Who Can Borrow with Munibox
Do I fit the criteria to borrow money with Munibox?
Munibox lends to individuals, business and companies. There are just a few criteria that all Munibox clients must meet:
- The minimum amount we lend is $5,000. We will lend up to $2,000,000 or even more in some circumstances
- Our loans are a minimum 3 month term however they can be repaid early. If you do repay before the 3 month term, you only pay charges for the period up to repayment with a minimum one month charge payable.
- Our loans are generally for a maximum 12 month term however loans can be renewed on expiry at Munibox’s discretion.
- You must own the asset that you are offering as security (refer to the Assets section of the website to see if your asset is acceptable and to the calculator on the home page to see if your asset is of sufficient value).
- You must be able to store the asset with Munibox for the full term of the loan. That means you will not be able to use, or have access to the asset until your loan is repaid in full.
- You must be 18 years of age or older.
- You must not be bankrupt (individuals) or insolvent (businesses and companies)
That’s it ! If you meet the above criteria, we can lend to you – it’s that simple.
What is a Munibox Loan
What is a Munibox Loan?
A Munibox Loan is where we advance to you up to 70% of the Munibox Valuation of your asset, for an agreed period of between 3 and 12 months.
For this service Munibox will levy monthly charges, payable when you redeem your asset.
Munibox does not apply any other fees or penalties during the term of your Loan.
During the term of your Loan, your asset is stored in our secure storage facilities, fully insured to the Munibox Valuation used by Munibox to calculate your loan limit. Munibox recommends you retain your own insurance over the asset and you advise your insurance company of its temporary location.
What is a Munibox Sale Advance?
A Munibox Sale Advance is the same as a Munibox Loan, however during the term of your Loan we permit you to market and sell your asset on the basis that this is undertaken by one of our approved sales agents.
Munibox will levy monthly charges payable when you sell your asset and repay your Loan.
How much will I receive?
Each Asset is assessed by a qualified industry appraiser. You can receive up to 70% of the Munibox Valuation of your Asset. For example, an Asset with a Munibox Valuation of $30,000 can provide you a Munibox Loan of up to $21,000 including up to 3 months capitalised charges.
How does Munibox value my Asset?
Munibox initially assesses your Asset value based on details and photographs provided by you. The Munibox Valuation is best described as the value your asset would be expected to achieve at a public auction.
Valuations are carried out by qualified industry specialists who understand the type of asset you are providing as security and the demand for that type of asset in the current market. Munibox will lend a maximum of 70% of the Munibox Valuation including the amount advanced to you plus capitalised charges for the agreed loan term.
Typically, the Munibox Auction Valuation will be less than the retail price of a similar asset.
Does the asset need to be registered?
Your asset does not need to be registered at the time of your Munibox Loan or Munibox Sale Advance. We will still require evidence of ownership or the most recently expired registration papers.
What if already have a loan against the asset?
In order to obtain a Munibox Loan, we will require clear title to your Asset. If your Asset is under finance, we will firstly payout your existing financier from the proceeds of your Munibox Loan to obtain clear title. The balance of the Munibox Loan will then be paid to you.
What are the Munibox Loan and Munibox Sale Advance terms?
Our loan terms are between 3 and 12 months. During this term you are freely able to reduce or repay in full your Munibox Loan or Munibox Sale Advance without penalty. If you repay either in full prior to one month from initial drawdown, a minimum of the first month’s charge is payable.
Where will my asset be stored?
Your asset will be stored at one of our fully insured, security monitored, private and secure premises most convenient to you. It is your responsibility to deliver the asset to our storage facility.
How quickly will I receive my Munibox Loan and Munibox Sale Advance funds?
Once you have agreed to accept our offer and you have delivered the asset to our storage facility, loan funds will be transferred electronically to your bank account. In most cases, that means clear funds are available the same day if not the next business day.
How do I make repayments?
Munibox Loans and Munibox Sale Advances do not require repayments during the term. The principal advanced and the accrued charges for the term are repayable by you on redemption of your asset.
However, should you wish to make payments to your Munibox Loan or Munibox Sale Advance, you may do so without penalty at any time. The minimum amount you can repay in any payment is the amount equivalent to one month charge.
Payments are to be made by BPAY using your unique BPAY code.
Will defaulting on a Loan from Munibox affect my credit rating?
No. We do not report any clients to credit reporting agencies. However, if you fail to repay your Loan by the redemption date or make other arrangements, your asset will be sold at public auction.
Will Munibox do a Credit Check on me?
No. Munibox does not do any form of credit or reference checks on its clients. We may however check the National Personal Insolvency Index for bankruptcies or perform ASIC Company insolvency checks. Neither of these checks will be recorded on your Credit reports or affect your credit rating.
Can I extend my Munibox Loan or my Munibox Sale Advance?
You are able to extend your loan after the expiry of your initial Munibox Loan or Munibox Sale Advance term subject to the consent of Munibox and updated valuation of your security asset, without penalty on the basis that you pay the outstanding accumulated charges prior to the extension period. If the valuation of your asset has reduced, you may also be required to reduce your outstanding loan balance to remain within loan to valuation ratio Munibox applied to you loan.
What assets will Munibox advance against?
Refer to the “Assets” page for a list of assets Munibox lends against.
If you are not sure if Munibox will accept your asset as security, please send us the details of your asset via the Online Enquiry page or call us on 1300MUNIBOX.
How do I send photos of my asset to you?
Photos can be uploaded from your PC, tablet, Smartphone or mobile device at the time of enquiry by clicking on the “Browse” button and selecting a current photo from your files. Alternatively, you can email them to us at firstname.lastname@example.org If you are not sure how to send photos to us, Contact Us and we will be happy to assist you.
For us to achieve the most accurate valuation for you, we recommend you send us clear, sharp photos of:
- The front of your asset
- The rear of your asset (try to include any badges identifying your asset)
- The left side of your asset
- The right side of your asset
- An interior photo of your asset (if applicable)
If the asset has any distinguishing features or damage, please also send us specific photos.
If possible, take photos in the shade or undercover and avoid flash bounce. Most mobile phones and tablets take high quality photos that will be satisfactory for our purposes.
How do I prove ownership of the Asset?
For Assets that are registrable, you will need to provide original registration papers for the Asset (even if they have expired) and your personal identification. For Assets that cannot be registered you will need to provide alternative proof of ownership, such as proof of purchase.
While my Asset is in possession of Munibox, is it insured?
Yes. All Assets in the possession of Munibox are fully and comprehensively insured at all times to the value of the Munibox Valuation application to your loan. We always recommend that you also maintain your own private insurance over the asset during the term of you Munibox Loan or Munibox Sale Advance.
What happens if I cannot deliver my Asset?
If, for whatever reason, you are unable to deliver your Asset to our secure storage facility (e.g. asset is unregistered, not in working order, non-road worthy etc), we are able to facilitate this transport at a cost to you. Payment for this service is your responsibility. You must however personally attend our storage facility with all required Munibox documentation prior to Munibox making funds available to you.
What happens if I don't repay the Munibox Loan?
Our standard policy is that if a Munibox Loan or Munibox Sale Advance is not repaid in full at or prior to expiry of the term, we will immediately proceed to recover the amount advanced to you as well as any costs incurred in selling the asset, such as auction fees.
Any surplus from sale will be returned to you.
However, if for any reason you believe that you will be unable to repay your Munibox Loan on the due date, contact Munibox to discuss your options.
What happens on delivery?
When delivering your asset to our secure storage facility, you need to provide us with your original Munibox Loan or Munibox Sale Advance Agreement as well as any other documents we advise. At delivery we will also require you to present your original identification documents for certification. You must deliver your asset in person, or be in attendance prior to any funds being advanced to you so that all documentation can be finalised. Munibox will hold all registration papers, books and keys to your asset for the term of your loan.
If the asset delivered, in the opinion of Munibox, has a different value to that previously determined your Application, Munibox will revalue the asset at delivery and provide to you a revised loan offer for your acceptance. Munibox will also verify the condition of your asset upon delivery to ensure it is in line with the description provided. If it is significantly different Munibox may vary our loan offer to you.
Following delivery of your asset, Munibox will transfer your Munibox Loan or Munibox Sale Advance amount to your nominated bank account by Electronic Funds Transfer.
Where are the secured storage facilities?
Storage facilities are located in each State and Territory of Australia. Munibox will advise the most convenient location to you.
Where do I find my Vehicles VIN?
A Motor vehicle’s VIN is 17 characters long and generally, can be found either:
- On the corner of the dashboard where it meets the windscreen. It can be viewed from outside the vehicle, or
- On the driver’s side door post, usually by the door latch.
The VIN is also recorded on the vehicle’s registration certificate. The vehicle owner’s manual and insurance papers should also have the VIN recorded. The identification on the registration papers must match those on the vehicle itself.
Older vehicles (pre 1980) may have a varying form of VIN. If you are unable to locate your vehicles identification numbers, consult the manufacturers books supplied with the vehicle or contact Munibox for advice.
On a motorbike, look on the steering neck – though some are located on the motor near the bottom of the cylinders. Turn the handlebars to the left and look on the right side of the frame where the steering head goes through the frame. It’s etched on the metal vertically.
Section 2 - Fees and Charges
What does Munibox Charge?
Munibox only charges monthly fees. Munibox does not charge you any other fees. There are no application fees, no documentation fees, no security fees and no storage fees payable by you. There are no upfront costs. Munibox will register a security interest over the asset for the term of the Loan.
For a list of applicable standard monthly charges, click here.
Please note that Munibox reserves the right to alter its rates and charges.
What are the charges if I don’t redeem my asset?
If you either fail to repay your loan, do not make alternative arrangements with munibox or simply choose not to redeem your asset, Munibox will advise its selling agents to release the asset for the next available public auction (usually within 7 days of redemption due date).
The selling agent will deduct its selling cost. Munibox will then deduct all outstanding principal and monthly charges and, where applicable, any other reasonable selling costs. Any residual will be remitted back to your designated bank account.
Munibox will ensure its best endeavours to obtain the best sale price for its clients.