Interest Rates and Terms
INTEREST RATES
UFinance Ltd provides loans at an annual interest rate ranging from 16% to 20% per annum.
The rate that applies to your loan will be based on a range of factors including your circumstances, credit history with us or others, the security you can provide and the loan amount.
Once set, the interest rate is fixed for the term of your loan.
DEFAULT INTEREST RATE
If you get behind in your loan repayments, then we may charge a default interest rate on any overdue loan payments, while they remain unpaid. The Default rate that we charge is 10% per annum above the Interest Rate that normally applies to your loan.
LOAN TERMS
Loan terms are normally over a five to ten-year maximum term.
Fees
ESTABLISHMENT FEE
Loan Establishment Fee – $420 {Includes all documentation, credit check, correspondence, PPSR (personal property security register), AML (anti money laundering) checks, responsible lending checks etc. Finalising specifications of cabin and start date to determine loan documentation.}
CREDIT FEES
Variation Fee – $75.00 {If you require additional funds or a change of any loan details E.g. security, parties, repayment requirements or loan advance.}
PREPAYMENT FEE
Prepayment Administration Fee – $40.00 {Where you repay a loan in full before the final payment is due.}
DEFAULT FEES:
Weekly default fee $11.00 {Charged each week the loan is in default}
Field Visit Fee–$330.00 {Where we have an employee or third-party agent visit you regarding a default payment. Includes travel cost, prep paperwork, interview, inspection of cabin}
REPOSSESSION:
Repossession Warning Notice – $23.00 {Statutory Notice formally advising of our intention to repossess.}
U Finance Repossession Fee – $1,200.00. {Includes drivers, paperwork, eligibility of criteria, also digger if needed for moving, lifting and loading Cabin} and crane/hiab is Mileage Fee – $3.64 per Km for Truck and Pilot vehicles. If no pilot vehicle needed, then this fee is $2.85 per km.
Note: Any third party required is extra on top of these charges, including Fee for Licensed Repossession Agent. (As invoiced by third party)
Post Repossession Notice – $128.00 {Statutory Notice confirming the repossession. Includes generating letter, reviewing valuation of cabin, estimate of make good charges}
Storage Repossessed Goods – $40.00 per week {Where repossessed goods are stored at Unit2go’s storage locations.}
Make Good Charges if unit to be sold. As invoiced by Third party {Meth testing and decontamination if required. Repairs/painting/carpet/vinyl, as deemed necessary, to bring unit up to sale-able state}
Re-sale commission – 2.5% {Sales Representative Commission}
NOTE:
Where a notice is sent to more than one person (eg if there is more than one borrower and/or guarantor) only one fee is charged, not one fee per person.
Current as at 1 March 2020