When you apply for a loan with MoneyPlace we may charge a fee, called an Establishment Fee, which is payable when your loan is drawn down. This fee covers the cost of providing you with credit assistance, which includes the assessment and verification services we undertake to establish your loan. For a secured loan the Establishment Fee also covers a Personal Property Security Search and Registry (PPSR) fee, to verify your asset and register a security interest in it with the Australian Financial Security Services Authority. The Establishment Fee is added to your loan amount so you are not out of pocket.
Like our interest rates, establishment fees are also personalised. This fee ranges from 0% to 5.5% of the loan amount, depending on our assessment of your financial situation. We will tell you the cost of the Establishment Fee when you get your rate estimate.
In addition to the Establishment Fee payable to MoneyPlace, if you have been referred to us via a broker, your broker may charge you a Lending Assistance Fee for their assistance with your loan, which will be added to your loan amount and paid to your broker when your loan is disbursed.
During the course of your loan, you will be charged a Dishonour Fee of $10 each time your loan repayment is dishonoured.
If your loan has been in default at any time during the previous monthly anniversary of your drawdown date, a Default Administration Fee of $25 will be payable to MoneyPlace.
If you are in default you do not or cannot correct the default within the remedy period, we may refer your loan to a repossession specialist. If this happens a Repossession Administration Fee of $250 will be payable to MoneyPlace.