Standard fees and charges applied to Avanti Finance property loans.
Effective date 9 May 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
- Progressive Drawdown Fee $35
Charged for each successive drawdown after the initial drawdown.
- Monthly Account Fee $9.85 per month
A monthly fee to cover the administration of a loan and processing payments.
- Security Substitution Fee $150
Charged when we approve a security substitution.
- Loan Restructure Fee $140
Charged when we restructure an existing loan.
- Third party Correspondence / Authorisation $5.00
Fee to cover the processing and entering of authorised third party details and / or correspondence with the third party.
- Prepayment Fee $28
Charged when a loan is settled in full before its final payment date.
- Security Release Fee $215 per security or actual third-party costs
Charged if we release any security we hold over a property.
- Fixed Rate Break Costs (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 fees and collections
- Arrears Management Fee $37 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 the loan after we issue a default notice in accordance with the Property Law Act 2007.
- Issue Court Proceedings $225
Charged to the loan when we issue court proceedings.
We will charge you any costs we incur from third parties 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 do not 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: Fees for non-consumer property loans are available on application.
Lending criteria, fees, terms and conditions apply. Fees are subject to change.