Cost of Borrowing

Cost of Borrowing

SCHEDULE OF FEES

LOAN ESTABLISHMENT FEE

There will be a fee charged for processing and approving all new loan applications or a loan top-up, that is disclosed in the client’s loan contract

New Clients

$350.00

Existing Clients (Top-Up)

$250.00

LOAN ADMINISTRATION FEE

A fee charged to all clients for the administration of their loan and the process of payments

Administration fees – Weekly repayment cycle

$2.00

Administration fees – Fortnightly repayment cycle

$2.50

Administration fees – Monthly repayment cycle

$5.00

Loan Statement fee - Every client receives a loan statement every six months, (via mail) which is free of charge. However, if the client is requesting their loan statement earlier than their 6 month period, there will be a charge towards them.

$5.00

PERSONAL PROPERTY SECURITIES REGISTRATION (PPSR) FEES

Fees charged for the costs associated with registering our security interest with the PPSR on any security utilised against a loan as collateral.

PPSR Registration Fee & Debtor & Vehicle Search Fee

$20.00 per loan

Credit Check

$7.00 per client

PPSR Renewal 

$10.00 per loan

MODIFICATION FEES

Fees are charged when the goods on the loan contract are changed or when the terms or repayment conditions are modified to help the borrower.

Refinancing loan

$250.00

PREPAYMENT FEE

An administration fee charged to a loan that is settled earlier than the original date.

Full prepayment fee

$50.00

CONSOLIDATION FEE

A fee charged to any client that combines financial assets and liabilities into one loan

Consolidation loan

$50.00 per loan settled

CONSULTATION FEE

A fee charged for all borrowers that are in consultation with qualified staff. This meeting will provide pastoral care, monetary guidance and information to help the borrower regarding their current debts, credit rating and financial status. Consultation only applies to borrowers that require consolidation of debts or those that are drowning in their debt. Fees only apply when a loan is approved.

Consultation Fee

$100.00

                                                          COLLECTIONS FEES

SMS TEXTING FEE

A fee is charged to a loan when attempts are made to contact any borrower and guarantor via a text, due to a non-compliance of the loan agreement (e.g. overdue fees)

Text Message Fee

$2.00

                                                              DEFAULT FEES

OVERDUE ACCOUNT NOTICES

A fee contributed towards cost associated with the regulation of overdue loans via missed payments

Default Fee (At the end of each month of loan in arrears)

$20.00

Account Payment Dishonour 

$15.00

Overdue Reminder Letter

$10.00

DEFAULT INTEREST FEE

In an event of a loan payment is missed, there is a charge default interest rate stated on an individual loan agreement.

Default Interest 

10% per annum

                                                        REPOSSESSION FEES

REPOSSESSION FEES

A fee contributed towards costs associated with repossession action.

Pre-Possession Notice

$20.00

Repossession Authority

$50.00

Any repossession fees will be on-charged to client