WHAT YOU NEED TO KNOW

Plus Finance is built on inherent business good. We educate and inform people around the process and legalities of our services, to be helpful and transparent. Below you can read through our fee structure and frequently asked questions.

These are loans where the majority of funds being borrowed are for Commercial or Business use or the borrower is a Company or Trust. The borrower needs to be able to show evidence of this.

Loans up to a maximum of $1,000,000.00

Flexible lending terms from 1 month to 5 years.

We lend to a Maximum LVR of 75%

Bank consent and Deed of Priority not  required.

Interest Only, Principle & Interest or Capitalised Interest (short term).

INTEREST RATES AND FEES

Interest rates range from 14.95% to 29.95%

Establishment fees range from 3% to 8% of the loan value and are capitalised over the loan term.

All our interest rates are fixed for the whole term of the loan contract.

The annual interest rate that will apply to a Commercial or Business loan contract will be within the above range and the applicable rate is determined and offered to you based on your credit profile, financial position, loan amount and the security offered.

Interest is charged and debited to the loan monthly on the last day of the month.

COMMERCIAL AND BUSINESS LOANS (NON CCCFA) FAQS, RATES & FEES

Fee TypeAmountExplanation of fee
Establishment Fee3%- 8% of loan valuePayable on settlement of the loan at end of the loan term
Legal Fees$1,000 – $3,000Variable based on the direct cost to us for legal services in preparing the loan contracts, checking security details, providing instructions to your solicitor. A fixed quote will be given when we provide a Letter of Offer.
Visit Fee$50.00If we deem it necessary to visit you in person at your home or place of work in relation to a missed payment(s) or to any other default you commit under this agreement.
Enforcement FeeVariable based on direct costs incurred by us.In the case of enforcement, including Court or Disputes Tribunal proceedings and seizure and sale, we will charge to your account all court and tribunal costs and actual solicitors fees and disbursements (assessed on a solicitor client basis) and debt collection agency fees and disbursements and the costs and disbursements of valuers, auctioneers, process servers and any agents of the lender in effecting such enforcement plus any other necessary disbursements as those costs are ascertained.
Mortgage Discharge fee$50.00For preparation of mortgage discharge authority for borrowers solicitor.
Discharge of Mortgage$230.00If you have repaid your loan in full and request that our Solicitor attends to the registration of a discharge of mortgage.
Brokerage FeeVariable based on the direct costs charged by your brokerThis is a third-party charge due to your broker.
   

EARLY FULL PREPAYMENT OF LOAN

If you pay the unpaid balance in full before the final payment is due (full prepayment) the Lender reserves the right to charge you an early repayment fee to compensate the Lender for any loss resulting from full prepayment.

The early repayment fee will be 30 days’ interest at the rate referred to in this agreement. In the event that the period remaining on the contract is less than 30 days then the maximum compensation will be adjusted accordingly.

In addition, you will be required to pay $50.00, the Lender’s average administrative costs arising from full prepayment.

A full copy of our Commercial Loan contract is available here

These are loans where the funds are borrowed in personal names and are for personal use.

Consumer and Personal Loans are covered by the Credit Contracts and Consumer Finance Act 2003

Loans up to a maximum of $150,000.00.  We lend to a Maximum LVR of 75%.

Bank consent and Deed of Priority not required.

Interest Only, Principle & Interest or Capitalised Interest (short term). Flexible lending terms from 1 month to 5 years.

INTEREST RATES AND FEES

Consumer Credit Contract annual interest rates range from 15.95% to 29.95%.

All our interest rates are fixed for the whole term of the loan contract.

Establishment fees range from $50.00 to $1,000.00

The annual interest rate that will apply to a Consumer Credit Contract will be within the above range and the applicable rate is determined and offered to you based on your credit profile, financial position, loan amount and the security offered.

Interest is charged and debited to the loan monthly on the last day of the month.

CONSUMER AND PERSONAL LOAN (CCCFA)

Fee TypeAmountExplanation of fee
Establishment Fee$50 – $1000This is a credit fee to compensate us for some of our reasonable costs relating to the establishment of this loan.
LINZ Search Fee$5.00This is for the costs we incur when we complete searches at LINZ in relation to our security in this loan.
Call to Property$70 – $200This is a fee for an optional service that you have chosen.
Veda Search Fee$19.95This is for the costs we incur when we obtain a credit report.

LINZ

Registration

$270.00This if for the costs we incur when our agent completes registration at LINZ in relation to our security in this loan.
Legal Fees

$1,000-

$3,000

Our legal fees are variable based on the direct cost to us for legal services in preparing the loan contracts, checking security details, providing instructions to your solicitor.  A fixed quote will be given when we provide a Letter of Offer if legal fees are to be incurred.
PPSR Fee$2.00-$16.00This is for the costs we incur in searching the PPSR and/or registering an interest on the PPSR
Brokerage FeeVariable based on the direct costs charged by your broker.This is a third-party charge due to your broker.

DEFAULT AND OTHER FEES THAT MAY BE CHARGED TO YOU

Visit Fee$50.00If we deem it necessary to visit you in person at your home or place of work in relation to a missed payment(s) or to any other default you commit under this agreement.
Enforcement FeeVariable based on direct costs incurred by us.In the case of enforcement, including Court or Disputes Tribunal proceedings and seizure and sale, we will charge to your account all court and tribunal costs and actual solicitors fees and disbursements (assessed on a solicitor client basis) and debt collection agency fees and disbursements and the costs and disbursements of valuers, auctioneers, process servers and any agents of the lender in effecting such enforcement plus any other necessary disbursements as those costs are ascertained.
Mortgage Discharge Fee$30.00For preparation of mortgage discharge authority for borrowers solicitor.
Discharge of Mortgage$210.00If you have repaid your loan in full and request that our Solicitor attends to the registration of a discharge of mortgage.

EARLY FULL PREPAYMENT OF LOAN

If you pay the unpaid balance in full before the final payment is due (full prepayment) the Lender reserves the right to charge you an early repayment fee to compensate the Lender for any loss resulting from full prepayment, in accordance with section 43 of the Credit Contracts and Consumer Finance Act 2003 (“the Act”).

The early repayment fee is calculated as 30 days interest at the Annual Interest Rate less 9.5% (being the Lender’s savings for its funding costs) on the outstanding principal balance of the loan at the date of repayment.  This procedure can be expressed as the following formula:

ERF =    PB  x  (AIR – 9.5) x       30

1             100                  365

Where:

ERF means early repayment fee

PB equals the principal balance of the loan at the date of repayment.

AIR means the Annual Interest Rate which is a fixed rate set out in this agreement

In the event that the period remaining on the contract is less than 30 days then number of days in the formula (currently expressed as 30 days) will be adjusted accordingly.

In addition, you will be required to pay to the Lender a “Prepayment Administration Fee” of $30.00, which represents the Lender’s average administrative costs arising from full prepayment in accordance with section 51(1)(b) of the Act.

We do not use the procedure specified regulation 9 or 11 of the Credit Contracts and Consumer Finance Regulations 2004 to calculate our loss on early repayment.

A full copy of our Consumer Loan Contract is available here

Default interest is payable in the event of a default in payment and while the default continues.   Default interest is charged from the time you fail to make a due payment until the arrears are paid. Default interest charges are calculated by multiplying the amount of arrears at the end of the day by the Daily Default Interest rate.

The Daily Default Interest rate is calculated by dividing the Annual Default Interest rate by 365 to give a daily rate.

Default interest rates range from 23%-36% and are determined according to the annual interest rate for each given loan contract.

For clients that have a Consumer Loan Contract with us which is covered by the Credit Contracts and Consumer Finance Act 2003. This hardship provision is not available for those that signed a Commercial Loan Contract.

If you suffer, or anticipate that you will suffer, an unforeseen hardship you can make an application in writing to us. Please send your application to:

Attention: Simeon Price, the Managing Director

PO Box 1448

Hamilton

simeon@plus.co.nz

07 981 1233

You can ask us to consider a change to your credit contract to:

(a) extend the term of the contract and reduce the amount of each payment due under the contract accordingly;

(b) postpone, during a specified period, the dates on which payments are due under the contract; or

(c) extend the term of the contract and postpone, during a specified period, the dates on which payments are due under the contract.

If you make an application for hardship assistance, we will:

Acknowledge your application within five working days.

Request any further information that we need from you within 10 working days after receiving the application.

Consider your application within 20 working days of our receipt of the application or 10 working days after we receive the further information we’ve requested from you.

You must make your Hardship request as soon as possible to give us the best opportunity to assist you.

If you have a problem, concern or complaint about any part of our service please contact the Managing Director:

Simeon Price

PO Box 1448

Hamilton

07 981 1233

simeon@plus.co.nz

We have an internal complaints process designed to efficiently handle any concerns you may have.  If you have a complaint we will:

Acknowledge your complaint within five working days.

In most cases investigate and resolve your complaint within two weeks. If this is not possible, we will advise you of progress within 10 working days.

We will tell you within 20 working days if we are unable to resolve your complaint.

Dispute Resolution for Consumer loans covered under the CCCFA this process is not available to those that have a commercial loan.

If we cannot reach an agreement on your complaint, or you are not satisfied with our decision you may refer your complaint to an independent dispute resolution scheme by contacting.

Financial Disputes Resolution

Free Phone 0508 337 337

Free Post 231075, PO Box 5730, Wellington 61445

enquiries@fdr.org.nz

www.fdr .org.nz

The external dispute resolution scheme is a free independent service available to assist you to resolve specific complaints if you have Consumer loan under personal names covered under the Credit Contracts and Consumer Finance Act 2003 (CCCFA).

Creditor registration name – Plus Finance Limited     Registration number – FSP311526

View our privacy policy here.

WHY WORK WITH US
As a mortgage broker I will at times recommend a second mortgage to my clients. I find that working with Plus Finance is easy, as they will work with me to create loans that suit my clients requirements. They are very clear about what they can and can’t offer, they provide quick responses to questions, simple loan approvals with minimal conditions and the loan settlement process always runs smoothly. I have no hesitation recommending Plus Finance to my clients and to other mortgage and finance brokers, and do regularly.
Stuart Wills – Mortgage Supply
WHY WORK WITH US
Simeon is fantastic to work with on deals. His ability to quickly grasp the situation and provide solutions is very impressive. His assessment and judgement of the deal is always ethical, which exceeds the clients’ expectations and makes my job as an advisor so much easier. Building long term relationships is very important to Simeon which makes working with him a pleasure. He has even been known to buy the odd beer, which is the icing on the cake!
Mike Simpson – Mortgage Supply
WHY WORK WITH US
We have been dealing with Simeon and Plus Finance for years. When a client's situation is tough, it is readily solved, with a smart solution and fast response. I highly recommend Plus Finance. They’re easy to deal with and provide a five-star lending experience!
Ivan Zhang – Finance Funding

Hamilton Office
PO Box 1448
Hamilton, 3240
P: 07 981 1233
E: simeon@plus.co.nz

Auckland Office
P: 09 950 3727

Sign up for industry insights

Hamilton Office
PO Box 1448
Hamilton, 3240
P: 07 981 1233
E: simeon@plus.co.nz

Auckland Office
P: 09 950 3727

Sign up for industry insights

We operate in accordance to the NZ Privacy Act 1993 | © Plus Finance All Rights Reserved 2018