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Schedule of Rates and Fees

Personal Loan Interest Rates and Terms

INTEREST RATES

Instant Finance provides loans at an annual interest rate from 19.95% 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 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 maximum term of three years.

Fees

CREDIT FEES See Note EXPLANATION / COMMENT
ESTABLISHMENT FEE   A CONTRIBUTION TOWARDS THE COST OF ASSESSING AND PROCESSING APPROVED LOAN APPLICATIONS.

In Branch

 $0.00 to $500.00 $100.00 } Fees are calculated based on the complexity of loans and only on the NEW money component. i.e. There is no fee for any refinance portion of an existing loan from Instant Finance.
$500.01 to 1,000.00 $175.00 }
$1,000.01 to $3,000.00 $275.00 }
$3,000.01 to $10,000.00 $375.00 } The fee is then determined by reference to the bands as shown.
$10,000.01 to $20,000.00 $450.00 }
$20,000.01 and greater $450.00 }

Online

 $0.00 to $500.00 $100.00 } Online fees apply when there is no Branch involvement in the loan establishment process.
$500.01 to 5,000.00 $220.00 }
$5,000.01 to $10,000.00 $320.00 }
$10,000.01 and greater $420.00 }
REGISTRATION FEES     THE ACTUAL CHARGES INCURRED FOR REGISTRATION OF:
PPSR Registration (Manual) $16.10   Financing Statement completed through PPSR Website (or renewals).
PPSR Registration (Auto) $8.05   Financing Statement completed through PPSR BtoG link (or renewals).
LINZ Registration – Mortgage $166.14 1 Mortgages using E-Dealing through a 3rd party.
LINZ Registration – Caveat $171.14 1 Caveats using E-Dealing through a 3rd party.
LINZ Discharge
– Mortgage or Caveat		 $155.00 1 Using E-Dealing through a 3rd party.
ADMINISTRATION FEE     A CONTRIBUTION TOWARDS THE COSTS OF ONGOING MAINTENANCE/PROCESSING OF A LOAN.
Administration Fee $2.00   A per instalment charge included in the instalments required to repay the loan.
VARIATION FEE     A CONTRIBUTION TOWARDS THE COST OF ASSESSING AND UNDERTAKING FORMAL CONTRACT VARIATION.
Variation Fee $50.00   Where an existing loan’s terms are changed, e.g. security, parties, or repayment requirements.
FULL PREPAYMENT FEE     A CONTRIBUTION TOWARDS THE COSTS ASSOCIATED WITH FULL EARLY PREPAYMENT OF LOANS
Administration Costs Charge $100.00   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   See
Note		 Explanation / Comment
OVERDUE ACCOUNT NOTICES     A CONTRIBUTION TOWARDS COSTS ASSOCIATED WITH MANAGEMENT OF LOANS IN DEFAULT.
Reminder Letters $10.00 2 Where your loan is overdue through missed payment(s)
Unpaid Item letter $15.00 2 Letter issued advising that a payment made by you has been reversed by your bank.
Final Warning Letter $20.00 2 Where repossession or legal action may follow, or a payment default may be listed against you.
AGENT CALLS     A CONTRIBUTION TOWARDS COSTS ASSOCIATED WITH A PHYSICAL VISIT DUE TO DEFAULT.
Field Visit – IF Rep $45.00   Where we have an employee visit you regarding a default (payment or otherwise) .
Field Visit – Third Party Agent As Invoiced to us   Where we have a contracted third party agent visit you regarding a default (payment or otherwise).
REPOSSESSION     A CONTRIBUTION TOWARDS COSTS ASSOCIATED WITH REPOSSESSION ACTION.
Repossession Warning Notice $45.00 2 Statutory Notice formally advising of our intention to repossess.
Repossession fee As Invoiced to us   Where we issue an authority to repossess to a contracted third party agent
Post Repossession Notice $45.00 2 Statutory Notice confirming the repossession
Storage Repossessed Goods 

– IF

 $5.00 

per day

   Where repossessed goods are stored at Instant Finance® storage locations.
Storage Repossessed Goods 

– Other

 As Invoiced to us   Where repossessed goods are stored at a third party’s storage location.
Return of goods As Invoiced to us   Cost for return of goods, where this is through Instant Finance’s warehouse the charge will be $50.
RECOVERY     A CONTRIBUTION TOWARDS 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 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 November 2019