Schedule of fees
This is a plain-English summary of the fees and charges that can apply to a Cabin Funders loan. We believe in being upfront about costs, so you know exactly what you are agreeing to before you sign.
Most borrowers only ever pay the establishment fee and the monthly admin fee. The default and repossession fees below only apply if a loan falls into arrears.
Establishment and ongoing fees
Loan establishment fee
Charged once at drawdown. Covers documentation, credit and AML checks, responsible-lending assessment, PPSR registration and finalising the cabin specifications and start date.
Monthly admin fee
Added to each monthly repayment for the life of the loan.
PPSR registration
One-off, to register our security interest on the Personal Property Securities Register.
Credit fees and charges
Variation fee
A material change to your loan contract, including hardship applications and minor repair outcomes.
Cash top-up fee
Per additional advance made to you as a top-up loan.
Prepayment administration fee
Where you repay your loan in full before the final payment is due.
Default fees
Default interest
Charged on any overdue amounts at 10% per annum above your contract interest rate, while they remain unpaid.
Missed payment fee
Each time a payment is missed, with a 5-day grace period per payment.
Field visit fee
Where we or an agent visit you about a default payment (travel, paperwork, interview and cabin inspection).
Repossession and recovery
Repossession warning notice
Statutory notice advising our intention to repossess.
Post-repossession notice
Statutory notice confirming the repossession.
Repossession fee
If we have to uplift the cabin (drivers, paperwork, and a digger if needed for moving, lifting and loading). Charged in addition to any third-party repossession fee.
Repossession mileage
Charged per kilometre travelled for the truck and pilot vehicle when we uplift the cabin.
Storage
Where a repossessed cabin is stored at our storage location.
Sales commission
Of the sale price, where a repossessed cabin is sold.
Make-good charges
Any cleaning, decontamination or repairs needed to bring a repossessed cabin up to saleable condition, charged at cost.
Notes
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Where we engage third parties (debt collection, field visits, repossession agents), those costs are charged at cost in addition to the fees above. -
Where a notice is sent to more than one person (for example more than one borrower and/or guarantor), only one fee is charged, not one per person. -
This schedule is indicative and forms part of your loan contract. The specific fees that apply to you are set out in your disclosure documents.