This disclosure is current as at 17 September 2020
The interest rate for credit sale agreements varies between 9.95% per annum and 26% per annum. The interest rate under any credit sale agreement is fixed for the duration of the relevant credit sale agreement.
The interest rate applicable to any credit sale agreement will be determined during the application process. Factors which assist in determining the interest rate offered are:
- the term of the loan;
- whether any deposit will be paid;
- the amount of the loan;
- the security offered for the loan;
- financial and supporting information provided by you;
- your past and/or current credit history with DFL; and
- your credit history/rating from credit bureaus and/or third parties.
Default Interest Rate
On the default in payment of any amount due under a credit sale agreement, interest will accrue on the amount in default at the higher of:
- 24% per annum; and
- the rate 5% higher than the standard interest rate applicable under the credit sale agreement,
from the date the payment was due until the date of payment
The following credit fees are payable on the establishment of a credit sale agreement:
- Establishment Fee of $350
- PPSR Fee of $25
The following fees are payable during the term of a credit sale agreement
- Monthly account maintenance fee of $8
The following fees are payable on the full prepayment of the credit sale agreement:
- An administration fee of $50.00.
- A fee calculated using the formula prescribed in regulation 9 of the Credit Contracts and Consumer Finance Regulations 2004 (to compensate the creditor for any loss the creditor has suffered as a result of the full prepayment).
The following default fees will apply to any credit sale agreement:
- If there is a default in respect of any insurance obligations – $20.00 per default letter.
- If there is any default in payment or in respect of any other obligations under the credit sale agreement – $20.00 per reminder letter or default notice.
- Administration fee of $50.00 on repossession.