Costs of borrowing

We can help you bridge a gap or get ahead

This page has information on what it will cost you to borrow from us, including a schedule of our fees and charges, and what you can do if you get in a tight spot and might not be able to meet your loan repayments.

Costs of borrowing from us

Aztec Finance provides loans at an interest rate of between 19.95% and 29.95% per annum. The rate that applies to your loan is based on factors including your circumstances, your credit history with us or others, the security you can provide and the amount of the loan. Once it’s set, the interest rate is fixed for the term of your loan.

If you get behind with your loan repayments, then we may charge a default interest rate on overdue loan repayments while they’re unpaid. Our default interest rate is 10% per annum above the interest rate that applies to your loan.

Loan term

Loans are usually for a maximum term of 15 months.

Our up-front fees and charges

Establishment fee
This fee is a contribution toward the cost of assessing and processing your approved loan application.

Loan amountEstablishment fee

Fees are calculated according to the bands shown above, based on the complexity of the loan and on the new money component only.

PPSR search fee ($4)
This is what it costs us to search the Personal Property Securities Register before we can accept your collateral against your loan.

PPSR registration ($10)
This is what it costs us to register your collateral on the Personal Property Securities Register.

Centrix credit report ($17.35)
This is what it costs us to check your credit history with Veda Advantage (NZ) Limited. Veda is the largest provider of credit information and analysis in Australia and New Zealand.

Centrix vehicle report ($13.50)
This is what it costs us to check your vehicle collateral with Veda.

Centrix company report ($18)
This is what it costs us to check your company’s credit history with Veda.

Valuation fee ($75)
This is what it costs us to assess the value of your personal goods, vehicle or other collateral which you want to use as security against your loan.

Certificate of Title search fee ($45)
This is what it costs us to search for the title of any property you intend to use as collateral against your loan.

Mortgage registration fee ($300)
Mortgage preparation and registration fee including LINZ registration fee of $50.00 AND/OR

Caveat registration fee ($209)
Caveat preparation and registration fee including Land Information New Zealand (LINZ) registration fee of $50.00. We may choose not to register a mortgage but may choose to register a caveat.

Mortgage Discharge Fee ($199)
This is the cost of preparing a discharge of any mortgage taken by the lender as security for the loan. The lender must provide the discharge to the borrower when the account balance is paid in full but will not be responsible for registering the discharge unless the borrower so requests and further agrees to pay the costs of such a registration. In that event the lender may charge the sum of $199.00 including the $50.00 charged by Land
Information New Zealand for the registration.

Letter fee ($8)
Letter fee is charged to your account any time you request a statement of your account that we are not required
to send you.

Legal fees (if they occur)
This is the cost of any legal work undertaken to determine the outcome of your loan application, and any legal documentation required.

Our credit and administration fees

Monthly administration fee ($15 to $25 depending on loan class)
This is the monthly cost of keeping your loan active. It’s debited against your account at the end of each month.

Default fee ($5 to $120 depending on loan class)
This is charged each month that your loan is in arrears.

Full prepayment fee ($50)
This covers the cost of closing your loan, cancelling any security held and, if necessary, notifying any company concerned that your loan has been closed, where you or another company finish your loan 14 days or more before it’s contractually due to end.

Contract redocumentation fee ($30)
This is debited against your account if we consent to a variation or assignment made on your loan.

Collateral amendment fee ($30)
This is charged to cover the administrative cost only of amending your loan contract if you request that we change the collateral we hold as security against your loan.

Withdrawal fee ($50 to $225 depending on loan class)
This is charged when we approve your request for an additional loan advance under an existing loan contract.

Mortgage discharge fee ($199)
This is what it costs us to administer and discharge the mortgage (or caveat) on any single property that you used as collateral against your loan.

Our default and enforcement fees

Telephone call fee ($5 landline, $8 mobile)
We’ll charge you this if we need to phone you about any breach of your loan.

Consumer monitor fee ($10)
This applies if we have a consumer monitor loaded with Veda in your name, and they notify us of an update to your credit file.

Letter fee ($15)
This applies if we need to correspond with you about your loan arrears or other breach of contract.

Defaulted payment fee ($25)
We may debit this fee against your account when a payment made on your loan is dishonoured.

Travel fee ($40 per hour)
We’ll charge this if we – or any guarantor – need to attend a meeting in relation to your loan.

Home visit fee ($60)
We’ll charge this if we have to travel to visit you – or any guarantor – in relation to a breach of your loan contract.

Default time fee ($60 per hour)
We’ll charge you this when we administer your account, if it’s in default or there’s any other breach of your loan contract.

Enforcement fees (depend on the type of action we take)
We’ll charge you for any costs of repossession, court action, debt collection or similar actions.

What to do if you experience unforeseen hardship

If you’re unable to keep up your payments on your loan because of illness, injury, loss of employment, the end of a relationship, or any other reasonable cause, you may be able to ask us to vary the terms of your credit contract agreement by way of a hardship variation.

How to request a hardship variation

Apply to us in writing explaining your reasons for the hardship variation and request one of:

  1. An increase in the term of your credit agreement by reducing the amount due on each payment date and increasing the number of payments.
  2. A postponement of certain payments.
  3. Both 1 and 2: postpone some payments and pay smaller amounts over a longer time period.

Send your application for a hardship variation to us in writing by letter, or email us. Please call us on freephone 0800 850 900 if you need any help.

If you take too long to apply for a hardship variation, or if your application doesn’t meet the hardship variation criteria, we may not be able to consider your request.

If we agree to your request, you’ll need to sign the hardship variation, acknowledging the changes to your credit agreement.