Rates

Method Of Charging Interest:

Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the Annual Interest Rate by 365.  Interest is charged to your account monthly.

Annual Interest Rate:

The annual interest rate is 24% per annum fixed at this rate for the whole of the Term of this Loan Contrac.t Interest is paid at the time the loan is repaid.

Default Charges

If you fail to meet your commitments and should a caveat be registered on the record of title for the Security Property, you will be charged a default fee which covers the costs of registering the caveat.  The amount of this fee is  $400.00 legal costs and disbursements.  This fee may be varied from time to time.  In addition, you will be liable to pay any other costs of enforcement incurred including legal fees, other agent or adviser fees, collection costs and any disbursements. These costs are added to the outstanding loan balance at the time they are incurred.

The following other credit fees apply:

• Establishment fee: This fee is added to the loan amount at the time that the loan is advanced.

Alternatively, it may be paid separately prior to the loan being advanced.

• Default Interest Rate – The Default Interest Rate is payable (instead of the Annual Interest Rate) on the amount of the payment if the borrower is late in making payment. It is payable while the default continues. Default interest is paid at the time the loan is repaid.
• “Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the applicable interest rate by 365.  Interest is charged to a borrower’s account monthly.

Please also refer to the Loan Contract and Disclosure Statement for a full breakdown of all fees, charges and interest payable.