Loan Interest Rates, Fees and Terms

For Credit Contracts other than Consumer Credit Contracts

As defined in s 11 of the Credit Contract and Consumer Finance Act 2003

Rates
Interest Rate
(where a first mortgage residential security is taken)
8.95% p.a. — 11.95% p.a.
Interest Rate
(where a second mortgage residential security is taken)
16.50% p.a. — 16.75% p.a.
A Default Interest Rate of 10% p.a above the Interest Rate will apply,  if the payment is not made within 7 days of the due date.
The above interest rates are fixed for the duration of the loan
Fees
Establishment Fee
(payable on loan establishment)
please call
Monthly Account Fee nil
Missed Payment Fee (per reversed Direct Debit or failed Direct Credit) $50
Prepayment Cost – the lesser of interest for 1.5 months or remaining term of the loan
(payable on early prepayment to reimburse us for the reasonable estimate of our loss arising from the prepayment)
For Consumer Credit Contracts

As defined in s 11 of the Credit Contract and Consumer Finance Act 2003

Rates
Annual Interest Rate
(where a first mortgage residential security is taken)
9.95% p.a. — 12.95% p.a.
Annual Default Interest Rate
(where a first mortgage residential security is taken)
19.95% p.a. — 22.95% p.a.
Annual Interest Rate
(where a second mortgage residential security is taken)
14.95% p.a. — 16.75% p.a.
Annual Default Interest Rate
(where a second mortgage residential security is taken)
24.95% p.a. — 26.75% p.a.
The above interest rates are fixed for the duration of the loan

The interest rate applicable will be determined by taking into consideration the location and saleability of the property offered as security the loan to value ratio, the credit history and servicing capacity of the applicant, and any commission payable on the loan by General Finance to any contractor.

Fees
Establishment Fee
(payable on loan establishment)
$1,000 to $1,500
Monthly Account Fee nil
Missed Payment Fee (per reversed Direct Debit or failed Direct Credit) $50
Prepayment Cost –  the lesser of interest for 1.5 months or remaining term of the loan.(payable on early prepayment to reimburse us for the reasonable estimate of our loss arising from the prepayment). These Rates and Fees apply to loan advances made after 12 July 2018.
 Loan Terms and Conditions

We use standard forms of contract provided by the Auckland District Law Society, with some additions.

For Consumer Credit Contracts 
(as defined in s 11 of the Credit Contract and Consumer Finance Act 2003) we use

Auckland District Law Society Term Loan Agreement (Consumer Credit Contract) form, Ref 8008
Term Loan Agreement (CCC) – Additional Items.

(please click on the respective links to review these)

For Credit Contracts other than Consumer Credit Contracts 
(as defined in s 11 of the Credit Contract and Consumer Finance Act 2003) we use

Auckland District Law Society Term Loan Agreement (non regulated) form, Ref 8009
Term Loan Agreement (Non CCC) – Additional Provisions.

(please click on the respective links to review these)