Costs of Borrowing

Credit and Default Fees and Interest Rates:

**Current as at 1st May 2017**

CREDIT FEES AND CHARGES

The following credit fee(s) and charge(s) (which are not included in the Total Advance) are, or may become, payable under, or in connection with, this Agreement.

A dishonour fee of $15.00 if any payment you make to us is dishonoured.

A variation fee of $60.00 if we agree to vary the agreement in any way including but not limited to a successful hardship application.

A monthly account maintenance fee of $10.00 payable on a monthly basis which is automatically charged to your account.

A field services agents fee as a disbursement cost or fee, is payable should it become necessary to have them call at your residence or work place to discuss any overdue payments or make an arrangement with you.

Any disbursement cost or fee that is incurred by us including but not limited to: Valuation of Securities, Credit Checks, PPSR Searches or Motor Vehicle or Property Summary Checks.

NOTE: Some fees may vary

The following credit fee(s) and charge(s) (which are included in the Total Advance) are, or may become, payable under, or in connection with, this Agreement.

A Legal/Registration fee charged as a disbursement cost or fee if we register a security interest on the Personal Property Securities Register (PPSR) if we register a Mortgage/Caveat against this Agreement. 

A Loan Processing fee payable as per the following schedule:

Note: The Loan Processing fee is calculated on the NEW Cash Price portion of the Loan. Ie. There is no loan processing fee for any refinanced amount of an existing Aotea Finance Loan.

Loan Advance            Loan Processing Fee

$300-$999                           $125

$1000-$1999                       $140

$2000-$2999                       $180

$3000-$4999                       $280

$5000+                                 $380

INTEREST

Annual Interest Rate: Annual Interest Rate fixed for the whole contract being from 28.95%-35.5%

DEFAULT INTEREST CHARGES AND DEFAULT FEES

Annual Default Interest rate from 38.95%-45.50% (being 10% above the stated Annual Interest Rate).

Default interest is charged on any amount owing which is overdue from the time you fail to make a due payment until the overdue amount is paid.

The following default fees:

A default fee of $10.00 for any manually produced enforcement letter.

A default fee of $50.00 for each enforcement notice which is inclusive of the field agent’s visit and delivery charge.

The default fees and charges which we may incur if we engage third parties as a result of any breach under this agreement or if we enforce this agreement.  Such fees and charges can include debt collection and repossession fees.

NOTE: Some fees may vary

FULL PREPAYMENT

Administrative costs/ fees: $75.00 or $425.00 if a Mortgage/Caveat is registered for Security