Cost of Borrowing

If your loan is funded by FairGo Car Loans 

Secured FairGo Car Loans

Compulsory Fees

Compulsory Fee Description             

Amount $

When the Fee Applies or is Payable

Establishment Fee


For processing a new loan application made directly to us, including approval and acceptance.


$20.00 or as incurred 

For searching and registration of our security interest in any collateral you have given us interest over

Administration Fee (Monthly)


Monthly fee for processing your repayments and managing your loan

Credit Checks

$5.00 or as incurred 

For processing a credit check with a credit reporting agency

MotorWeb Check


For searching and verifying your vehicle's details against a national vehicle register 

Optional Fees

Optional Fee Description   

Amount $

 When the Fee Applies or is Payable

Insurance – PPI *

As incurred

Fee incurred for providing you with Payment Protection Insurance

Insurance – Vehicle Warranties *

As incurred

Fee incurred for providing cover for unexpected mechanical and electrical faults

Insurance – Comprehensive Cover *

As incurred

Fee incurred for providing cover for accident and theft.

Insurance – GAP *

As incurred

Fee incurred for providing cover in any shortfall if your insurance company pay-out is less than the amount to settle your loan.

Early Settlement Fee


Only applies if you want to settle your loan early

Statement Fee **


Only applies if you request any additional loan statements on top of your 6 monthly continuing loan disclosure statements  

Document Fee**


Only applies if you request any additional copies of your loan documents

Variation/Loan Adjustment Fee


Only applies if you request a loan change and we agree to it 

Vehicle Service & Registration Fees

As incurred

Any costs incurred in making the security roadworthy & any LTSA fees required.

* The Insurance fees are optional fees only IF you are able to supply a copy of your third Party insurance which must contain Payment Protection Insurance, A Vehicle Warranty, Full Comprehensive Cover & GAP Insurance. (See Insurance General Terms for meanings and what they cover) 

** Free if you download these documents directly from our website via your login page.

Default Fees

Default Fee Description      

Amount $

 When the Fee Applies or is Payable

Dishonour Fee


For each dishonoured payment

Default Letter Fee


For each reminder letter we send

Prepossession Notice


Statutory Notice advising of our intention to repossess security

Prepossession Authority to Act Notice


If we instruct an agent to repossess security

Post Possession Notice


Statutory Notice confirming repossession

Repossession Cost

As Incurred

Costs incurred in the repossession of the security 

Sale of Goods

As Incurred 

Costs incurred in the sale of security

Storage Costs

As incurred

Costs incurred for secured storage of repossessed security

Statement of Account after Sale


Statutory Notice confirming sale of security

Credit Agency Fees


If we lodge your default with a credit agency

Collection Agency Fees

Up to $75.00

If we engage an external collection agency

External Collection Costs

As incurred

Costs incurred by an external collector or lawyer

Interest Rates

Interest Description

Interest %

When Interest is Charged

Annual Interest rate 

9.95% - 29.95% p.a

The rate charged will depend on your financial situation, security, credit score, affordability and other factors. Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate.  The daily interest rate is calculated by dividing the annual interest rate by 365.  Interest is charged to your account as per the payment frequency in  your loan agreement.

Default Interest rate 

0.00% p.a

Charged in addition to the base Annual Interest Rate. Only payable on the amount that is overdue and stops when the overdue amount is paid.

If your loan is Brokered to an External Lender

FairGo Car Loans is also a Finance Broker. 

As a broker we work with multiple external lenders, offering you a simpler way to apply for a loan. Through our network we may increase the chance of finding a great product for you, without you having to complete multiple applications. Multiple applications through different finance companies could have a negative impact on your credit score.

When we receive an application we will place your loan request with the lender in our network who may offer a loan to suit your needs. Interest rates vary from lender to lender and are dependent on credit risk, security offered, employment status, financial obligations, family status, etc.

As with any broker we can only place your loan with external lenders in our network who are prepared to lend to you - we recommend you seek financial advice before accepting any loan offer.

Secured Brokered Loans

Interest and Fees payable with your loan

Compulsory Fees

These are the fees incurred for the creation and management of your loan.

Establishment Fee *

This is the cost of a lender creating and processing your loan application. 


This is the cost of a lender searching and registering a security interest on the Personal Property Security Register. 

* These fees will be added to the initial unpaid balance at the start of your loan. These fees are indicative and each external lender will have differing fee structures.

Administration Fee**

Each lender will often charge an administration fee ranging from $5 - $20 per month for processing your repayments and otherwise managing your loan.

Loan Amount

$1000 - $5000

$5001 - $15000

$15001 - $30000

$30001  - $50000

Establishment Fee*

Up to $395

Up to $525

Up to $610

Up to $610


$8 - $23

$8 - $23

$8 - $23

$8 - $23

Administration Fee** (Monthly)

$5 - $20

$5 - $20

$5 - $20

$5 - $20


Interest Rates range from 13.95% - 44.95% per annum.
Refer below for further details on optional services and interest, fees & costs on default.

Additional Fees^

Fees and charges payable if you default or request an optional service

The following optional fees and default fees and costs may be charged to you:



When the Fee applies

Change/Restructure Fee

$40 - $125

Only applies if you request a loan change and the lender agrees to it

Statement/Document Fee

$5 - $10

Only applies if you request a statement or document copy

Dishonour Fee

$8 - $25

For each missed or dishonoured payment

Letter Fee

$10 - $15

For each reminder letter you are sent

Debt Management Fee

$30 - $55 per month

While your account is in arrears and being managed by a collection agent. These can be charged weekly, fortnightly or monthly

Prepossession Notice

$15 - $75

For each enforcement notice sent to you

Repossession Authority

$45 - $100

If a lender commences repossession action

Repossession Fee

As incurred

Costs incurred by a repossession agent visiting an address for repossession purposes.

Post Possession Fee

$15 - $150

Once security has been repossessed

Early Settlement Fee  

$75 - $300

The cost of settling your loan early.

^These fees will vary by external lender. Not all fees charged by our external lenders are shown in the table above. All fees which you may be charged will be provided to you prior to your loan being finalised by whichever lender providing you with a loan.

^^The interest rate stipulated above are representative rates and are taken as at 20.08.2017.
Each lender will have a cost of borrowing page with a full description of all their fees that you can view prior to signing any agreement.


Default Interest

Default interest is: 

  • Charged in addition to the base Annual Interest Rate specified in your Loan Agreement provided by your external lender
  • Only payable on any amount that is overdue and stops when the overdue amount is paid
  • Will vary from lender to lender. They will range from 10% - 20% depending on your lender