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Secured Finance

What is secured Finance?

Credit providers offer “secured” loans for the purchase of assets such as cars, equipment or property, where the asset being purchased becomes security for the loan.


What happens if I don’t pay my secured loan?

If you are unable to keep your personal loan up to date, your credit provider may repossess and sell the secured asset in order to help pay back the amount borrowed.

Am I still liable if my secured asset is repossessed?

If the sale of the asset does not cover the total balance outstanding on your secured personal loan along with any associated costs, you will still be liable to pay your credit provider any short fall.

Benefits of selling the asset when experiencing difficulty making repayments

If your secured asset depreciates in value (which is often the case with cars, motorcycles, boats etc), selling your secured asset could potentially maximise the sale value and decrease any potential residual short fall debt you may become liable for following the sale of your secured asset.

I’ve received a default notice, what should I do next?

If you receive a default notice, don’t ignore it. Contact us to discuss your options to resolve your account and to talk about options for seeking financial advice. The faster you act, the greater the chance of keeping your secured asset and getting back on the path to financial health.

For more information and for information on seeking financial advice please visit:

What happens if I do nothing?

If you do not resolve the outstanding amounts, your credit provider may commence steps to repossess your asset. If this happens, you may also become liable for any costs associated with the sale of your asset, including asset repossession or repair costs, as well as towing, storage and auction fees. To avoid incurring any additional fees or charges, please resolve your account as soon as possible and/or talk to us so we can understand your situation and help where we can.

What if I want to retain ownership of my secured asset?

In order to avoid any further escalation, including any repossession of your secured asset, it is important that you pay any overdue arrears on your secured loan as soon as possible. If you cannot pay your overdue arrears in full, please contact us to discuss a suitable repayment plan.