Interest rates
For loans secured against an asset, such as a vehicle, our interest rates range from 10.70% to 22.70% per year. Unsecured loans range from 13.90% to 23.90% 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
| Credit rating | Sample interest rate (p.a.) | Weekly payment | Difference |
|---|---|---|---|
| Excellent | 10.70% | $80.03 | -$4.60 |
| Great | 12.70% | $82.31 | -$2.32 |
| Good | 14.70% | $84.63 | $0.00 |
| Ok | 16.70% | $87.00 | $2.37 |
| Not so good | 18.70% | $89.40 | $4.77 |
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 $8.23. Actual interest rates and fees may be higher or lower. The total amount payable for "Excellent" is $12,484.44, "Great" $12,840.84, "Good" $13,203.00, "Ok" $13,571.28, and "Not so good" $13,945.68.
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.
If you have more than one loan with us and break the rules of any loan, you also break the rules of all your other loans.
Loan and missed payment fees on secured loans
Your loan may incorporate some or all of the following fees. Talk to us if you have questions.
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 Agent fee | Description A one-off fee added to the loan balance when you have been referred by one of our agents. | Amount Up to $250 |
| Fee Monthly admin fee | Description A monthly fee charged with each instalment. | Amount $8.23 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 $19.33 |
| 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 5% 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 $155 |
| Fee Repossession fee | Description Charged when we issue a warrant to repossess. | Amount Up to $215 |
| 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
| Credit rating | Sample interest rate (p.a.) | Weekly payment | Difference |
|---|---|---|---|
| Excellent | 13.90% | $83.07 | -$4.63 |
| Great | 15.90% | $85.37 | -$2.33 |
| Good | 17.90% | $87.70 | $0.00 |
| Ok | 19.90% | $90.07 | $2.37 |
| Not so good | 21.90% | $92.48 | $4.78 |
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 $7.33. Actual interest rates and fees may be higher or lower. The total amount payable for "Excellent" is $12,958.73, "Great" $13,317.07, "Good" $13,680.96, "Ok" $14,051.20, and "Not so good" $14,427.32
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.
If you have more than one loan with us and break the rules of any loan, you also break the rules of all your other loans.
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 $7.33 |
| Fee Early repayment fee | Description A one-off fee charged if you repay your loan in full before your final payment is due. | Amount $19.33 |
| 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 Additional 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 $155 |
| Fee Default fee | Description Payable at 61 days overdue | Amount Up to $155 |
