Important Info

Cost of Borrowing

Interest Rates

FMC Finance’s interest rates are fixed for the term of the loan and range from 10.95% to 18.95% per annum, depending on your credit history, your level of security and size of the loan.

In the event of a default in payment, and while the default continues, you must pay the default interest charges. Default interest is 8% above the rate specified in the Contract - for example if the Contract states an interest rate of 10.95% for the term of the loan, then the default interest rate would be 18.95% per annum. Default interest is only payable on the amount actually in default.

Fees

The following fees apply to all loans:

Establishment Fee	$250 - $350 depending on the type of loan
Credit Check and Security Load	Up to $47
Account Maintenance Fee	$10
Early Settlement Fee	$50

Default fees:

First Default Reminder Letter	$10
Second Default Reminder Letter	$10
Repossession Warning Notice	$45
Recovery costs	The actual cost of repossessing the item that was offered as security. This might include repossession agent fees, repair bills, legal fees and storage costs.

Standard Terms

Credit Contract Standard Terms