Unsecured Personal Loans offered by Loanwise

Loanwise offer Unsecured Personal loans directly and the cost of borrowing is detailed below.

Interest and Fees payable with your loan

These are the fees incurred for the creation and management of your loan.

Establishment Fee

This is the cost of us creating and processing your loan application.
This fee will be added to the initial unpaid balance at the start of your loan.

Loan Amount Establishment fee for a Single or Joint Loan Add Guarantor *
$1,000 - $4,999.99 $120.00 n/a
$5,000 - $9,999.99 $175.00 n/a
$10,000 - $14,999.99 $295.00 $50.00
$15,000 - $24,999.99 $370.00 $50.00

* This fee is an additional fee per guarantor.

Administration Fee

We charge an administration fee of $10 per month for processing your repayments and otherwise managing your loan.

Interest

Our Annual Interest Rate (AIR) ranges from 19.95% - 44.95%.
The rate offered will depend on several factors which could include; your credit history, your employment status, financial obligations, and family status to name a few.

From time to time, we may offer reduced/lower interest rates than the range listed above, to select customers (promotion participants) for a limited time. These promotional rates are still subject to standard eligibility, lending and affordability criteria.

New Clients are typically offered an AIR of 44.95%.

Please see below 2 examples of a loan with AIR 19.95% and AIR 44.95%.

  AIR 19.95 AIR 44.95
Loan Amount $3,000.00 $3,000.00
Establishment Fee $120.00 $120.00
Monthly Account Fee $10.00 $10.00
Weekly payments over 24 months* $38.65 $47.83
Total cost payable $4,019.18 $4,973.97

* These are calculated on the basis that you provide your own 3rd party insurance which must include an Income Protection Policy. If you opt to take our Repayment Waiver then there is a $300.00 fee and your weekly repayments would increase.

Refer below for further details on optional services and interest, fees & costs on default.

Free Services

We do not charge you for:

  • Providing a copy of your loan documents (if you download them from our website)
  • Processing a complaint
  • Processing a hardship application
  • Processing a repayment waiver application

Fees and charges payable if you default or request an optional service

The following optional fees and default fees and costs may be charged to you:

Fee Cost When the Fee applies
Change Fee* $40 Only applies if you request a loan change and the lender agrees to it
Statement/Document Fee $7 Only applies if you request a statement or document copy
Repayment Waiver Fee** $300 Only applies if you request OUR Repayment Waiver Cover
Dishonor Fee $25 For each missed or dishonored payment
Letter Fee $7 For each reminder letter we send
Wage Assignment Fee $30 If we lodge a wage assignment request
Credit Agency Fee $20 If we lodge your default with a credit agency
Collection Agency Fee Up to $75 If we engage an external collection agency
External Collection Costs As Incurred Costs incurred by an external collector or lawyer

* The Change Fee and Statement/Document Fee are optional services and the fees only apply if you request one of them.

** The Repayment Waiver Fee is an optional fee IF you are able to supply a copy of your own third party Insurance details (This must contain an Income Protection Policy). For our unsecured loans, we must have a valid type of repayment waiver or income protection policy.

All other fees and costs above occur at various stages of default and will not be charged if you do not default.

 

Default Interest

Default interest is: 0% - 10% per annum

  • charged in addition to the base Annual Interest Rate specified in your Loan Agreement (see also above),
  • only payable on any amount that is overdue and stops when the overdue amount is paid,
  • Default interest can vary based on a number of factors including the amount you borrowed, the base interest rate you received, if the loan has joint borrowers or guarantors; and if the loan is secured or unsecured,
  • Please check your contract for the default interest rate you have been charged, if any.

Secured Personal Loans offered by Loanwise

Compulsory Fee Description Amount $ When the Fee Applies or is Payable
Establishment Fee $120.00 - $560.00 For processing a new loan application made directly to us, including approval and acceptance.
PPSR Fees $20.00 or as incurred For searching and registration of our security interest in any collateral you have given us interest over
Account Fee $10.00 Monthly fee for processing your repayments and managing your loan
MotorWeb Check $10.00 This fee is only applicable, should you be applying for a vehicle loan, and is the cost of a lender searching and verifying your vehicle's details against a national vehicle register.
Credit Checks $5.00 or as incurred For processing a credit check with a credit reporting agency
Optional Fee Description Amount $ When the Fee Applies or is Payable
Insurance – PPI* As incurred Fee incurred for providing cover for unexpected mechanical and electrical faults
Insurance – Comprehensive Cover* As incurred Fee incurred for providing cover for accident and theft.
Insurance – GAP* As incurred Fee incurred for providing cover in any shortfall if your insurance company pay-out is less than the amount to settle your loan.
Repayment Waiver Fee** $300.00 Only applies if you request OUR Repayment Waiver Cover
Early Settlement Fee $75.00 Only applies if you want to settle your loan early
Statement Fee*** $7.00 Only applies if you request any additional loan statements on top of your 6 monthly continuing loan disclosure statements
Document Fee*** $7.00 Only applies if you request any additional copies of your loan documents
Variation/Loan Adjustment Fee $40.00 Only applies if you request a loan change and we agree to it
Vehicle Service & Registration Fees As incurred Any costs incurred in making the security roadworthy & any LTSA fees required.

* The Insurance fees are optional fees only IF you are able to supply a copy of your third Party insurance which must contain Payment Protection Insurance, A Vehicle Warranty, Full Comprehensive Cover & GAP Insurance. (See Insurance General Terms for meanings and what they cover)

** The Repayment Waiver Fee is an optional fee IF you are able to supply a copy of your own third party Insurance details (This must contain an Income Protection Policy). For our unsecured loans, we must have a valid type of repayment waiver or income protection policy.

*** Free if you download these documents directly from our website via your login page.

Default Fee Description Amount $ When the Fee Applies or is Payable
Dishonour Fee $25.00 For each dishonoured payment
Default Letter Fee $7.00 For each reminder letter we send
Prepossession Notice $35.00 Statutory Notice advising of our intention to repossess security
Prepossession Authority to Act Notice $35.00 If we instruct an agent to repossess security
Post Possession Notice $35.00 Statutory Notice confirming repossession
Repossession Cost As Incurred Costs incurred in the repossession of the security
Sale of Goods As Incurred Costs incurred in the sale of security
Storage Costs As Incurred Costs incurred for secured storage of repossessed security
Statement of Account after Sale $35.00 Statutory Notice confirming sale of security
Credit Agency Fees $20.00 If we lodge your default with a credit agency
Collection Agency Fees Up to $75.00 If we engage an external collection agency
External Collection Costs As incurred Costs incurred by an external collector or lawyer
Annual Interest rate Interest % When Interest is Charged
Annual Interest rate 11.95% - 34.95% p.a  The rate charged will depend on your financial situation, security, credit score, affordability and other factors. Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365. Interest is calculated and compounded daily.
Default Interest rate 0.00% - 10.00% p.a  Charged in addition to the base Annual Interest Rate. Only payable on the amount that is overdue and stops when the overdue amount is paid. Default interest can vary based on a number of factors including the amount you borrowed, the base interest rate you received, if the loan has joint borrowers or guarantors; and if the loan is secured or unsecured. Please check your contract for the exact default interest rate you have been charged, if any.

If your Loan is Brokered to An External Lender

Loanwise is also a Finance Broker. All loans other than unsecured Personal Loans (cost of borrowing detailed above) are sourced from a network of external lenders.

As a broker we work with multiple external lenders, offering you a simpler way to apply for a loan. Through our network we may increase the chance of finding a great product for you, without you having to complete multiple applications. Multiple applications through different finance companies could have a negative impact on your credit score.

When we receive an application we will place your loan request with the lender in our network who may offer a loan to suit your needs. Interest rates vary from lender to lender and are dependent on credit risk, security offered, employment status, financial obligations, family status, etc.

As with any broker we can only place your loan with external lenders in our network who are prepared to lend to you – we recommend you seek financial advice before accepting any loan offer.

Interest and Fees payable with your loan

Compulsory Fees

These are the fees incurred for the creation and management of your loan.

Establishment Fee*

This is the cost of a lender creating and processing your loan application.

PPSR Fee*

This is the cost of a lender searching and registering a security interest on the Personal Property Security Register.

* These fees will be added to the initial unpaid balance at the start of your loan. These fees are indicative and each external lender will have differing fee structures.

Administration Fee

Each lender will often charge an administration fee ranging from $5 - $20 per month for processing your repayments and otherwise managing your loan.

Loan Amount $1,001 - $5,000 $5001 - $15000 $15001 - $30000 $30001 - $50000
Establishment Fee* Up to $395 Up to $525 Up to $610 Up to $610
PPSR Fee* $8 - $23 $8 - $23 $8 - $23 $8 - $23
Administration Fee $5 - $20 $5 - $20 $5 - $20 $5 - $20

Interest^^

Interest Rates range from 13.95% - 44.95% per annum.
Refer below for further details on optional services and interest, fees & costs on default.

Additional Fees^

Fees and charges payable if you default or request an optional service

The following optional fees and default fees and costs may be charged to you:

 

Fee Cost When the Fee applies
Change/Restructure Fee $40 - $125 Only applies if you request a loan change and the lender agrees to it
Statement/Document Fee $5 - $10 Only applies if you request a statement or document copy
Dishonour Fee $8 - $25 For each missed or dishonoured payment
Letter Fee $8 - $15 For each reminder letter you are sent
Debt Management Fee $30 - $55 per month While your account is in arrears and being managed by a collection agent.
These can be charged weekly, fortnightly or monthly
Prepossession Notice $15 - $75 For each enforcement notice sent to you
Repossession Authority $45 - $100 If a lender commences repossession action
Repossession Fee As incurred Costs incurred by a repossession agent visiting an address for repossession purposes.
Post Possession Fee $15 - $150 Once security has been repossessed
Early Settlement Fee $75 - $300 The cost of settling your loan early.

^These fees will vary by external lender. Not all fees charged by our external lenders are shown in the table above. All fees which you may be charged will be provided to you prior to your loan being finalised by whichever lender providing you with a loan.

^^The interest rate stipulated above are representative rates and are taken as at 31.08.2018.
Each lender will have a cost of borrowing page with a full description of all their fees that you can view prior to signing any agreement.

Interest and Fees payable with your loan

Compulsory Fees

These are the fees incurred for the creation and management of your loan.

Establishment Fee*

This is the cost of a lender creating and processing your loan application. This fee will be added to the initial unpaid balance at the start of your loan. These fees are indicative and each external lender will have differing fee structures.

Administration Fee

Each lender will often charge an administration fee ranging from $5 - $20 per month for processing your repayments and otherwise managing your loan.

 

Loan Amount $1,001 - $3,000 $3,001 - $5,000 $5,001 - $8,000 $8,001 - $10,000
Establishment Fee* Up to $310 Up to $420 Up to $420 Up to $520
Administration Fee $5 - $20 $5 - $20 $5 - $20 $5 - $20

Interest

Interest Rates range from 19.95% - 44.95% per annum.

Refer below for further details on optional services and interest, fees & costs on default.

Additional Fees^

Fees and charges payable if you default or request an optional service

The following optional fees and default fees and costs may be charged to you:

Fee Cost When the Fee applies
Change/Restructure Fee $40 - $125 Only applies if you request a loan change and the lender agrees to it
Statement/Document Fee $5 - $10 Only applies if you request a statement or document copy
Dishonour Fee $8 - $25 For each missed or dishonored payment
Letter Fee $10 - $15 For each reminder letter you are sent
Debt Management Fee $30 - $55 per month While your account is in arrears and being managed by a collection agent. These can be charged weekly, fortnightly or monthly
Final Demand Notice $15 - $75 For each enforcement notice sent to you
Field Agent Authority $45 - $75 If a lender authorities a field visit to collect an overdue account
Field Agent Fee As incurred Costs incurred by a repossession agent visiting an address for repossession purposes.
Early Settlement Fee $75 - $300 The cost of settling your loan early.

^These fees will vary by external lender. Not all fees charged by our external lenders are shown in the table above. All fees which you may be charged will be provided to you prior to your loan being finalised by whichever lender providing you with a loan.

^^The interest rate stipulated above are representative rates and are taken as at 10.02.2020. Each lender will have a cost of borrowing page with a full description of all their fees that you can view prior to signing any agreement.

Default Interest

Default interest is:

  • Charged in addition to the base Annual Interest Rate specified in your Loan Agreement provided by your external lender
  • Only payable on any amount that is overdue and stops when the overdue amount is paid
  • Will vary from lender to lender. They will range from 10% - 20% depending on your lender