Annual Interest Rates
Below are indicative annual interest rates for our loans, including those which are made under consumer credit contracts.
7.95% to 10.95% for 1st Mortgages
14.95% to 18.95% for 2nd Mortgages
A range of rates are given as the rate at which we will lend to you will depend on our assessment of the risk of lending to you. If you apply for a loan and we agree to lend to you then we will at that time disclose the actual interest rate at which we are willing to lend to you.
Credit Fees and Charges – for loans other than Consumer Credit Contracts
Loan application fee, renewal and top up fee – price on application
$25 loan administration fee per month
$95 per hour per person for any property visit/client visit/meeting plus $0.70 per kilometre travelled plus any out of pocket expenses
$125 per hour for sundry loan administration plus actual costs (minimum $10)
Up to $375 administration fee1 on security discharge and/or loan revision together with lender’s solicitors costs
Default Fees and charges– for loans other than loans for personal, domestic or household purposes
The annual default interest is 9.95% above the annual interest rate. This default interest is calculated on the amount of the payment that you have missed.
Default fees1: Up to $125 per hour per creditor employee or contractor on a time and attendance basis for the management of any loan in default, plus any associated costs, plus up to $250 for a dishonoured payment/late payment or missed payment.
Credit Fees and Charges1 – Consumer Credit Contracts2 (Please note that SCFL no longer offers this type of loan to new borrowers)
The following credit fee(s) and charge(s) are, or may become, payable under, or in connection with, the consumer credit contract.
Your consumer credit contract may allow SCFL Nominees Ltd (“SCFL”) to vary these fee(s) and charge(s).
$25 loan administration fee per month
$95 per hour per person for any property visit/client visit/meeting plus $0.70 per kilometre travelled plus any out of pocket expenses
$125 per hour for sundry loan administration plus actual costs (minimum $10)
$325 top up administration fee on application for increased funding
$600 renewal fee
$550 revision fee
Up to $50 administration fee1 on security discharge and/or loan revision together with lender’s solicitors costs
Default Fees and charges – Consumer Credit Contracts2
The annual default interest is 9.95% above the annual interest rate. This default interest is calculated on the amount of the payment that you have missed.
Default fees1: Up to $125 per hour per creditor employee or contractor on a time and attendance basis for the management of any loan in default, plus any associated costs, plus up to $10 for a dishonoured payment/late payment or missed payment.
Responsible Borrowing
Before applying to us for a loan, please consider the above costs of borrowing and take time to read the Code of Responsible Borrowing found at www.familybudgeting.org.nz.
If you follow this Code then it will help us fulfil our duties to you as a responsible lender.
- Where a fee or charge is indicated as being up to a certain dollar value then this is the maximum that we will charge you. If we have determined that a credit fee or default fee would be unreasonable then we will charge you a lesser fee which is not unreasonable. We review our fees and in determining whether a fee is unreasonable we have regard to those matters set out in section 44 of the Credit Contracts and Consumer Finance Act 2003.
- Your loan contract will be a consumer credit contract where the loan was wholly or predominantly for personal, domestic, or household purposes unless you, as the borrower, are a trust or a company. If you do not know whether or not your loan is a consumer credit contract then please contact SCFL or your lawyer.
