Frequently Asked Questions
Plus Mortgage Trust 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 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 $1,500,000.00.
- Interest Only, Principle & Interest or Capitalised Interest (short term).
- Flexible lending terms from 3 months to 36 months.
Interest Rates and Fees
- Consumer Credit Contract annual interest rates range from 7.95% to 12.95%.
- All our interest rates are fixed for the whole term of the loan contract.
- Establishment fees range from $100.00 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
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 10% (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/1) x ((AIR – 10)/100) x (30/365)
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.
The following fees may be payable by you for the following:
| Fee Type | Amount | Explanation of Fee |
| Establishment Fee | $100.00 – $1,000.00 | This is a credit fee to compensate us for some of our reasonable costs relating to the establishment of this loan |
| Account Administration Fee | $30.00 | Charged monthly and payable in accordance with the timing and frequency as set out in the section headed “Payments” |
| LINZ Search Fee | $5.00 | This is for the costs we incur when we complete searches at LINZ in relation to our security in this loan |
| Call to Property | $100.00 – $200.00 | This is a fee for an optional service that you have chosen |
| Credit Check Fee | $20.00 | This is for the costs we incur when we obtain a credit report. |
| LINZ Registration | $460.00 | This if for the costs we incur when our agent completes registration at LINZ in relation to our security in this loan. |
| Legal Fees | $750.00 – $3,000.00 | 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 – $16.00 | This is for the costs we incur in searching the PPSR and/or registering an interest on the PPSR |
| Brokerage Fee | Variable based on the direct costs charged by your broker | This is a third-party charge due to your broker |
| Administration fee | up to $175.00 per hour (incl GST) | This is an estimate of our actual hourly rate cost charged for our actual time, or our agents actual time spent in connection with: Any request from you to vary the Loan or security; Any request for our consent as mortgagee; A default by you; Instructing and managing third parties in relation to our rights and obligations under this contract and our mortgage; An inspection of the security property; A physical or virtual meeting with you or your advisers as requested by you in relation to your existing or future lending. This administration fee will be charged your loan account after giving notice to you. |
| Enforcement Fee | Variable 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 | $30.00 | For preparation of mortgage discharge authority for borrower’s solicitor. |
| Discharge of Mortgage | Variable based on direct costs incurred by our acting lawyers. From $498.50 + GST based on number of mortgages and properties | Upon receipt of a request from your solicitor, we will instruct our solicitor to attend to the repayment and discharge of mortgage. You will pay our solicitor’s legal fees (at cost) for attending to the repayment and discharge of mortgage. |
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 $2,500,000.00.
- Flexible lending terms from 3 months to 36 months
- Interest Only, Principle & Interest or Capitalised or Part Capitalised Interest (short term).
Interest Rates and Fees
- Interest rates range from 7% to 11%
- Establishment fees range from 1% to 3% 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
Early Full Prepayment of Loans
If you pay the unpaid balance in full before the final payment is due (full prepayment) the Lender reserves the right to charge you:
(a) the early repayment fee, which is calculated as 30 days interest at the Annual Interest Rate on the Total Amount of Credit specified in the financial details section of this agreement; and
(b) administration fee of $50.00
If the remaining term of the contract is less than 30 days then the early repayment fee will be divided by 30 and multiplied by the number of days remaining on the contract.
The following fees may be payable by you for the following:
| Fee Type | Amount | Explanation of Fee |
|---|---|---|
| Establishment Fee | 1% – 3% of loan value | Payable on settlement of the loan at end of the loan term |
| Legal Fees | $750.00 – $3,000.00 | 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. |
| Visit Fee | $50.00 | If 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. |
| Monthly Admin Fee | $30.00 | The monthly administration fee for managing your loan. |
| Administration Fee | $175.00 | This is an estimate of our actual hourly rate cost charged for our actual time, or our agents actual time spent in connection with: Any request from you to vary the Loan or security; Any request for our consent as mortgagee; A default by you; Instructing and managing third parties in relation to our rights and obligations under this contract and our mortgage; An inspection of the security property; A physical or virtual meeting with you or your advisers as requested by you in relation to your existing or future lending. We may charge you at this rate for our actual time, or our agents actual time spent |
| Enforcement Fee | Variable 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 | $100.00 | For preparation of mortgage discharge authority for borrower’s solicitor. |
| Discharge of Mortgage | Variable based on direct costs incurred by our acting lawyers. From $498.50 + GST based on number of mortgages and properties | Upon receipt of a request from your solicitor, we will instruct our solicitor to attend to the repayment and discharge of mortgage. You will pay our solicitor’s legal fees (at cost) for attending to the repayment and discharge of mortgage. |
| Brokerage Fee | Variable based on the direct costs charged by your broker | This is a third-party charge due to your broker |
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. Interest is charged to your account on the last day of every month.
Our Annual Default Interest rates that apply to Commercial, Consumer and Personal loans are set at up to 10% above the annual interest rate and range from 16.95% to 22.95%.
Complaints
If you have a problem, concern or complaint about any part of our service please contact the Managing Director.
The Managing Director
Simeon Price
PO Box 1448
Hamilton, 3240
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
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
Email: enquiries@fdr.org.nz
Web: fdr.org.nz
Membership No. FM6319
The external dispute resolution scheme is a free independent service available to assist you to resolve specific complaints.
What to do if you suffer an unforeseen hardship?
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:
The Managing Director
Simeon Price
PO Box 1448
Hamilton, 3240
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.
Creditor registration name – Plus Mortgage Managers Limited Registration Number FSP1002268
Creditor registration name – Plus Custodians Limited Registration Number FSP1002269