Responsible Lending

Community Financial Services (CFS) Disclosure Information

Be informed about your choices

As part of the CCCFA (Credit Contract and Consumer Finance Amendments Regulations) 2015, all responsible lenders are required to publish certain information to help people make a more informed decision when deciding to use finance.

To view a copy of our standard agreement, including all terms and conditions, please click THIS PDF to view our Disclosure Statement.

Important information for your finance decision with Community Financial Services [CFS]

  1. When you arrange a loan with Community Financial Services [CFS] it will fall within an interest rate range of 10.95% and 18.95%.
  2. The rate charged will depend on your financial circumstances taking into account;
    1. How much you would like to borrow
    2. The term of your loan
    3. Your income
    4. Your other financial commitments
    5. Your credit history.
  3. To understand the rate that will apply to you please call our 0800 88 2000
  4. The following is a description of the Standard Fees that may be charged in relation to a Finance Agreement.

Finance Fees

Establishment Fee
As part of setting up the loan an establishment fee of $350 is charged and included in the initial unpaid balance.

Administration Fee
Included in your regular weekly payment and the balance payable is a $5 monthly administration fee. This amount is not included in the initial unpaid balance, but is included in the regular payment listed on the front of the agreement.

Full Prepayment
There is a $125 Prepayment Administration Fee for all full prepayments.

If you pay your unpaid balance in full before the final payment is due (Full Prepayment) you may be required to pay a Fee or Charge to compensate us for any loss resulting from the Full Prepayment. We may have suffered a Loss if your current interest rate is lower than the interest rate applying to this Credit Agreement or if we cannot immediately re-lend this prepayment.

An amount to compensate us for the loss we incur on the full prepayment is calculated according to the following formula.

      [a x (b-c)] x  d   
      100           365

Where;
A = The principal sum outstanding at the prepayment date
B = annual interest rate under your agreement
C = Westpac 90 bank bill rate current at the date of prepayment 
D = The lessor of: the number of days between the prepayment date and the date of the final payment under the agreement; or 90 days

Repayment Default Fees

Important note: We understand that sometimes in life things can happen that will result in your missing a regular loan payment. To help you avoid being charged default fees, we recommend that you contact the team on 0800 88 2000 as soon as a repayment issue arises.

Default Fee and Default Charges:
These only apply if you miss any of your regular payments.

Should you fail to make a payment on time (and while your default continues) you must pay default interest and the default fees specified below. Default interest is charged on any amount overdue from the time you fail to make a payment when due until the overdue amount is paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a Daily Default Interest Rate. The Daily Default Interest Rate is calculated by dividing the Annual Default Interest Rate by 365. Interest is charged to your account at the end of each month. The Annual Default Interest Rate is the rate shown on your agreement plus 5.00% per annum.

Payment Reminder Fee
A Payment Reminder Fee of $5 is charged every time we write to you to remind you of a missed payment.

Late Payment Fee
A Late Payment Fee of $25 is charged each time a payment is not received by the regular due date.

Prepossession and Repossession Fees
A Prepossession Fee of $25 is charged once you have missed multiple payments and we write to you to notify you of our intention to repossess your vehicle. A Repossession Fee of $100 is charged as a result of your vehicle being repossessed.