Interests
Our interest rates range from 19.15% to 24.99%.
The interest rate charged will depend on your personal circumstances as well as taking the following into consideration;
- How much you would like to borrow
- How long you’d like the loan for (i.e., loan term)
- How much income you earn
- Any other financial commitments you may have
- Your credit history
- Your repayment history with us (if you're an existing customer)
Loan Fees
Loan Establishment Fees
Establishment Fee: $350
Charged as part of setting up the loan and included in the initial unpaid balance. This includes the cost to register a security interest on the Personal Property Securities Register (PPSR).
Introducer Fee: Up to $595
For the processing of an application for finance. As charged by the Dealer/Introducer.
Loan Processing Fees
Administration Fee: $5
A monthly fee to cover the administration of a loan and processing payments. This fee is included in your scheduled payments and is charged to your account on the last day of each calendar month.
Processing Fee: $15
This fee may be charged for any refunds made due to prepayments of your loan.
Early Settlement (Full Prepayment)
Settlement Fee: $40
If you pay your unpaid balance in full before the final payment is due (Full Prepayment), you may be required to pay a Fee and or Charge to compensate us for any loss resulting from the Full Prepayment. We may have suffered a Loss if your current interest rate is lower than the interest rate applying to this Credit Agreement or if we cannot immediately re-lend this prepayment.
An amount to compensate us for the loss we incur on the full prepayment is calculated according to the following formula.
[a x (b - c)] x __d__
100 365
Where;
a = The principal sum outstanding at the prepayment date
b = annual interest rate under your agreement
c = Westpac 90 bank bill rate current at the date of prepayment
d = The lessor of the number of days between the prepayment date and the date of the final payment under the agreement; or 90 days.
This calculation meets the requirements of the Credit Contracts and Consumer Finance Act2003. However, it is not a statutory procedure prescribed in the Credit Contracts and Consumer Finance Regulations 2004.
Loan Default Fees & Charges
The following fees and charges only apply in the event you miss any of your regular repayments.
We understand that sometimes in life things can happen that will result in your missing a regular loan payment. If you experience repayment difficulties, please contact our Customer Care team on 0800 88 2000.
Late Payment Fee: $25
This fee is charged each time a payment is not received by the regular due date.
Payment Reminder Fee: $4
This fee is charged each time we write to you to remind you of a missed payment.
Default Interest Rate: 5%
Should you fail to make a payment on time (and while your default continues) you must pay default interest and the default fees specified below.
Default interest is charged on any amount overdue from the time you fail to make a payment when due until the overdue amount is paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a Daily Default Interest Rate. The Daily Default Interest Rate is calculated by dividing the Annual Default Interest Rate by 365. Interest is charged to your account at the end of each month. The Annual Default Interest Rate is the rate shown on your agreement plus 5% per annum.
Repossession Fees
The following fees only apply in the event repossession action is taken.
Prepossession Fee: $20
This fee is charged once you have missed multiple payments and we write to you to notify you of our intention to repossess your vehicle.
Repossession Fee: $100
This fee is charged is charged in the event your vehicle is repossessed.