Costs of Borrowing
Real Finance's current standard interest rates 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 financial 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.
To calculate what rate would apply to you, speak to one of our team on 0800 21 21 21
Information About Charging Interest and Default Interest:
Real Finance's interest rates are generally 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 the overdue portion of your Loan account, and is debited to your account weekly.
The Default interest rate is 10.00% higher than the interest rate applicable to your loan.
Initial Fees and Charges for Consumer Credit Lending (under the CCCFA)
The list below are Real Finance Limited's 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 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.
If you are looking to borrow funds for investment or business purposes, please contact us and request a quote for your unique lending situation.
- Establishment Fees - 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.
Ranges from $50 - $181 depending on loan class
- 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.
- Auto Plus Check - This is the cost to us of checking your vehicle collateral with Equifax Limited.
- Equifax Company Report - This is the cost to us of checking your company's credit history with Equifax Limited.
- 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.
- Certificate of Title Search Fee - This is the cost of searching the title of any property which you intend to use as the collateral for your loan.
- Caveat Registration Fee - This is the cost of registering a caveat against property you own and use as collateral against a loan with us.
- Mortgage Registration Fee - This is the cost of registering a mortgage against property you own and use as collateral against a loan with us.
- 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.
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 repayments, and any other administrative tasks needed, and is debited to your account at the end of each month.
- Default Fee - Charged each month that your loan is in arrears.
- 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) finish 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.
- 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.
- Withdrawal Fee - Where you request, and we approve an additional loan advance under an existing loan contract.
- Mortgage Discharge Fee - This is the cost to administer and discharge the mortgage (or caveat) on any single property which you used as collateral against your loan.
Default and Enforcement Fees
- SMS (Text) Message Fee - For each time we contact you via SMS about any breach of your loan.
- Telephone Call Fee - For contacting you or another allowed party via telephone (landline or mobile) about any breach of your loan.
- 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.
- Letter Fee - Where we send you correspondence about your loan arrears or other breach of contract.
- 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/ Defaulted Payment Fee - When a payment made onto your Loan is reversed (dishonoured), we may charge this fee.
- 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 default or any other breach of your loan contract.
- Enforcement Fees - For any costs of Repossession, Court Action, Debt Collection, Legal Action etc.