Interest Rates and Fees


 

Interest Rates

Our interest rates range from 12.95% to 28.95% and are fixed for the term of the loan. Interest rates are determined by risk when assessing your individual personal circumstances. The interest rate will be disclosed to you at time of loan offer with reasonable time to consider your loan and take advice if necessary before signing the loan agreements.

Fees

Schedule of standard fees and charges (Applicable from 1 March 2017)

Extra repayments FREE

Application/Documentation Fee $245.00 – $395.00

Broker Fee $495 – $795
Where your loan has been introduced to The Lending People by a Motor Vehicle Dealer or Broker we may pay them a Referral Fee which is added to the contract when the loan is drawn.

Account Maintenance Fee $0.00 – $7.50 month
This fee is part of the loan installment and is for the maintenance service provided.

PPSR $0.00 – 14.00
This fee is charged to the loan contract when drawn for the cost of lodging security and releasing security when the contract has been completed.

Assignment Fee $250.00
This fee is charged when assigning a contract from one Borrower(s) and/or Guarantor(s) name to another Borrower(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 to a maximum of $386.00 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 $30
Administration fee charged to the loan account when the account is settled early

Modifications
Contract Variation (Security) $30.00 Fee is charged when the goods/security on the loan contract are to be changed.

Collections
Dishonoured Payment Fee $10.00 Fee is charged to the loan account in the event of a payment tendered to the account is dishonoured by the Borrower’s bank.

Pre-Possession Notice $15.00
Fee is charged to a loan account when a Prepossession Notice is issued. This is generally 9 days after a breach of terms (e.g. overdue installments).

SMS Charge $0.20
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).

Phone Call $3.00
Fee is charged to the loan account where a Credit Controller is attempting to contact the Borrower regarding overdue amounts on the loan account where the loan account has been in arrears more than 10 days.

Repossession Order $50.00
Fee is charged to the loan account when it is necessary to issue a Repossession Warrant 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

Formal Demand (Mortgage) $30.00
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) $50.00
Fee is charged to the loan account when a serious breach of agreement has occurred (e.g. overdue installments).

Post-Possession Notice $25.00
A Post possession Notice is issued within 21 days of the taking of goods by the Creditor. Fee for the issue of Post possession 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 10 days of the sale being effected.

Blackhawk Installation $395.00
Fee for the setup and installation of the Blackhawk unit added to the Amount Financed (if applicable to your approval)

Blackhawk Rental $23.00
Fee included in my loan repayments for the monthly rental of the Blackhawk unit.

Blackhawk Activation $34.50
Fee for the reactivation of the vehicle after immobilization has occurred.

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.

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