Our Current Standard Interest Rate is 14.24% Variable per Annum
The unsecured nature of the loans make the likelihood that any underlying security valuation is extremely difficult – together with substantially increased costs to AgriPay and Momentum’s own sources of funding – has meant that AgriPay and Momentum have increased the rate for all borrowers. AgriPay is conscious of current general cost of living and inflation pressures and has sought to minimize the extent of the increase, noting interest rates of around 21%+ presently advertised from a range of banks and other lenders for similar unsecured loans.

Agripay
Where the contract conditions refer to AgriPay Loan Agreements, reference to the Standard Interest Rate is notified from 1 July 2011 as 17.49% p.a., plus variation in line with movements in the Reserve Bank of Australia (RBA) cash rate. Adjustments to the Standard Interest Rate will be made effective from the day any changes are announced by the RBA. You can view the full interest rate history by clicking here – Interest Rate History.

All AgriPay borrowers to whom this applies will be notified 7 days prior to any interest rate change. These borrowers will be given the chance to refinance out of AgriPay, within 30 days of being notified and without penalty fees.

Momentum
Where the contract conditions refer to Momentum Loan Agreements, reference to the Interest Rate is notified from 1 July 2011 as 17.49% p.a., plus variation in line with movements in the Reserve Bank of Australia (RBA) cash rate. Adjustments to the Interest Rate will be made effective from the day any changes are announced by the RBA. You can view the full interest rate history by clicking here – Interest Rate History.

All Momentum borrowers to whom this applies will be notified 7 days prior to any interest rate change. These borrowers will be given the chance to refinance out of Momentum, within 30 days of being notified and without penalty fees.