Crester Credit provides loans at an annual interest rate from 13.95% to 26.98% per annum. The rate that applies to your loan will be based on a range of factors including your circumstances, credit history with us or with others, the security you can provide, and the loan amount. Once set, our interest rate is fixed for the term of your loan.
If you get behind in your loan repayments, then we may charge a default interest rate on any overdue loan payments, while they are unpaid. The Default rate that we charge is 10% per annum above the Interest Rate that normally applies to your loan.
Loan terms are normally over a maximum term of three years.
|Loan Amount||Establishment Fee|
|$0.00 to $499.00||$95.00|
|$500.00 to $1,000.00||$230.00|
|$1,001.00 to 1,999.00||$290.00|
|$2,000.00 to $4,999.00||$340.00|
|$5,000.00 to $7,499.00||$390.00|
|$7,500.00 to 11,999.00||$490.00|
|$12,000.00 to $24,999.00||$590.00|
|$25,000.00 to $39,999.00||$690.00|
|$40,000.00 to $49,999.00||$790.00|
|$50,000.00 to $79,999.00||$870.00|
Fees are calculated based on the complexity of loans and only on the NEW money component.
The fee is then determined by reference to the bands as shown. i.e. there is no fee for any refinance portion of an existing loan from Crester Credit.
|PPSR Registration (Manual)||$20.00||Financing Statement completed through PPSR Website (or renewals).|
|PPSR Registration (Automatic)||$10.00||Financing Statement completed through PPSR BtoG link (or renewals).|
|LINZ Registration – Mortgage||$187.70*||Mortgages using E-Dealing through a 3rd party.|
|LINZ Registration – Caveat||$192.70*||Caveats using E-Dealing through a 3rd party.|
|LINZ Discharge – Mortgage or Caveat||$187.70*||Using E-Dealing through a 3rd party.|
*These charges vary depending on the 3rd party. Fees displayed are the current fee levied by our primary third party conveyancer.
|Administration Fee||$6.00||A monthly charge included in the instalments required to repay the loan.|
|Variation Fee||$50.00||Where an existing loan’s terms are changed, e.g. security, parties, or repayment requirements.|
|Administration Costs Charge||$110.00||Where you repay a loan in full before the final payment is due.|
|Prepayment Charge||As Calculated||Compensation for any loss we may incur calculated under the formula prescribed in regulations.|
|Arrears Letters||$20.00*||Where your loan is overdue through missed payment(s).|
|Unpaid Item Letter||$12.00*||Letter issued advising that a payment made by you has been reversed by your bank.|
|Final Warning Letter||$30.00*||Where repossession or legal action may follow, or a payment default may be listed against you.|
In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the loan agreement or on the enforcement of the loan agreement, the default fees specified below are payable. The loan agreement may allow the creditor to vary these fees and charges.
Default interest is 10% per annum, when charged on any overdue instalment or overdue amount before payment of the unpaid balance has been accelerated (called up early). Default interest is charged from the time that you fall into financial default until you are no longer in financial default. It is calculated by multiplying the overdue instalment or overdue amount by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account each payment period.
If the lender accelerates payment of the unpaid balance or the unpaid balance falls due at the end of the loan term, and you do not pay, the default interest rate will be 10% per annum charged on the unpaid balance from when the unpaid balance is called up or otherwise becomes due until you repay it in full.
|Arrangement Requested||$13.00||Letter Correspondence||$10.00|
|Arrears Letter||$20.00||Monitoring Fee||$14.50|
|Broken Promise||$15.00||Phone Call||$8.60|
|Car Searches||$14.45||Post Possession||$32.50|
|Mobile Phone Call||$8.60||Further Advance||$40.00|
|Change of Direct Debit||$6.50||Property Law Notice||$265.50|
|Caveat / Mortgage||COST||Refund Charge||$16.00|
|Comment / Diary||$6.50||Repossession Authority||$65.00|
|Direct Debit Transfer||$4.00||Repossession Fee||COST|
|Default Loading Fee||$15.00||Repossessed Vehicle Sales Fee||$500.00|
|Dishonour Fee||$12.00||Statement of Account After Sale||$26.00|
|Fifteen Day||$25.00||Storage (daily)||$18.00|
|Final Notice||$30.00||Text Message||$6.50|
|Gone No Address||$35.00||Variation Cost||$50.00|
|Field Visit – Crester Rep||$75.00||Where we have an employee visit you regarding a default (payment or otherwise).|
|Field Visit – Third Party Agent||As Invoiced to us||Where we have an contracted third party agent visit you regarding a default (payment or otherwise).|
|Repossession Warning Notice||$30.00*||Statutory Notice formally advising of our intention to repossess.|
|Repossession Fee||As Invoiced to us||Where we issue an authority to repossess to a contracted third party agent.|
|Post Repossession Notice||$32.50*||Statutory Notice confirming the repossession.|
|Storage of Repossessed Goods – Crester||$8.00 per day||Where repossessed goods are stored at Crester Finance’s storage locations.|
|Storage of Repossessed Goods – Other||As Invoiced to us||Where repossessed goods are stored at a third party’s storage location.|
|Return of Goods||As Invoiced to us||Cost for return of goods, where this is through Crester Finance’s warehouse the charge will be $50.|
|Storage Vehicles||$18.00 per day||Where a storage vehicle is used for repossessing goods.|
*Where a notice is sent to more than one person (e.g. if there is more than one borrower and/or guarantor) only one fee is charged, not one fee per person.
|Collection Agents Commission||As Invoiced to us||Where a third party debt collection company has been passed the loan to pursue repayment.|
|Property Law Act Notice||$265.00||Statutory Notice issued under the Property Law Act requiring payment or other default to be remedied.|
|Other Charges||As Invoiced to us||Any other services contracted out to third parties to facilitate collection/repayment of a loan.|
These are the maximum level of fees charged, in some cases fees may be charged at a lower level.
Current as at 1 November 2016.