This covers the cost of processing and approving and documenting and securing a new or refinance loan. Pioneer's establishment fee is calculated based on the work involved and administration costs in processing your loan. Complex Loan Applications include those for debt consolidation, and/or with a lower or impaired credit rating requiring more scrutiny, and/or with a complex or non-standard security requirement.
$9.00 per month to cover the administration of a loan and processing payments
Currently $190*
$90.00 – Charged when an existing loan is restructured or varied for any reason including because of a successful hardship application (we don't charge for the application itself).
$100 to $2,500
Charged by your broker, with a maximum fee of 5% of the Initial Unpaid Balance, capped at $2,500. Payable to the Broker / Introducer under a separate agreement solely between you and the Broker. We collect and remit the fee to the Broker on your behalf as your payment agent.
Currently $190* per caveat or mortgage
Charged when we register a withdrawal of the caveat or discharge of the mortgage.
$750 or third party charge*
Charged when we register a mortgage against any secured Land, which may occur before or after the loan is provided to you. If a caveat is registered, this will be released at the same time as the mortgage is registered and the applicable fee for the caveat release will also be payable in addition to the mortgage registration fee. The fee is subject to you signing any documents required for us to register the mortgage promptly on request by us. If you fail to sign documents required for any registration promptly on request, and/or we are required to rely on our power of attorney, this could result in the registration fee being higher.
All other reasonable costs and expenses we incur relating to or in connection with this Agreement (or any security interest or mortgage granted under this Agreement) that is currently unknown to us, including those listed in clause 4 of the Terms and Conditions of the Agreement (but excluding default fees, which are set out separately below). This may include our costs and expenses (including third party costs) in relation to the preparation, signing, registration, administration, variation, release and discharge, and our consent relating to any change of this agreement or any mortgage of land, or security interest in Personal Property that you grant us (to the extent those costs and expenses are not covered by any of the above credit fees).
*Our registration fees set out above are subject to third party costs incurred by us for the registration or release of registration, which may be varied by the third party from time to time. The relevant fee will be equal to the total amount of the LINZ registration and title/instrument fees payable and the third-party fee incurred by us for the engaged third party provider to register or release the caveat or mortgage (or any release of it) on our behalf. Copies of invoices from third parties are available on request.
If you pay the unpaid balance in full before the final payment is due you must also pay any legal and other third-party costs incurred, including break costs we incur from our funders and any costs we incur in providing a discharge or release of any security held. We do not charge for our loss (except break costs we incur) on full prepayment.
If you do not pay all of the instalments as set out above (in the Payments section of this disclosure statement) on the due date payable:
In the event of a default in payment or late payment of any payment due and while the default continues you must pay the default interest charges. Default interest is 5% per annum more than the annual interest rate, charged on the amount in default from the time that you fall into financial default until you are no longer in financial default, and calculated by multiplying the amount in default at the end of each day by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account monthly. If we obtain a judgment against you, you must continue to pay default interest on the judgment sum until that sum is paid in full.
$6.00 per attempt – Charged each time we attempt to communicate with you by telephone, fax, email, text, or write to you about a missed payment, arrears, or defaults.
$6.00 – Charged each time a payment is missed, dishonoured, or reversed.
$35 – Added to the unpaid balance when we issue a repossession warning notice.
$70 – Added to the unpaid balance for preparing repossession documents & instructing an agent
$150 – Added to the unpaid balance after we issue a default notice in accordance with the Property Law Act 2007
The costs to us of Court or Disputes Tribunal proceedings and, repossession and sale of Secured Property (including any mortgaged land) and all other reasonable costs and expenses we incur relating to or in connection with any act or attempted act to exercise or enforce or protect any right or remedy we have under this Agreement. These include filing fees, actual solicitors' fees and disbursements (assessed on a solicitor client basis) and debt collection agency commissions, fees and disbursements. Additionally, you must pay us the costs and disbursements of repossession agents, valuers, real estate agents, auctioneers, process servers, solicitors and any of our agents or other third parties, used in enforcing (or attempting to enforce) the Agreement. You must also pay the cost of any dealings (we have while you are in default) with other persons with respect to the debt or any security you (may) provide. In addition, you must pay the cost of us (or anyone instructed by us) doing anything you have agreed but failed to do, which we have then had to reasonably do. You must also pay for the costs, expenses and other liabilities listed in clause 4 of the Terms and Conditions arising out of your default.