

Post-Repossession Notice $30.00

A Post Repossession Notice is issued within 14 days of the taking of goods by the Creditor. Fee for the issue of Post Repossession Notice will be charged to the loan account.
 

Statement of Account After Sale $35.00

Fee is charged to the loan account following production and service of this notice after sale of goods within 7 days of the sale being affected.
 

 

Interest Rates

Oxford Finance offers loans to customers at a range of interest rates between 9.95% to 25.95%. The interest rate that is applicable to the particular client is assessed by taking into account the clients credit history, stability in employment and residence, asset backing, affordability and security value offered.
 

Insurance

The cost of insurance cover for Loan Repayment Insurance, Motor Vehicle Insurance, Mechanical Breakdown Insurance and Accidental Death Insurance may be included in the loan. The premium financed will be paid to the relevant insurance company and provide insurance cover for the period stated in each insurance policy.