Interest Rates and Terms
INTEREST RATES
UFinance 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, our 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 are 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-ten year term.
Fees
CREDIT FEES
LOAN ESTABLISHMENT FEE $250
REGISTRATION FEES – The actual charges incurred of the registration of
PPSR Registration (Manual) $26.00 {Financing Statement completed through PPSR Website and credit check (or renewals).}
ADMINISTRATION FEE – A Contribution towards the costs of going maintenance/processing of a loan
Administration Fee $10.00 {A charge per end o the month included in the instalments required to repay the loan.}
VARIATION FEE- A Contribution towards the costs of assessing and undertaking formal contract variation.
Variation Fee $50.00 {Where an existing loan’s terms are changed, e.g. security, parties, repayment requirements or loan advance.}
FULL PREPAYMENT FEE – A Contribution towards the costs associated with full early prepayment of loans
Administration Costs Charge $250.00 {Where you repay a loan in full before the final payment is due.}
Prepayment (Charge As Calculated) Compensation for any loss we may incur calculated under the formula prescribed in regulations.
DEFAULT FEES:
Default fee $10.00 {Charged each month that loan is in default}
Arrears Letter $15.002 {Where your loan is overdue through missed payment(s)}
Unpaid Item letter $15.002 {Letter issued advising that a payment made by you has been reversed by your bank.}
Default notification $8.002 {Phone/text /Facebook message or email advising of missed payment}
Centrix lodgement $15.00 {Notifying Centrix of your account default}
AGENT CALLS – A Contribution towards the costs associated with a physical visit due to default
Field Visit – UFinance $45.00 plus $1.50per km return to base {Where we have an employee visit you regarding a default payment.}
Field Visit – Third Party Agent As Invoiced to us, plus 10% admin fee {Where we have a contracted third party agent visit you regarding a default payment.}
REPOSSESSION/SURRENDER OF UNIT CHARGES – A Contribution towards the costs associated with repossession action
Pre-possession Warning Notice $50.002 {Statutory Notice formally advising of our intention to repossess.}
Repossession Authority letter $50 {Where we issue an authority to repossess.}
Post Repossession Notice $45.002 {Statutory Notice confirming the repossession.}
Storage Repossessed Goods $45.00 per day {Where repossessed goods are stored at UFinance’s storage locations.}
Uplift Fee $2500 set up fee, plus $2.50 per KM return to base {When unit is uplifted, crane/hiab is extra on top of these charges}
Cleaning Fee $250 {Where unit is deemed to have been returned in an unclean state}
Meth test $350 {Will be carried out if quick test swab is positive}
Meth decontamination max (depends on size of unit)$5000 {Cost incurred as the result of a positive Meth test}
Repairs/painting/carpet/vinyl (as deemed necessary, to bring unit up to sale-able state) As invoiced from third party.
RECOVERY- A Contribution towards the costs associated with other collection or enforcement actions.
Collection Agents Commission As Invoiced to us {Where a third party debt collection company has been passed the loan to pursue repayment.}
Property Law Act Notice $45.00 {Statutory Notice issued under the Property Law Act requiring payment or other default to be remedied.}
Other Charges As Invoiced to us {Any other services contracted out to third parties to facilitate collection/repayment of a loan.}
NOTES:
1. These charges vary depending upon the third party. The fees displayed are the current fee levied by our primary third-party conveyancer.
2. 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.
*These are the maximum level of fees charged, in some cases fees may be charged at a lower level.
Current as at 1 January 2018