Repayment Calculator
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Overview

Consumer loans are used to assist individuals to purchase assets which do not have a business use or are not tax deductible. They are very useful when purchasing a vehicle for personal use by a family member, relative or friend of the family. We have financed a varied range of goods on consumer loans including motor cycles, sports cars, computer systems, boats etc. Consumer loans are simply a personal loan from a lender where security is taken over the asset being purchased.

Consumer loans are written on a regulated loan contract governed by the Credit Act. The loan agreement is heavily regulated in favour of the borrower to offer protection against unconscionable terms. Interest rates are usually between 0.25% and 0.5% higher than for Leases and Commercial Hire Purchase. These loans have traditionally been written by banks and credit unions at rates of between 10% and 12% depending on the amount borrowed, the quality of the applicant and the term of the loan.

Our company has sourced a lender who offers consumer loans at rates which are very competitive and usually lower than comparable loans from banks and building societies. Examples of these rates can be found by using the calculator function below, however these rates are only examples for asset backed borrowers (i.e. borrowers who are buying a residential property or who have some equity in real estate). In the absence of equity in real estate, usually a deposit is required of between 20% and 25%. Specific quotes can be given on application where some brief details are provided for the borrower.

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Repayment Calculator

Consumer Loans Rate Table (Term 36 Months to 60 Months)

Amount Financed $	Rate
10000 - 18000	12.00%
20001 - 35000	9.65%
35001 - 60000	9.55%
Over 60000	9.40%

Annual Percentage rates (P.A.) Amount Term 9% 10% 11% 12% 13% Comparison Rates $10,000 3yrs 10.74% 11.75% 12.76% 13.77% 14.78% $15,000 4yrs 9.88% 10.89% 11.90% 12.90% 13.91% $20,000 4yrs 9.66% 10.67% 11.67% 12.68% 13.68% $25,000 5yrs 9.43% 10.43% 11.44% 12.44% 13.45% $30,000 5yrs 9.36% 10.36% 11.37% 12.37% 13.37% $50,000 7yrs* 9.16% 10.16% 11.16% 12.17% 13.17%

These rates are applicable for secured loans. *Credit is available for this amount but not for the term specified in this Schedule. The law requires that, for comparison purposes, the term specified for this amount must be used to calculate the comparison rate. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Note: 
Minimum Term 36 Months
Maximum Term 60 Months

Interest rates are indicative only based on an asset backed applicant or guarantor. Final rate quoted following assessment of full details of the applicant.

Repayment Calculator
In order for the calculator below to function correctly, you should be using either Netscape Navigator version 2.02 or higher, or Microsoft Internet Explorer version 3 or higher. 

To operate the following quotation calculator enter the appropriate amounts in each input field. Once you have entered a figure in the first input field you may use the tab key to advance to the next input field, if you wish. Once all of the input fields are filled, to generate the final monthly repayment figure, press inside the monthly repayment field with your cursor. Please input interest rates from the above table, which are the prevailing rates available through Robert Mayor & Associates.

Repayments are calculated MONTHLY IN ARREARS, i.e. the first payment will be due one month after settlement.

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If you would like to find out more information about anything covered on this page, please contact us and we will assist you with your enquiry. Thank you.

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