Disclosure Statement
Annual Interest Rate 12.5% – 29.99% (Subject to customer credit profile and security)
Click the link below to download a copy of:
- an example contract
- our disclosure statement
Loan Fees
Schedule of fees: as at 21/02/24
Loan Set Up Fees:
Establishment Fee
- Advance amount $200 -$500: $175
- Advance amount $501 -$1000: $250
- Advance amount $1001 – $5000: $350
This is a fee for receiving and processing loan applications including loan top ups (increased borrowed amount) and restructures (refinancing existing or expired loans). This fee includes the cost of debt servicing/affordability verification, credit checks, Title Searches/ownership verification, plus PPSR costs. Fee also includes security inspection and valuation. The fee is added to the loan when the loan is advanced.
Cancellation Fee – $175.00
This fee is for the cancellation of a new or a refinanced portion of a loan. This fee partially covers the cost of processing the loan application as stated under the establishment fee.
Caveat Fee – $212.50 – Or as invoiced by a Solicitor
Where the loan is secured by a caveat over a property, this is the cost to register a caveat. This fee also applies at the time the caveat is discharged/released.
Caveat Withdrawal Fee – $212.50– Or as invoiced by a Solicitor
Where the loan is secured by a caveat over a property, this is the cost to register a withdrawal of caveat. This fee also applies at the time the caveat is discharged/released.
Mortgage Fee – Solicitor instruction – $60.00
Where the loan is secured by a mortgage over a property, this is the cost to instruct your solicitor to register or discharge a mortgage. NB: There will be an additional fee charged by the solicitor instructed to register/discharge/release mortgage.
Mortgage Fee – Solicitor – as invoiced by Solicitor
Where the loan is secured over a property, we will register a mortgage over your property. Registration costs will be charged to your account on invoice from your solicitor. NB: There will be an additional fee to instruct the Solicitor to discharge/release mortgage.
Credit and Administration Fees:
Administration Fee- $5.34
This fee is payable weekly and factored into the debtors regular payment calculation. This fee covers loan payment processing by Bank Payment Authority, general loan enquiries, AML and CFT compliance reviews weekly. account balance enquiry by phone, txt or email, account maintenance e.g. change of contact details, issuing statements 6 monthly or upon request, plus all miscellaneous non default phone calls, text, emails e.g. when mail is returned GNA, payment arrangements etc.
Refund Overpayment Fee- $20.00
This fee applies for investigation and processing of a refund. Applies to each overpayment balance refunded.
Modification of Contract – $50.00
This fee applies when the security on the loan contract is changed for any reason
Default Enforcement Fees
Default Interest Rate – 8%
Annual Interest rate charged on default amount not the total unpaid balance.
Default Fees – $1.55
Payable daily, charged weekly. This fee applies in the event of a payment default in part or full and while the loan is in default/arrears. This covers the cost of monitoring the loan, miscellaneous emails, phone calls and texts outside LR1S, LR1E, LR2S and LR2E. Contact with third parties who are assisting debtor in relation to arrears/defaults e, g. Guarantors, Budget Advice Agencies
SMS Charge LR1S & LR2S – $2.00
Fee applies per SMS message after a breach of agreement has occurred e.g. overdue payment.
Email Charge LR1E & LR2E – $5.00
Fee applies per email letter after a breach of agreement has occurred e.g. overdue payment.
First Reminder Letter (LR1) – $10.00
Fee applies per mailed letter (LR1) after a breach of payment arrangement. Letter details arrears and gives the debtor 7 days to rectify.
Second Reminder Letter (LR2) – $15.00
Fee applies per mailed letter (LR2) after a breach of payment arrangement or continued breach of payment arrangement. Letter details arrears and gives the debtor 7 days to rectify failure to rectify will result in repossession proceedings.
Credit Risk Review – $30.00 fee
Fee applies per review. If there is no response from texts, phone calls, emails or letters regarding arrears a review is completed generally 3 days before a prepossession notice is to be issued. We evaluate our security, assess our risk and make contact with the client to discuss arrears and payment/recovery options.
Pre-Possession Notice – $45.00
Fee applies per notice and includes the cost of couriering the notice to debtor/s. A pre-possession notice is issued 15 days or more after a breach of agreement has occurred e.g. overdue payment.
Repossession Authority – $75.00
Fee applies per authority and includes the cost of instructing/liaising with our Licenced Repossession Agents to secure/collect our security. Repossession Authority is issued 15 days or more after a pre-possession in the event where a serious breach has not been rectified or our security is at risk.
Post Possession Notice – $45.00
Fee applies per notice and is issued within 21 days of repossession (securing/collecting goods).
Information Retrieval – $60 per hour (minimum one hour)
Fee applies to all requests for copies of previously supplied information where QCF staff have to research offsite archive storage facilities
Collection & Document Service Costs – as submitted by third party contractors
Cost incurred by a third party for security recovery, field calls, document services, repairs and service, and debt collection, e.g. repossession agent, legal provider, repairer, collection agent. The cost will be charged to debtor’s loan for the invoiced amount, copies of which are available upon request.
Storage Costs – $15.00 plus GST per day – or as submitted by a third party contractor.
Fee applies to the storage of repossessed (secured/collected) property.
Property Law Notice (Mortgage) – as charged by instructed Solicitor – Fee applies per notice and includes the cost of couriering the notice to debtor/s. Property Law Notice is generally issued 15 days after a formal demand in the event where a serious breach has not been rectified. Applies only to Land security defaults and will be charges at cost on invoice from our Solicitors.