Costs and Interest

What are the costs and interest?

Foresters Community Finance is a not-for-profit, ethical lender that offers you the best choice depending on your budget and circumstances.

We are accredited to supply NILS loans up to $1,500 to Centrelink and low income earners. These loans have no costs or interest.

Or

We can supply you with a Community Loan.  A Community Loan has costs and interest.

This enables Foresters to keep costs low so a Foresters Community Loan is accessible to all Australians including financially excluded individuals.

For a Community Loan you will pay

  • the cost of setting up and maintaining your loan. It is a one-off establishment fee of 20% of your requested loan amount. This can be paid off over the life of the loan.
  • for loans that extend over 12 months and up to 2 years, 15% interest is charged on the loan balance. If you make more payments this reduces the interest! AND
  • No ongoing monthly fees, dishonour fees, default fees, or late repayment fees apply.

When you repay a Community Loan you help Foresters keep Community Loans accessible to all Australians including financially excluded individuals.

And, your repayments are recycled to the next person that needs a hand.