Fees and Charges for Business Finance

Application 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.

Light and commercial vehicles up to $25,000:

Interest Rates

Our interest rates range between 10.95%pa to 20.95%pa. The interest rate that is applicable to you is is assessed by taking into account your credit history, stability in employment & residence, asset backing, affordability and security valued offered.

Account Maintenance fee $5

This fee is part of the loan instalment and is for the maintenance service provided. This fee charge is $5 per loan per month.

PPSR $8.05 (per item of security with the exception of mortgage caveats)

This fee is charged to your loan contact when drawn for the cost of lodging security and releasing security when the contract has been completed.

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 your loan to a maximum of $322 for each property. NB. Upon settlement, costs may be incurred for the release of the mortgage.

Mortgage Fee

For any loan where we register a mortgage or a caveat over a property, registration costs will be charged to the loan on invoice from the solicitor for each property up to a maximum of $322.00 per each property. Upon settlement of the loan, the mortgagor also agrees to pay all costs which may be incurred for each property to have the mortgage discharged or caveat withdrawn electronically. N.B. Not applicable for unsecured loans.

Early Repayment Fee

Charged to your loan account when the account is settled early. NB. A charge of three months interest can also be charged in the event of settlement prior to the maturity date of your loan.

Modifications:

Contract Variation (security) $75

Charged when the goods/security on your loan contract are changed.

Contract Variation (term or amount) $75

Charged when the term or amount on your loan contract are changed.

COLLECTIONS

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 your account is dishonoured by the debtors bank.

Pre-possession Letter $50

Charged to your loan account when a pre-possession notice is issued. This is generally 12-15 days after a breach of terms (E.g. Overdue instalments).

Repossession Order $100

Charged to your loan account when it is necessary to issue a repossession warrant as a result of a serious default (E.g. Overdue instalments). This amount along with the arrears and any agent costs are due and 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.

Formal Demand (mortgage) $30

Charged to your loan account for a demand issued when your loan account has a serious breach of agreement. A formal demand is issued prior to a property law notice.

Property Law Notice (mortgage) $200

Charged to your loan account when a serious breach of agreement has occurred (E.g. Overdue instalments).

Post-repossession Notice $50

This fee is for the issue of the post-repossession notice, and will be charged to your loan account within 14 days of the goods being taken by the creditor.

Statement of Account After Sale $85

Charged to your loan account following production and service of tis notice after the sale of goods within 10 days of the sale being affected.