What are the charges for borrowing?

Credit Contracts and Consumer Finance Act 2003 (‘CCCFA’)

The CCCFA was not drafted with a Managed Investment Scheme structure in mind. At this stage, Obsidian Group Limited is not lending to individual borrowers unless they are able to provide an independent declaration confirming they are using the funds for business purposes and not for personal use.

The following table discloses the fees charged by Obsidian Group Limited to clients when applying for and obtaining a loan subject to this legislation.

CCCFA Loan Fee Classification	Amount to be charged
Credit Reports	$19.95 per report for each individual (GST exclusive).
Valuation Report	Time spent by the Valuer and/or their staff as per the Valuer's Terms of Engagement.
Time Recovery (Client interviews & property inspections)	Time spent by Directors, Management and/or staff at their actual hourly salary rate.
Time recovery – Loans Committee approval processing	Time spent by Management & Staff at their actual hourly salary rate.
Time Recovery – Loan Application processing	Hours taken by Management & staff at their individual hourly rate.
Broker Fees	Typically 1% of the sum borrowed.
Mortgage Repayment Fee	$500.00
Loan Establishment Fee	Typically 1.25% of the sum borrowed