Find answers to some of the most common questions from our members
Application fees are the charges you may have to pay to the lender to cover their internal costs of processing your loan application. This fee may also be referred to as an ‘Establishment Fee’ or ‘Up Front Fee’.
Some loans have annual fees to cover costs or additional services available on the loan. Annual fees are generally charged on the date of disbursement and then annually on this anniversary date. The value of the annual fee and the charge date are outlined in the loan conditions and your contract.
A comparison rate combines the interest rate and any fees and charges that relate to a loan into a single percentage, based on repayment frequency and terms of the loan. This way the comparison rate helps you understand the true cost of a loan and allows you to compare loans between lenders more easily.
Next to your income and credit history, lenders determine the amount you can borrow by looking at your assets. Assets are the valuables you own, such as your savings accounts, any cars, existing home contents, your superannuation, investment shares and such.
The clearing of an uncleared transaction will vary depending on the type:
• Visa/Paywave - depends on the Merchant and can take up to 5 days from the date of the transaction, but is usually between 1-2 days
• Pay Easy – depends on when the redeemer redeems the Easy Payment, but if the funds are not redeemed within 5 days from the date of the transaction the Easy Payment expires and the funds become available
• Cheque deposit – 3 business days from the day the cheque was deposited
• Hold – this will vary depending on the reason for the hold
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