Interest rates and fees can make a meaningful difference to the total cost of borrowing. This guide explains the EquiMax Loan structure in plain English, including the fixed rate, comparison rate, upfront charges, scheduled repayments and the responsibilities that come with secured finance.
Written by Justin C
With over 8 years of international experience in client service, operations, and leadership within the finance and technology sectors, I am passionate about creating meaningful client relationships and streamlining operations for optimal outcomes.
Medium-amount loan interest and fees are the costs that determine how much a borrower pays for credit, including the interest rate, establishment charges and other contract fees. The EquiMax Loan is a secured Medium-Amount Credit Contract for eligible Australians, with borrowing from $2,100 to $5,000 and a fixed 12 month repayment term. Understanding each component helps you compare the amount received with the total amount repayable before applying.
The EquiMax Loan has a fixed interest rate of 47% p.a. A fixed rate means the scheduled repayment amount remains the same for the life of the loan, provided the contract is followed.
Fixed interest rate of 47% p.a. Rates and fees apply. Refer to our Terms and Conditions for full details.
The comparison rate is 65.61% p.a. based on a $2,500 loan over 24 months. It combines the interest rate and certain fees into one annualised figure, but it only applies to that stated example.
Different loan amounts, terms or fee structures will produce a different comparison rate.
The total fixed upfront fees are $416. They are deducted from the amount borrowed at the start, so the amount received can be less than the amount shown in the loan contract.
Repayments are fixed and can generally be arranged weekly, fortnightly or monthly to align with the borrower’s pay cycle. Additional repayments are permitted at the borrower’s discretion, subject to the contract.
Start with the amount you are considering, between $2,100 and $5,000, and remember that the EquiMax Loan has a fixed 12 month repayment term.
What success looks like: You know the amount borrowed and the repayment term before reviewing the cost.
Common mistake to avoid: Do not treat the 24 month representative comparison example as an available EquiMax Loan term.
The fixed interest rate is 47% p.a. The rate is fixed for the contract, but the interest rate is only one part of the total borrowing cost.
What success looks like: You have read the rate together with the fees and the fixed term.
Fixed interest rate of 47% p.a. Rates and fees apply. Refer to our Terms and Conditions for full details.
Common mistake to avoid: Do not describe the rate as the full cost without considering the $416 fixed upfront fees.
The $416 total fixed upfront fees comprise a $400 establishment fee, $2 PPSR Check fee, $6 PPSR Registration fee and $8 Credit Check fee. These fees are deducted from the amount borrowed at the start.
What success looks like: On a $2,500 loan, you understand that $2,084 would remain after the $416 deduction.
Common mistake to avoid: Do not assume the full contracted amount will be paid into your account.
The comparison rate is 65.61% p.a. based on a $2,500 loan over 24 months. It is a comparison tool for that example, not a universal rate for every loan.
What success looks like: You compare like with like, using the same amount, term and fee assumptions.
Common mistake to avoid: Do not use the comparison rate to calculate a different loan without checking the new assumptions.
Based on a loan of $2,500 over 24 months, a borrower can expect to repay a total of $4,510.33. This example includes the $416 fixed upfront fees and reflects the 65.61% p.a. comparison rate.
What success looks like: You can explain which figures belong to the example and which figures describe the standard product structure.
Repayment amounts shown are estimates only, based on stated assumptions. Your actual repayments will depend on your loan amount, term, and individual circumstances.
Common mistake to avoid: Do not present the $4,510.33 total as the repayment total for every EquiMax Loan.
The EquiMax Loan is secured against the borrower’s registered vehicle or another approved asset, with a security interest registered on the PPSR. The borrower keeps full use and possession of the vehicle during the loan term.
What success looks like: You understand both the convenience of retaining use of the vehicle and the seriousness of missed repayments.
This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
Common mistake to avoid: Do not treat a secured loan as risk-free because you continue using the vehicle.
Early payout is available at any time with a $0 early payout fee, subject to contract terms. A dishonoured payment fee of $35 applies per missed or returned scheduled payment, and a $25 Reschedule Fee applies when a scheduled payment is rescheduled.
What success looks like: You have allowed for possible contract charges and know where to seek help if repayment difficulty arises.
Early payout is available subject to the terms of your contract.
Common mistake to avoid: Do not wait until after a missed payment to contact AutoSwift Finance about financial hardship.
| Problem | Cause | Fix |
|---|---|---|
| The amount received is lower than expected | The $416 fixed upfront fees are deducted at the start. | Calculate the net amount after the $416 deduction before deciding whether the loan meets your need. |
| The comparison rate seems inconsistent | The comparison rate is tied to a $2,500 loan over 24 months. | Use the comparison rate only for the stated example and do not treat it as a universal figure. |
| A scheduled payment is difficult to make | A missed or returned payment may attract a $35 Dishonoured Payment Fee. | Contact AutoSwift Finance promptly through financial hardship support. |
| The borrower assumes early payout is always free of conditions | The early payout fee is $0, but contract terms still apply. | Check the contract and request the payout figure before making the final payment. |
AutoSwift Finance provides the EquiMax Loan as an online, secured medium-amount credit product. The published product details make it possible to examine the main rate, fee, term and security assumptions in one place.
All applications are subject to credit assessment and eligibility criteria. AutoSwift Finance is operated by Koala Enterprises Pty Ltd (Australian Credit Licence 537359).
Use it when the fixed term, secured structure and repayment obligations fit your circumstances. Do not apply if you cannot demonstrate capacity to repay without substantial hardship.
Explore vehicle-secured finance considerationsThe EquiMax Loan has a fixed interest rate of 47% p.a. A fixed rate means the scheduled repayment amount remains the same for the life of the loan, provided the loan is paid according to the contract. Fixed interest rate of 47% p.a. Rates and fees apply. Refer to our Terms and Conditions for full details.
The comparison rate is 65.61% p.a. based on a $2,500 loan over 24 months. It combines the interest rate and certain fees into one annualised figure. It is accurate only for the example stated, so a different amount, term or fee structure will create a different comparison rate.
The fixed upfront fees total $416, made up of the $400 establishment fee, $2 PPSR Check fee, $6 PPSR Registration fee and $8 Credit Check fee. There is a $0 application fee and $0 monthly account-keeping fee. A $35 Dishonoured Payment Fee or $25 Reschedule Fee can apply in the circumstances set out in the contract.
Early payout is available at any time with a $0 early payout fee, subject to contract terms. Additional repayments are also permitted at the borrower’s discretion. Early payout is available subject to the terms of your contract, so check the applicable payout information before making a final payment.
Yes, the EquiMax Loan is secured against the borrower’s registered vehicle or another approved asset, with a security interest registered on the PPSR. The borrower keeps full use and possession of the vehicle for the whole loan term. This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
The clearest way to assess the EquiMax Loan is to consider the fixed interest rate of 47% p.a., the $416 fixed upfront fees, the fixed 12 month term and the secured nature of the borrowing together. The 65.61% p.a. comparison rate applies to the stated $2,500 over 24 months example only. If the structure fits your circumstances and repayment capacity, review the contract and eligibility information before applying.
Understand the EquiMax Loan before applying
Subject to eligibility and credit assessment.