Fees and Charges for Vehicle and Personal Finance

Account Maintenance Fee $6

This fee is part of the loan installment and is for the maintenance service provided. This fee charge is $6 per loan per month.

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also agrees to pay all costs which may be incurred for each property to have the mortgage discharged or caveat withdrawn electronically.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.

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 $8

An administration fee charged to your 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 Fee $33

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.

 

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 $8

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

Reminder Letter $7

Fee is charged to the loan account where you have been advised that a payment has been missed or is overdue.

Repossession Warning Notice $15

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 instalments). N.B. Not applicable for unsecured loans.

Repossession Authority $35

Charged to your loan account when it is necessary to issue repossession authority as a result of a serious default (E.g. Overdue instalments). This amount along with the arrears and any agent costs due and payable immediately to avoid repossession. N.B. Not applicable for unsecured loans.

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) $90

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. N.B. Not applicable for unsecured loans.

Property Law Notice (mortgage) $130

Charged to your loan account when a serious breach of agreement has occurred (E.g. Overdue instalments). N.B. Not applicable for unsecured loans.

Post-repossession Notice $23

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. N.B. Not applicable for unsecured loans.

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 effected. N.B. Not applicable for unsecured loans.

Insurance

The cost of insurance cover for Mechanical Breakdown Insurance, Payment Protection Insurance, Guaranteed Asset Protection and Car Insurance may be included on your loan. The premium financed will be paid to the relevant insurance company and provide insurance cover for the period stated in each insurance policy.