Rates & Fees

Interest rates

MyFinance provides loans at an annual interest rate from 12.95% to 29.95% 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 portion of the loan, 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 minimum of 90 days (3 months) to a maximum term of 3 years, although terms up to five years may be available for loans for newer vehicles or with property security.

Example:

The amount repayable of your loan is made up of your interest rate, plus fees. For example, if borrowing $10,000 repayable over 3 years at an interest rate of 13.95% you would be required to make 156 weekly instalments of $83.65. This repayment is made up of interest, an establishment fee of $270 and an administration fee of $3.00 per instalment.

Total interest would be $2,311.40 with total fees of $738 making the total payable over the full term $13,049.40.