Our fees
Lending fees
These fees may be charged in connection with your loan contract.
| Fee | When payable | Amount |
| Establishment fee | May be payable when a loan is made. The level of fee will depend on the complexity of the documentation required to establish the loan.
Commercial loans involving a number of entities will be more expensive than a conventional home loan. |
From $150 |
| PPSR fee | Payable when a loan is made which involves us registering our financial interest on the Personal Properties Securities Register (PPSR). | $50 |
| Line facility fee | For a Revolving Credit facility, a line fee of up to 0.5%, calculated on the facility limit, is payable monthly in arrears. | Variable |
| Early Break Charge | The Early Break Charge is payable when repaying a loan or when switching to another interest rate part way through a fixed interest rate period.
The Early Break Charge comprises the applicable Early Repayment Interest Adjustment plus the Fixed Rate Break Fee. |
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| Early Repayment Interest Adjustment | The Early Repayment Interest Adjustment may be payable when there is an interest rate loss incurred by WBS for breaking your fixed interest rate.
WBS does not use the formula set out in the Credit Contracts and Consumer Finance Regulations 2004. We apply our own calculation which we consider to be a more appropriate and reasonable calculation of our loss in these circumstances. Your Net Loan Balance x ((your current fixed rate – WBS’s advertised fixed rate for the remaining term) / 365) x remaining days to the fixed rate end date. As an example: A borrower would like to break a one-year fixed rate after 140 days. The net loan balance is $200,000 and the interest rate is 5.65%. WBS’s applicable lending rate for a fixed period of 225 days (365-140=225 days remaining of fixed period) is assessed at 4.95%. The Early Repayment Interest Adjustment calculation would be: $200,000 x ((5.65% – 4.95%) / 365) x 225) = $863.01. |
Variable |
| Fixed Rate break fee | Payable when a fixed interest rate is broken. | $50 |
| Variation fee | May be payable when we agree to change the structure of your loan. | From $150 |
| Discharge or mortgage administration fee | Payable if WBS is required to discharge (either partial or in full) or complete any other transaction on any security currently held by us as security for a loan. | $100 |
Default interest rates
If you miss a payment you may be charged default interest on the amount you’ve failed to pay. The rate is 2% above your normal interest rate. It’s charged from the date you missed the payment to the time it’s paid.
Default fees
In the event of breach of contract, or on the enforcement of the contract, the following default fees are payable.
| Default fee | When payable | Amount |
| Payment dishonour fee | If any payment is dishonoured or reversed or unpaid. | $15 |
| Notice of unpaid rates | If we write to you because you have failed to pay your rates on time. | $50 |
| Payment of unpaid rates | If we receive formal demand to pay the rates you have failed to pay and we have subsequently had to make payment on your behalf. | $100 |
| Notice of unpaid insurance | If we write to you because you have failed to pay the insurance on the property we hold as security for your loan. | $50 |
| Payment of unpaid insurance | If we have to pay the insurance premium you have failed to pay so that the property we hold as security remains insured. | $100 |
In addition, all costs incurred by WBS in either remedying your default or undertaking sale of any of WBS’s security will be charged to your Loan.