Costs of Borrowing - Consumer Loans
Real Finance's current standard interest rates on consumer lending range from 10.95% p.a to 39.95% p.a (check out our current promotions). The rate applicable to you will depend on your specific circumstances, taking into account:
- How much you want to borrow; and
- The term of your Loan; and
- Your income and other financial commitments; and
- Your credit history; and
- What collateral (if any) is being offered to secure your loan; and
- Any other pertinent information.
If you are looking to borrow funds for Investment or Business purposes, or to calculate what interest rate would apply to you as a Consumer Borrower, please contact us and speak to one of our friendly team about your unique lending situation.
Information About Charging Interest and Default Interest:
Real Finance's interest rates are fixed for the term of your loan. Interest is calculated daily on the remaining balance of your loan and is debited to your account weekly.
In the event of a default in your repayments and while the default continues, you must pay the default interest rate on the overdue portion of your loan.
Default interest is calculated daily on only the overdue portion of your Loan account, and is debited to your account weekly.
The Default interest rate is 10.00% p.a higher than the interest rate applicable to your loan.
Fees and Charges for Consumer Credit Lending (under the CCCFA)
The table below lists our fees and charges for Consumer Credit lending and are accurate at the date of viewing this page. We reserve the right to alter our fees at any time due to updated calculations as to the current reasonableness of any one, or multiple fees, and will update the amount and nature of any fee change on our website immediately upon making any such alteration.
When you make an application, the class in which we assign your approved loan will be determined by numerous lending criteria factors including loan amount, credit information, affordability assessment and collateral provision.
To find out more about each fee type and what it means, please click on the name of the fee, or scroll down the page. Third party fees (which are purely on-charged to our customers) are marked with an asterix *
Initial Fees and Charges(Establishment Fees and Third Party Charges)
- Establishment Fee - This is the fee associated with establishing your loan, including processing and approving your loan application, identity verification requirements, budget preparation and analysis, risk and collateral analysis, documenting the loan, providing and explaining the documentation to you and any other party in full and then providing you with the loan funds once you have signed up and returned all documentation.
- PPSR Search - This is the cost to us of searching the Personal Property Security Register before accepting you as a client, or your collateral for use on your loan.
- PPSR Registration - This is the cost to us of registering or amending changes to your loan and/or collateral on the Personal Property Security Register once your loan is drawn down.
- Centrix Credit Inquiry - This is the cost to us of checking your credit history with Centrix. This is our preferred credit bureau, but if enough information cannot be provided by them to allow us to approve your application, we may choose an additional credit information provider.
- Equifax Score Inquiry - This is the cost to us of checking your credit history with Equifax Limited.
- Centrix Wheels Report - This is the cost to us of checking your vehicle collateral with Centrix.This is our preferred credit bureau, but if enough information cannot be provided by them to allow us to approve your application, we may choose an additional credit information provider. Wheels Report & PPSR Fee's include a search of the PPSR. Wheels Report Base Fee do not include a search of the PPSR
- Auto Plus Check - This is the cost to us of checking your vehicle collateral with Equifax Limited.
- E-Documents Fee - This is the cost to us of providing your loan disclosure documentation, or repayment forms to you via our secure third party provider - Secured Signing.
- EBANK Fee - This is the cost to us of collecting your bank statements electronically via our secure, third party provider Credit Sense. This fee may arise during an application or ongoing via a Credit Fee, where
- Biometric Verification - This is the cost to us of biometrically verifying an individuals identity via a third party provider called APLYiD.
- Valuation Fee - This is the cost of carrying out a valuation assessment on your personal goods, vehicle, or other collateral which you wish to use as collateral (security) against a loan with us, and is the cost applicable to each site visit. This is a location dependent fee, which pass on to the consumer at cost. The cost will vary depending on where you live and which company Real Finance contracts its valuation services through in your area. Upon enquiry, we can provide you with the price of this fee in advance of any application you may make.
- Certificate of Title Search Fee - This is the cost to us of searching the title of any property which you intend to use as the collateral for your loan.
- Legal Fees - This is the cost of any legal work which is required to occur in order to determine the outcome of your loan application, and any legal documentation required. This includes mortgage or caveat registration on property which is to be the collateral for any loan.
Credit and Administration Fees
- Monthly Administration Fee - This is the monthly cost of keeping your loan account active, including providing you any mandatory loan statements, running &/or receiving &/or placing repayments, AML-CFT compliance (including transaction and account monitoring), account & collateral maintenance and any other administrative tasks needed, and is debited to your account at the end of each month where your account has an outstanding balance.
- Loan Statement Fee - Real Finance is required to provide you with Loan Statements every 6 months. A Loan Statement fee is charged only where you request a loan statement, either for yourself or for another company additional to this.
- Full Prepayment Fee - Where you (or another company) settle your Loan more than 14 days before the loan is contractually due to finish, this fee covers the cost of closing the loan, cancelling any security held, and (if necessary) notifying any company concerned that the loan has been closed. Not Applicable to our Short Term lending product.
- Contract Re-Documentation Fee - When a variation or assignment is made on your loan. This fee is debited to your account at the time Real Finance consents to the variation or assignment.
- Collateral Amendment Fee - Where you request that we change the collateral which we hold as security for your loan, this is charged to cover the administrative cost (only) of amending your loan contract.
- Loan Withdrawal Fee - Where you request, and we approve an additional loan advance under an existing loan contract.
Default and Enforcement Fees
- Default Fee - Charged each month (part charged weekly) that your loan account is in arrears. This fee compensates us in part for the resources required to enforce the terms and conditions of your account should you enter into default. The fee can be avoided all together by maintaining your account in an up to date state.
- Telephone Call Fee - For contacting you or another party to the loan (or a related party) via telephone (landline or mobile) about any breach of your loan agreement.
- Consumer Monitor Fee - Where Real Finance has a Consumer Monitor loaded against you with Equifax Limited or another credit bureau, and they notify us of an update to your credit file, which we then act on.
- Legal Notice Fee - Where we send you a legally binding notice about the enforcement of your loan account, due to arrears or other breach of contract.
- Payment Reversal Fee (Previously called a Defaulted Payment Fee) - When a payment made onto your Loan is reversed (dishonoured), we may charge this fee to receive the notification from your bank, process the reversal and notify the borrower/s.
- Travel Fee - Where one of our staff has to visit you (or any Guarantor) or attend any meeting in relation to your loan.
- Home Visit Fee - Where one of our staff has to travel to visit you (or any Guarantor) in relation to any breach of your loan contract.
- Default Time Fee - For time spent administering your account, if in non-financial default or any other breach of your loan contract.