Interest rates

For loans secured against an asset, such as a vehicle, our interest rates range from 8.20% to 20.20% per year. Unsecured loans range from 10.70% to 20.70% per year. Both types are fixed for the term of the loan. Your loan’s interest rate depends on a number of factors including:

  • information provided by credit bureaus and other third parties
  • your credit history with MTF Finance if you’re a recent customer

What’s a security?

Loans can be secured using your car or other asset as collateral. If you don’t have a vehicle or other asset to borrow against, our unsecured loans could be an option.

Secured loans

Example: Borrowing $10,000 over 36 months without MBI or Payment Waiver
Credit rating Sample interest rate (p.a.) Weekly payment Difference
Excellent 8.20% $77.29 -$4.51
Great 10.20% $79.53 -$2.27
Good 12.20% $81.80 $0.00
Ok 14.20% $84.12 $2.32
Not so good 16.20% $86.47 $4.67

All amounts in the table above are an example only and are not an offer of finance. Each weekly repayment amount is based on the interest rate mentioned and an establishment fee of $376, a Personal Property Securities Register fee of $10.35 and a monthly maintenance fee of $8.50. Actual interest rates and fees may be higher or lower. The total amount payable for "Excellent" is $12,057.84, "Great" $12,406.32, "Good" $12,760.92, "Ok" $13,122.00, and "Not so good" $13,488.84.

When we charge interest on secured loans

We calculate and add interest to your loan on the same day each month – it’s the same day as your loan start date. For example, if you started your loan on 2 February, you’ll be charged on the 2nd of every month. If your loan started on the 29th, 30th or 31st, interest is added on the last day of shorter months, for example 28 February.

Talk to our friendly team if you would like to know more about how interest is calculated.

Missed payments penalties on secured loans

If you miss a payment, we’ll let you know by text, phone, email, or post.

If you don’t make the full monthly payment amount, missed payment penalties may apply.

You may also have to pay missed payment penalties if you break other rules of your loan contract, including:

  • continuing to not make repayments
  • not insuring your asset
  • not renewing NZTA registration.

Learn what to do if you’re having trouble making repayments

Loan and missed payment fees on secured loans

Loan fees

Fee

Description

Amount

Fee Loan establishment fee Description A one-off fee added to the loan balance when we set up your loan. Amount Up to $376
Fee Monthly admin fee Description A monthly fee charged with each instalment. Amount Up to $8.50 per month
Fee Personal Property Securities Register (PPSR) fee Description A one-off fee charged to search and record details of the asset you use as security. Amount $10.35
Fee Early repayment fee Description A one-off fee charged if you repay your loan in full before your final payment is due. Amount $28
Fee Loss on full prepayment fee Description An additional fee if you repay your loan in full before the final payment is due and market interest rates have changed since your loan was set up. Amount Varies

Missed payment penalties and fees on secured loans

Fee

Description

Amount

Fee Penalty interest Description 25% per year calculated daily on the amount you fail to pay. Amount Varies
Fee Repossession warning fee Description Payable 14 days after a repossession warning notice is issued. Amount Up to $120
Fee Repossession fee Description Charged when we issue a warrant to repossess. Amount Up to $180
Fee Recovery costs Description The cost of repossessing the asset offered as security. This could include repossession agent fees, repair bills, legal fees and storage costs. Amount Varies

Unsecured loans

Example: Borrowing $10,000 over 36 months without Payment Waiver
Credit rating Sample interest rate (p.a.) Weekly payment Difference
Excellent 10.70% $80.01 -$4.61
Great 12.7% $82.30 -$2.32
Good 14.70% $84.62 $0.00
Ok 16.70% $86.97 $2.35
Not so good 18.70% $89.37 $4.75

All amounts in the table above are an example only and are not an offer of finance. Each weekly repayment amount is based on the interest rate mentioned and an establishment fee of $376 and a monthly maintenance fee of $8.50. Actual interest rates and fees may be higher or lower. The total amount payable for "Excellent" is $12,482.28, "Great" $12,838.32, "Good" $13,200.12, "Ok" $13,567.68, and "Not so good" $13,941.72.

When we charge interest on unsecured loans

We calculate interest daily and charge it on the same day as each of your payments, which can be weekly, fortnightly or monthly.

For example, if you make a payment every fortnight on a Wednesday, the interest is added on that day each fortnight as well.

Talk to our friendly team if you would like to know more about how interest is calculated.

Missed payments penalties on unsecured loans

If you miss a payment, we’ll let you know by text, phone, email, or post.

If you don’t make the expected payment, additional interest at your contract’s interest rate will be charged on the amount in arrears. Missed payment penalties may also apply.

Learn what to do if you’re having trouble making repayments

Loan and missed payment fees on unsecured loans

Loan fees

Fee

Description

Amount

Fee Loan establishment fee Description A one-off fee added to the loan balance when we set up your loan. Amount Up to $376
Fee Admin fee Description A fee charged with each instalment. Amount Up to $8.50
Fee Early repayment fee Description A one-off fee charged if you repay your loan in full before your final payment is due. Amount $28
Fee Loss on full prepayment fee Description An additional fee if you repay your loan in full before the final payment is due and market interest rates have changed since your loan was set up. Amount Varies

Missed payment penalties and fees on unsecured loans

Fee

Description

Amount

Fee Penalty interest Description Additional interest at the contract interest rate is charged on the amount in arrears Amount Varies
Fee Default fee Description Payable at 31 days overdue Amount Up to $120
Fee Default fee Description Payable at 61 days overdue Amount Up to $120

Standard terms