These fees and charges apply to Avanti Finance Limited Consumer Property loans.
Effective from 11 December 2023
Loan establishment fees
Property Loan (excluding First Mortgage Property Loans):
- Establishment fee $485
- Further advance fee $255
- Caveat/mortgage registration (including a change from a caveat to a mortgage) $170
First Mortgage Property Loans:
- Establishment fee $705
- Further advance fee $295
- Redocumentation fee $100
Loan administration fees
- Monthly account fee $9.85 per month
A monthly fee to cover the administration of a loan and processing payments.
- Progressive drawdown fee $35
Charged for each successive drawdown after the initial drawdown.
- Loan restructure fee $117
Charged when we restructure an existing loan.
- Security substitution fee $150
Charged when we approve a security substitution.
- Security release fee $215 per security or actual third-party costs
Charged when we release any security we hold over a property.
- Prepayment fee $28
Charged when a loan is settled in full before its final payment date.
- Third-party correspondence/authorisation $5
Fee to cover the processing and entering of authorised third party details and/or correspondence with the third party.
- Fixed rate break costs Available on application
(Applies to First Mortgage Property Loans only, as detailed in your loan agreement)
If you choose to repay or restructure your fixed rate loan during the fixed rate period or if the loan is repaid early due to our enforcement action taken after a default, we will charge you a fee called a break cost, which is calculated using a mathematical formula set out in your loan agreement. We will tell you what the fee is before you repay or restructure your fixed rate loan.
Default and collections fees
- Arrears management fee $33 per month
Charged to your loan if it is in arrears for five or more days during any month.
- Issuance of Property Law Act notice $150
Charged to your loan after we issue a default notice in accordance with the Property Law Act 2007.
- Issue court proceedings $225
Charged to your loan when we issue court proceedings.
Actual costs – Charged to your loan when we incur any third-party costs relating to the enforcement of the loan or any security (e.g. repossession agent, property valuations, solicitor fees). See clause 5.4 of the General Terms and terms of any security we take for further information.
If you don’t pay an amount when due, then we will charge interest at the default interest rate on the amount which is due and unpaid while the default continues.
The default rate is:
- For all First Mortgage Property Loans as detailed in your loan agreement, the annual interest rate at the time of the default plus 5% p.a.; or
- For all other Property Loans, the annual interest rate at the time of the default plus 10% p.a.
Note: Most fees are charged to your loan. You’ll be advised at the time when this isn’t the case.
Fees for Non-Consumer loans are available on application.