Definition :: The Uniform Consumer Credit Code does not allow lenders to levy a charge if the loan is repaid early. This does not mean there will be no costs associated with early repayment of a loan. In the case of fixed interest rate loans, the borrower may be liable for the different in fixed and variable rates. There can also be deferred establishment fees. It must also be noted that loans not coming under the UCCC can be charged loan cancellation fees. A number of low documentation lenders can levy a high exit penalty; it is best to be aware of these charges before entering the loan..
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DAIS Investments Suite 1.04, 339 Military Road Cremorne NSW 2090 Ph +612 9908 8875 Fax +612 9908 7061
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