{"id":483,"date":"2020-09-20T04:31:20","date_gmt":"2020-09-20T04:31:20","guid":{"rendered":"https:\/\/wordpress-314615-1412937.cloudwaysapps.com\/?page_id=483"},"modified":"2022-07-29T12:14:57","modified_gmt":"2022-07-29T00:14:57","slug":"rates-fees","status":"publish","type":"page","link":"https:\/\/alternatefinance.co.nz\/rates-fees\/","title":{"rendered":"Rates & Fees"},"content":{"rendered":"\n\n\t

Schedule of Rates & Fees<\/h2>\n

Interest Rates<\/h2>\n

Alternate Finance\u00a0provides loans at an annual interest rate from 13.95% to 26.98% per annum.<\/p>\n

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.<\/p>\n

Once set, our interest rate is fixed for the term of your loan.<\/p>\n

Default Interest Rate<\/h2>\n

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.<\/p>\n

Personal Loan Terms<\/h2>\n

Loan terms are normally over a maximum term of three years.<\/p>\n

Credit Fees<\/h2>\n

Establishment Fee<\/h2>\n

A contribution towards the cost of assessing and processing approved loan applications.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Loan Amount<\/strong><\/td>\nEstablishment Fee<\/strong><\/td>\n<\/tr>\n<\/thead>\n
$0.00 to $499.00<\/td>\n$95.00<\/td>\n<\/tr>\n
$500.00 to $1,000.00<\/td>\n$230.00<\/td>\n<\/tr>\n
$1,001.00 to 1,999.00<\/td>\n$290.00<\/td>\n<\/tr>\n
$2,000.00 to $4,999.00<\/td>\n$340.00<\/td>\n<\/tr>\n
$5,000.00 to $7,499.00<\/td>\n$390.00<\/td>\n<\/tr>\n
$7,500.00 to 11,999.00<\/td>\n$490.00<\/td>\n<\/tr>\n
$12,000.00 to $24,999.00<\/td>\n$590.00<\/td>\n<\/tr>\n
$25,000.00 to $39,999.00<\/td>\n$690.00<\/td>\n<\/tr>\n
$40,000.00 to $49,999.00<\/td>\n$790.00<\/td>\n<\/tr>\n
$50,000.00 to $79,999.00<\/td>\n$870.00<\/td>\n<\/tr>\n
$80,000.00+<\/td>\n$1,090.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Fees are calculated based on the complexity of loans and only on the NEW money component.<\/p>\n

Registration Fee<\/h2>\n

The actual charges incurred for registration of:<\/p>\n\n\n\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
PPSR Registration (Manual)<\/td>\n$20.00<\/td>\nFinancing Statement completed through PPSR Website (or renewals).<\/td>\n<\/tr>\n
PPSR Registration (Automatic)<\/td>\n$10.00<\/td>\nFinancing Statement completed through PPSR BtoG link (or renewals).<\/td>\n<\/tr>\n
LINZ Registration –\u00a0Mortgage<\/td>\n$187.70*<\/td>\nMortgages using E-Dealing through a 3rd party.<\/td>\n<\/tr>\n
LINZ Registration –\u00a0Caveat<\/td>\n$192.70*<\/td>\nCaveats using E-Dealing through a 3rd party.<\/td>\n<\/tr>\n
LINZ Discharge –\u00a0Mortgage or Caveat<\/td>\n$187.70*<\/td>\nUsing E-Dealing through a 3rd party.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*These charges vary depending on the 3rd party. Fees displayed are the current fee levied by our primary third party conveyancer.<\/p>\n

Administration Fee<\/h2>\n

A contribution towards the costs of ongoing maintenance\/processing of a loan.<\/p>\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Administration Fee<\/td>\n$6.00<\/td>\nA monthly charge included in the instalments required to repay the loan.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Variation Fee<\/h2>\n

A contribution towards the cost of assessing and undertaking formal contract variation.<\/p>\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Variation Fee<\/td>\n$50.00<\/td>\nWhere an existing loan’s terms are changed, e.g. security, parties, or repayment requirements.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Full Prepayment Fee<\/h2>\n

A contribution towards the costs associated with full early prepayment of loans.<\/p>\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Administration Costs Charge<\/td>\n$110.00<\/td>\nWhere you repay a loan in full before the final payment is due.<\/td>\n<\/tr>\n
Prepayment Charge<\/td>\nAs Calculated<\/td>\nCompensation for any loss we may incur calculated under the formula prescribed in regulations.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Default Fees<\/h2>\n

Overdue Account Notices<\/h2>\n

A contribution towards costs associated with management of loans in default.<\/p>\n\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Arrears Letters<\/td>\n$30.00*<\/td>\nWhere your loan is overdue through missed payment(s).<\/td>\n<\/tr>\n
Unpaid Item Letter<\/td>\n$30.00*<\/td>\nLetter issued advising that a payment made by you has been reversed by your bank.<\/td>\n<\/tr>\n
Final Warning Letter<\/td>\n$30.00*<\/td>\nWhere repossession or legal action may follow, or a payment default may be listed against you.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*Where a notice is sent to more than one person (e.g. if there is more than one borrower and\/or guarantor) only one fee is charged, not one fee per person.<\/p>\n

Default Interest Charges<\/h2>\n

In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the loan agreement or on the enforcement of the loan agreement, the default fees specified below are payable. The loan agreement may allow the creditor to vary these fees and charges.<\/p>\n

Default interest is 10% per annum, when charged on any overdue instalment or overdue amount before payment of the unpaid balance has been accelerated (called up early). Default interest is charged from the time that you fall into financial default until you are no longer in financial default. It is calculated by multiplying the overdue instalment or overdue amount by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account each payment period.<\/p>\n

If the lender accelerates payment of the unpaid balance or the unpaid balance falls due at the end of the loan term, and you do not pay, the default interest rate will be 10% per annum charged on the unpaid balance from when the unpaid balance is called up or otherwise becomes due until you repay it in full.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nItem<\/strong><\/td>\nFee<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Arrangement Requested<\/td>\n$13.00<\/td>\nInsurance Default<\/td>\n$26.00<\/td>\n<\/tr>\n
Account in Arrears Admin Fee<\/td>\n$25.00<\/td>\nLetter Correspondence<\/td>\n$10.00<\/td>\n<\/tr>\n
Arrears Letter<\/td>\n$20.00<\/td>\nMonitoring Fee<\/td>\n$14.50<\/td>\n<\/tr>\n
Broken Promise<\/td>\n$15.00<\/td>\nPhone Call<\/td>\n$8.60<\/td>\n<\/tr>\n
Car Searches<\/td>\n$14.45<\/td>\nPost Possession<\/td>\n$32.50<\/td>\n<\/tr>\n
Mobile Phone Call<\/td>\n$8.60<\/td>\nFurther Advance<\/td>\n$40.00<\/td>\n<\/tr>\n
Change of Direct Debit<\/td>\n$6.50<\/td>\nProperty Law Notice<\/td>\n$265.50<\/td>\n<\/tr>\n
Caveat \/ Mortgage<\/td>\nCOST<\/td>\nRefund Charge<\/td>\n$16.00<\/td>\n<\/tr>\n
Comment \/ Diary<\/td>\n$6.50<\/td>\nRepossession Authority<\/td>\n$65.00<\/td>\n<\/tr>\n
Direct Debit Transfer<\/td>\n$4.00<\/td>\nRepossession Fee<\/td>\nCOST<\/td>\n<\/tr>\n
Default Loading Fee<\/td>\n$15.00<\/td>\nRepossessed Vehicle Sales Fee<\/td>\n$500.00<\/td>\n<\/tr>\n
Dishonour Fee<\/td>\n$12.00<\/td>\nStatement of Account After Sale<\/td>\n$26.00<\/td>\n<\/tr>\n
Fifteen Day<\/td>\n$25.00<\/td>\nStorage (daily)<\/td>\n$18.00<\/td>\n<\/tr>\n
Final Notice<\/td>\n$30.00<\/td>\nText Message<\/td>\n$6.50<\/td>\n<\/tr>\n
Gone No Address<\/td>\n$35.00<\/td>\nVariation Cost<\/td>\n$50.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Agent Calls<\/h2>\n

A contribution towards costs associated with a physical visit due to default.<\/p>\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Field Visit –\u00a0Alternate Rep<\/td>\n$75.00<\/td>\nWhere we have an employee visit you regarding a default (payment or otherwise).<\/td>\n<\/tr>\n
Field Visit –\u00a0Third Party Agent<\/td>\nAs Invoiced to us<\/td>\nWhere we have an contracted third party agent visit you regarding a default (payment or otherwise).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

REPOSSESSION<\/h3>\n

A contribution towards costs associated with repossession action.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Repossession Warning Notice<\/td>\n$30.00*<\/td>\nStatutory Notice formally advising of our intention to repossess.<\/td>\n<\/tr>\n
Repossession Fee<\/td>\nAs Invoiced to us<\/td>\nWhere we issue an authority to repossess to a contracted third party agent.<\/td>\n<\/tr>\n
Post Repossession Notice<\/td>\n$32.50*<\/td>\nStatutory Notice confirming the repossession.<\/td>\n<\/tr>\n
Storage of Repossessed Goods –\u00a0Alternate<\/td>\n$8.00 per day<\/td>\nWhere repossessed goods are stored at Alternate Finance’s storage locations.<\/td>\n<\/tr>\n
Storage of Repossessed Goods –\u00a0Other<\/td>\nAs Invoiced to us<\/td>\nWhere repossessed goods are stored at a third party’s storage location.<\/td>\n<\/tr>\n
Return of Goods<\/td>\nAs Invoiced to us<\/td>\nCost for return of goods, where this is through Alternate Finance’s warehouse the charge will be $50.<\/td>\n<\/tr>\n
Storage Vehicles<\/td>\n$18.00 per day<\/td>\nWhere a storage vehicle is used for repossessing goods.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*Where a notice is sent to more than one person (e.g. if there is more than one borrower and\/or guarantor) only one fee is charged, not one fee per person.<\/p>\n

Recovery<\/h2>\n

A contribution towards costs associated with other collection or enforcement actions.<\/p>\n\n\n\n\n\n\n\n
Item<\/strong><\/td>\nFee<\/strong><\/td>\nExplanation<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Collection Agents Commission<\/td>\nAs Invoiced to us<\/td>\nWhere a third party debt collection company has been passed the loan to pursue repayment.<\/td>\n<\/tr>\n
Property Law Act Notice<\/td>\n$265.00<\/td>\nStatutory Notice issued under the Property Law Act requiring payment or other default to be remedied.<\/td>\n<\/tr>\n
Other Charges<\/td>\nAs Invoiced to us<\/td>\nAny other services contracted out to third parties to facilitate collection\/repayment of a loan.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nNOTES:<\/strong>
\nThese are the maximum level of fees charged, in some cases fees may be charged at a lower level. Thank you for reading our personal loan interest rates NZ page. If you have any further questions, please feel free to call us to discuss in more detail.\n

Last updated: 23 April 2019.<\/p>\n

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