Interest Rates and Terms
INTEREST RATES
UFinance Ltd provides loans at an annual interest rate ranging from 14.9% 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 - $450 {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 AND CHARGES
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.}
Account closing fee: $40.00
PREPAYMENT FEE
Prepayment Administration Fee - $40.00 {Where you repay a loan in full before the final payment is due.}
DEFAULT FEES:
Missed Payment Fee: $47.66 {This is a monthly charge if you default in a given week in that month.}
Field Visit Fee (made by us)–$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.}
Post Repossession Notice - $128.00 {Statutory Notice confirming the repossession. Includes generating letter, reviewing valuation of cabin, estimate of make good charges}
Repossession Fee (Finance) - $1,200.00 if we have to uplift the unit. {Includes drivers, paperwork, eligibility of criteria, also digger if needed for moving, lifting and loading Cabin}. This fee is always charged in addition with the third-party repossession fee.
Repossession Mileage Fee - $3.64 per Km or $2.85 per Km depending on Truck and Pilot requirements. Charged per Km travelled for the truck and pilot vehicle combined, where we uplift the unit.
Note: There may be charges we incur if we engage third parties as a result of a breach under this agreement or if we enforce this agreement. These charges could include debt collection, field visits, and repossession fees and make good charges. These are in addition to the default fees listed above. These third-party costs may include:
Field Visit Fee (made by third party): as invoiced by third party
Repossession agent as invoiced by third party if we engage a repossession agent to uplift the Unit.
Storage Repossessed Fee - $40.00 per week {Where repossessed goods are stored at Unit2go’s storage locations.}
Sales commission - 2.5% {Sales Representative Commission of sale price}
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}
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.
Updated 13th July 2020