Interest Rates

Zak Finance Ltd provides loans with an annual interest rate from 25% to 32% per annum. The rate that applies to your loan will be based on a range of factors including your circumstances, credit history with us, the term of your loan, the security you can provide, and others. Once set, our interest rate is fixed for the term of your loan.

Default Interest Rate

If you get behind in your loan repayments, then we may charge a default interest rate on any overdue loan payments while they are unpaid. The default rate we charge is 15% per annum above the interest rate that normally applies to your loan.

Loan Terms

Loan terms are normally over a maximum of 50 weeks

Establishment Fee

Establishment fee is $155.00

Credit Fees and Charges

The following credit fee(s) and charge(s) (which are not included in the initial unpaid balance) are, or may become, payable under, or in connection with the contract:
The costs, expenses and other liabilities listed in clause 8(iii) of the “other terms and conditions” incurred while you are not in default.

Default Fees And Charges

In the event of a breach of the contract or on the enforcement of the contract, the default fees specified below are payable:

  • $65 Visit Fee: per visit
  • $1.50 Travel Fee: per kilometre to visit out of town, plus the $50 visit fee, plus $90 per hour
  • $7.50 Phone Call fee per call
  • $7.50 per text or email sent to client
  • $5 per default Payment
  • $5 Fee for discharge of every loan
  • Loan in default will incur a penalty interest rate of 45% on outstanding balance
  • $15 Arrears Letter: Letter sent to debtor to inform of account arrears
  • $25 Issue of Prepossession Notice.
  • $25 Issue of Repossession Authority to repossession agent
  • $200 Repossession Fee: Fee charged for documentation to engage a repossession agent and the time spent in dealing with the repossession issues.
  • Recovery Fee: fee charged by repossession agent
  • $30 Insurance Default: fee charged for enforcing the debtor to insure the vehicle when insurance has been cancelled.
  • $30 Address Location Fee: Fee charged for locating a debtor that has moved without informing the finance company.
  • $30 Collection Fee
  • Cost Motor Registration LTSA
  • Cost Notice of proceedings: Court costs
  • $10 p/day Storage Charges: Fees for storing Vehicle/Goods
  • Cost Tow Fees: Fees for towing Vehicle
  • $25 Copy of Contract. Debited to the account when a copy of a contract is requested and supplied
  • $25 Contract Variation. Charged when the goods on the contract are to be changed.
  • All costs incurred in gaining entry to a property shall be reimbursed by the borrower.