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Standard Fees & Charges

The cost of borrowing table includes information about interest rates, fees and charges that apply when the asset is being acquired wholly or predominantly for personal, domestic or household purposes, or the credit being provided is to be used to acquire the asset for personal, domestic or household purposes (and not for business or investment purposes). 

The consumer credit fees and charges may apply or become payable under the contract or during the life of the contract.

Credit Fees and Charges

Type

Description

Amount

Application Fee (Motorcycle)
The application fee is a loan establishment fee and charged when the loan is advanced/established. It can be included in the financed amount. $325.00
Dealer/Broker Administration Fee

Dealer/ Broker Administration fee is based on Net Amount Financed as follows:

$1,500 - $2,999
$3,000 - $4,999
$5,000 - $9,999
$10,000 - $19,999
$20,000 +

 

$165
$275
$490
$600
$720

PPSR Fee

We will charge you a PPSR Fee to register our security interest on PPSR.

The Fee is charged on each individual asset

$10 per asset

(Approx.)

Dishonour Service Fee
The dishonour fee will be charged for each cheque payment or direct debit that is dishonoured. $25
Collection Notice Fee
The fee will be charged whenever a loan is in arrears and we need to send a collection letter to prompt payment (E.g. Repossession warning Notice, Repossession Notice, Post-Sale Notice, Statement of Account) $25
Full Prepayment Charge

If you pay the loan account outstanding balance in full before the schedule final payment due date (full prepayment) you will be required to pay a fee to compensate YMF for any loss resulting from the pre-payment.

The full prepayment charge is calculated as follows:

$300 *M divided by T + $50 admin fee

Where:

M= the number of month stil to run in the terms of the contract

T= the term of the loan in months

 
Recovery Costs and Enforcement Expenses
If a default occurs and YMF takes steps to enforce the contract or a security under it, YMF will charge you for costs, liabilities and expenses it incurs in exercising and enforcing its rights and remedies, including the costs of repossession and associated with sale and legal costs, including on a solicitor/own client basis together with disbursements All costs, liabilities and expenses after a default occurs.

Annual Interest Rates

The annual interest rate is a fixed rate for the loan term on a standard form contract. YMF may consider a range of factors when it determines the actual interest rate which will apply to each loan, including: the net amount financed and term of the loan, the complexity of the loan, the age, type and condition of the asset being financed, the borrower's credit history, the borrower's asset position and the borrower's risk assessment rating as determined by YMF. Interest is calculated by multiplying the outstanding balance at the end of each day by a daily interest rate. The daily interest rate is calculated by dividing the Annual Interest Rate by 365 (or 366 in a leap year). Interest is then debited to the loan account on each Instalment Payment Date. 
As a guide, the following are the different asset categories and their respective interest rates ranges (excluding YMF program rates used on special promotions):

Asset Type
Interest Rates (p.a)
Motorcycles
8% to 17.5%

Default Interest Rates

YMF may charge default interest on any amount that is not paid by a borrower when it is due.

 

Default Interest Rates (p.a)

 
The default interest rate is charged (in addition to annual interest rate) on the arrears amount outstanding. The rate varies based on when a contract was initialised:
Contract established Pre July 2015
The applicable amount annual interest rate +5%
Contract established Post July 2015
The applicable amount annual interest rate +3%

 The above figures apply to our consumer loan contract. Interest rates, credit fees and charges are indicative only and subject to changes. All loan applications are subject to YMF's lending criteria.