SCHEDULE OF FEES

Credit FeesSee noteExplanation / Comment
Establishment FeeA contribution towards the cost of assessing and processing approved loan applications.
$0.00 to $5,000.00$250Fees are calculated based on the complexity of loans through their size. The fee is then determined by reference to the bands as shown.
$5,000.01 to $10,000.00$350
Over $10,000.00$450
Registration FeeThe actual charges incurred for registration of:
PPSR Registration$8.05Financing Statement registered or renewed at the PPSR.
Mortgage/Caveat Registration$1651Using E-Dealing through a 3rd party.
Discharge of Mortgage or Caveat$1551Using E-Dealing through a 3rd party.
Administration FeeA contribution towards the costs of ongoing maintenance/processing of a loan.
Administration Fee$2A per instalment charge included in the instalments required to repay the loan.
Variation FeeA contribution towards the cost of assessing and undertaking formal contract variation.
Variation Fee$50Where an existing loan’s terms are changed, e.g. security, parties, or repayment requirements.
Full Prepayment FeeA contribution towards the costs associated with full early prepayment of loans
Administration Costs Charge$100Where you repay a loan in full before the final payment is due.
Prepayment ChargeAs CalculatedCompensation for any loss we may incur calculated under the formula prescribed in regulations.
DEFAULT FEESSee noteExplanation / Comment
Overdue Account NoticesA contribution towards costs associated with management of loans in default.
Reminder Letters$102Where your loan is overdue through missed payment(s)
Unpaid Item letter$152Letter issued advising that a payment made by you has been reversed by your bank.
Final Warning Letter$202Where repossession or legal action may follow, or a payment default may be listed against you.
Agent CallsA contribution towards costs associated with management of loans in default.
Field Visit – IF Rep$45Where we have an employee visit you regarding a default (payment or otherwise).
Field Visit – Third Party AgentAs invoiced to usWhere we have an contracted third party agent visit you regarding a default (payment or otherwise).
RepossessionA contribution towards costs associated with repossession action.
Repossession Warning Notice$452Statutory Notice formally advising of our intention to repossess.
Repossession feeAs invoiced to usWhere we issue an authority to repossess to a contracted third party agent
Post Repossession Notice$452Statutory Notice confirming the repossession
Storage Repossessed Goods – IF$5 per dayWhere repossessed goods are stored at My Finance storage locations.
Storage Repossessed Goods – OtherAs invoiced to usWhere repossessed goods are stored at a third party’s storage location.
Return of goodsAs invoiced to usCost for return of goods, where this is through My Finance’s warehouse the charge will be $50.
RecoveryA contribution towards costs associated with other collection or enforcement actions.
Collection Agents CommissionAs invoiced to usWhere a third party debt collection company has been passed the loan to pursue repayment.
Property Law Act Notice$45Statutory Notice issued under the Property Law Act requiring payment or other default to be remedied.
Other ChargesAs invoiced to usAny other services contracted out to third parties to facilitate collection/repayment of a loan.
Notes
1 These charges vary dependant 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 May 2018