Investor Help

Investor Help
Topic 01

Eligibility

Topic 02

Markets and orders

Topic 03

Early access transfer

Topic 04

Payments and Security

Topic 05

Account management

Topic 06

Plenti app


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Written byTeam Plenti
Whether you are just starting out or have been a customer for some time we're here to help at every step in the journey.
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What fees are payable on a renovation loan?

If you’re in the market for a renovation loan, you probably already know you’ll have to pay interest to your lender. But what about those hidden costs that can catch you off-guard? Shopping around for a renovation loan with fewer fees can save you thousands in the long run. 

Here are some of the extra charges that could apply to your renovation loan:

  • Establishment/upfront fee: You could be charged a fee when you apply for a renovation loan to cover the cost of assessing your application and preparing loan documents.
  • Service fee: Monthly account keeping fees add up over time. It’s worth calculating the total cost for the life of the loan so you’re not caught by surprise.
  • Late payment fee: Your lender may charge a fee if you default on your loan or miss a payment.
  • Early repayment fee: Do you hope to pay your loan off sooner? Seek out a lender who doesn’t charge an early repayment fee so you’re not penalised for your stellar efforts.
  • Other fees: Check out the terms and conditions of your loan for a full list of fees and charges.

At Plenti, we believe in tailoring unsecured renovation loans to suit your unique financial situation and lifestyle. This means rewarding your strong credit history with attractive rates that are personalised to you and offering the flexibility to pay it back faster. In fact, we’ll never charge you fees or penalties for paying your loan back early. 

It’s your life. You’re in control. 

Hot tip!

Comparison rates do the hard maths for you by rolling together the interest rate, upfront fee and service fee into one percentage figure. This means the comparison rate will be higher than the interest rate charged on the loan. In Australia, lenders are required to show a comparison rate when they advertise an interest rate.  

For renovation loans, there is a standardised measure for how comparison rates are calculated:

  • For renovation loans 3 years and under comparison rates are calculated on a $10,000 loan amount over 36 months.
  • For renovation loans 4 years and over comparison rates are calculated on a $30,000 loan amount over 60 months.

It’s a helpful tool when researching the cost of the loan. But remember, a comparison rate doesn’t include early repayment fees, late repayment fees or deferred establishment fees. 

Refer to the terms and conditions of your loan if you’re unsure about these extra charges. 

Can I invest with Plenti?

Individuals, companies and trusts (including SMSFs) can invest with Plenti. To invest as an individual with Plenti, you must have an Australian bank account and be at least 18 years of age. Before investing you should make sure you read and understand our Product Disclosure Statement.  

What is the minimum investment?

The minimum investment to become a peer-to-peer lender is $10. Although there is currently no maximum investment, Plenti reserves the right to cap the amount of your total investment. In addition, Plenti reserves the right to refuse to submit your order to a lending market or to cancel your order without giving you prior notice. 

Can I invest as a company or trust?

Yes, a company or trust can invest with Plenti. Simply select the relevant entity type when registering as a Plenti investor. 

Can I invest through my self-managed super fund (SMSF)?

Yes, self-managed superannuation funds (SMSFs) can invest with Plenti. SMSFs are typically structured as trusts — simply select the relevant trust type when registering as a Plenti investor. 

Can I invest as an overseas investor?

Yes, you can register as an overseas investor. We currently don't have an online application for overseas investors, as the website is designed for Australian details only. However, if you send an email to contact@plenti.com.au, we will provide you with a link to provide your details so that we can create an account for you manually. We will then contact you to request some documents required to verify your identity. These documents will need to be certified.  

What is a holding account?

The Holding Account contains deposits made into your Plenti account as well as capital and interest repayments on existing loans. You can withdraw these funds from your account immediately or place them on market to be matched against borrower loans.

Funds in your Holding Account are held as cash on trust in an account with an Australian Authorised Deposit-taking Institution, in the name of Plenti's appointed custodian. You do not earn any interest while your funds are in your holding account.

The custodian also acts as the legal lender of record in relation to loans made to borrowers.

How long before my order is matched to a borrower?

Once you’ve made an order, it can take anywhere from a few minutes to several days or more for the order to match with a borrower. This depends on the amount and rate you are offering, as well as the rate that borrowers are willing to accept.

As a general guide, investors bidding lower rates in our lending markets are matched with borrowers more rapidly. This is because our borrowers are matched at the lowest rate.

For more information, you should see our Product Disclosure Statement.

How do I see previously matched rates?

We believe that transparency is fundamental to peer-to-peer lending. That’s why we’ve made it easy for lenders to view historical rates via the investor portal.

How do I see all in market orders?

Simply log in to your Plenti Account and then click the "Plenti Data" tab. Click "View Full Market" to view all current lending and borrowing orders in the corresponding market.   

How do I change the rate of an existing order?

Please note that it’s only possible to change a lending order if it hasn’t yet been fully matched. If your order has been partially matched (that is, only a portion of your order has been matched to a loan or series of loans), you can change or cancel the order only in relation to the amount that hasn’t been matched.

To change a lending order, log in to your Plenti Account and click the relevant lending market under "Your Loans and Orders" in the menu on the left. Then expand the box titled "Unmatched” and click "Change" or "Cancel" next to the relevant lending order.

How do I create automatic reinvestment settings?

You can elect to reinvest interest and/or principal automatically as it is received. To access your reinvestment settings, log in to your Plenti Account, then click ‘Reinvestment settings' in the left-hand menu.

You are able to select:

  • The lending market into which your reinvestments are made
  • Whether the full payment is reinvested, or just the capital amount
  • Whether your reinvestment is made at the market rate or at a specific interest rate (selecting the market rate option will help to ensure your funds are reinvested relatively quickly).

To process an order or reinvestment, there must be at least $10 in your holding account.

Can I draw an income from interest payments and reinvest capital?

Yes, you can. By combining the 'Reinvestment' and 'Auto-Withdrawal' settings, you can re-invest only the principal component of the payments you receive and draw an income to your nominated bank account.

How to enable the reinvestment of principal amounts paid

Log in to your Plenti account, then click 'Reinvestment settings' in the left-hand menu. You can then enable the reinvestment of your principal from the relevant lending market to the lending market of your choice. Interest will accumulate in your holding account as it is paid.

How to automatically withdraw the balance of your holding account

To automatically withdraw the accumulated interest in your holding account to your nominated bank account at a frequency of your choice, simply enable the auto-withdrawal setting. Log in to your Plenti account, click 'Withdraw funds' in the left-hand menu, and then choose 'Auto-withdrawal' and follow the prompts. Please note that you will need to have made a successful manual withdrawal before being able to use the auto-withdrawal feature.

Why is my rate of return less than the rate at which I invested?

Our displayed rates of return may assume that a lender is reinvesting their borrower payments into the same lending market at the same rate. If your actual rate of return is less, this may be because of processing times, because you have not reinvested your repayments, or because you have reinvested them at a lower rate than the original rate of your order. 

Why did I receive my loan repayment before the indicative loan term?

For borrowers, one of the attractive benefits of taking out a loan on the Plenti platform is the ability to repay their loan early without facing any early exit fees or charges. This does mean that the lender may occasionally be repaid early. Lenders can use reinvestment settings to ensure their funds are automatically reinvested back into a lending market of their choice if this happens.  

What is the interest rate limit?

The interest rate limit is the highest interest rate at which an order can be placed in a lending market and is determined by us from time to time. The interest rate limits are currently:

1 Month Rolling: 4.3% p.a.

3 Year Income: 5.4% p.a.

5 Year Income: 6.5% p.a.

National Clean Energy: 6.0% p.a.

SA Renewable Energy: 4.4% p.a.

Why were my funds in the 1 Month Rolling market not returned to my holding account at the end of the indicative term?

When you invest via the 1 Month Rolling market you are funding loans up to 36 months in term. Typically, the 1 Month Rolling market provides you an opportunity to exit your investment each month (or earlier if a borrower makes an early payment). This is subject to there being sufficient funds from replacement funders to replace your investment at that time.

If you did not receive your funds at the end of the one-month indicative term, there may not have been sufficient funds available from replacement funders to replace your investments in loans.

Importantly, until repaid to you, your funds will remain on loan and you will continue to earn a return at the same interest rate. You will also continue to benefit from Provision Fund protection if one or more borrowers miss payments or default on their loan. You can see additional details about the loans to which you remain matched, and any expected future payments from borrowers, in your Plenti Account.

Your funds will be returned to your holding account as borrowers make payments and/or as funds from replacement funders are available to replace your investment. See FAQ below for further details.

When will my funds in the 1 Month Rolling market that remain invested beyond the indicative term be returned to my holding account?

Funds that remain on loan beyond the indicative term are added to an access queue. Replacement funders placing new lending orders in the 1 Month Rolling market will replace existing investors in the access queue on a pro-rata basis by indicative term date (from oldest indicative term date to newest). Note that replacement is subject to several conditions, including the “funds replacement buffer” (see FAQ below).

You can view additional details about the access queue, and the position of your funds relative to the queue, in your Plenti Account.

What is the funds replacement buffer?

The funds replacement buffer is the amount of funds that must remain on the 1 Month Rolling market after any existing investor funds are replaced (except where there are no investors whose funds are matched to a loan beyond the indicative term). The funds replacement buffer will be determined by Plenti on an ongoing basis and is currently $300,000. See section 6.7 of the PDS for further details.

What is the Early Access Facilitating Partner?

The Early Access Facilitating Partner is the entity to which an outgoing investor’s loans are transferred following a fulfilled early access transfer. The Early Access Facilitating Partner ‘pays’ the outgoing investors for that transfer using funds lent to it by the replacement investor. This creates two back-to-back loans, with the Early Access Facilitating Partner in the middle. 

How do I request an early access transfer?

Early access transfers are requested from within an investor’s Plenti account when the feature is available. To request an early access transfer:

1. Click ‘Early Access Transfer’ on the left-hand menu of your lender Plenti Account.

2. Select the lending market out of which you'd like to transfer a loan (3 Year Income, 5 Year Income or National Clean Energy).

3. Specify the amount that you wish to early access transfer. This amount excludes capital reduction and fees.

4. Click ‘Get Quote’

5. Confirm details of the early access transfer, including any applicable fees and any capital discount. Then click ‘Proceed’ to be placed in market for matching with prospective replacement funders.

Note that when you request an early access transfer funds will be returned to your holding account, not withdrawn to your nominated account.

Can I choose which loans I exit?

No, lenders specify an amount (before fees and any capital discount) that they wish to acquire using an early access transfer. Plenti then selects loans (or parts of loans) to fill this amount, starting with the loan that has the longest remaining term. 

Will the early access transfer facility always be available?

No. Early access transfers are available at Plenti’s discretion and may cease to be available to lenders at any time. An early access transfer request may not be fulfilled if:

  • There are insufficient funds available from other lenders to replace your interests
  • After fulfilling the request, the value of the remaining lending orders is less than $750,000 in the 5 Year Income lending market, $500,000 in the National Clean Energy lending market, or $300,000 in the 3 Year Income lending market (this is known as the early access lending market value limit)
  • Replacement lenders will be matched to replace your investment at a rate above 10% p.a. in the 5 Year Income or National Clean Energy lending markets or 8.5% in the 3 Year Income lending market (this is known as the early access lending market rate limit)
  • Your outstanding principal in a loan contract is less than $10.00.

If your early access request is accepted, it may take up to four hours to fulfil. Your early access transfer request may be cancelled if the capital adjustment required to fulfil your request is higher than quoted.

What happens if the rate that applies to an outgoing lenders loan is different to the rates being offered by replacement funders? (i.e. What is the capital discount?)

The interest rate that applies to a loan withdrawn via an early access transfer may differ from the interest rate associated with the loan that replaces it. Consequently, the outgoing lender may receive less than the current face value of their loan.

For example, if the interest rate of a replacement funder’s lending order is greater than the interest rate on the relevant early access loan, we will discount the early access loan. This ensures that the economic return expected by the replacement funder (given the rate specified in their lending order) is met, and also means that payments under the early access loan remain the same.

For example, say an individual loaned $1,000 in the 3 Year Income market at a rate of 8% per annum. If, when they seek to withdraw their loan using an early access transfer, the prevailing interest rate in the market has increased to 10% per annum, we will use the capital discount to ensure that the lender who replaces them (at 8% p.a.) receives an economic return equivalent to 10% per annum. In other words, we would discount the value of the outgoing lender’s loan to ensure a fair return for their replacement.

Where an outgoing lender receives less than the face value of their loan following an early access transfer, they may be able to recognise the reduction in value of their loan interests as a tax or capital loss.

Does this mean that as an investor in the 3 Year Income, 5 Year Income or National Clean Energy lending markets I can be matched to new loans or replacing another investor in their loans?

Yes. Investors will not know if they are funding a new borrower loan, or replacing an outgoing lender via a loan to the early access facilitating partner. 

How do I transfer funds into my account?

Before you can start investing, you need to transfer funds into your Plenti account. To do this, log in to your Plenti account, then click ‘Transfer funds in’. The minimum initial amount you can transfer into your account is $10.

You can transfer funds into your account using BPAY or a bank transfer. If you choose to conduct a bank transfer, please make sure to include the payment reference we provide. This will help us identify your funds.

We will confirm via email when we’ve received your funds and made them available in your holding account. Funds will ordinarily appear in your holding account on the next business day after you make a transfer, depending on your bank.

How do I withdraw funds?

You can withdraw some or all of the cleared funds in your holding account to your nominated bank account at any time. Withdrawals can be made as a one-off transfer, or you can elect to establish an automatic, periodic withdrawal. The minimum amount for any withdrawal is $1.

You are not able to withdraw any funds that are on loan or that are on market. If you wish to withdraw funds that are on market and waiting to be matched with loans, you will need to cancel the relevant lending orders.

If you wish to withdraw funds that are currently on loan in the 3 Year Income, 5 Year Income or National Clean Energy lending markets, you may be able to use the early access transfer feature to exit your investments prior to withdrawing these funds.

To withdraw funds from your holding account to your nominated bank account, log in to your Plenti Account and click the "Withdraw" link on the left-hand menu.

For more information on withdrawing funds, please read our Product Disclosure Statement.

How long do deposits and withdrawals take to process?

When making a deposit into your Plenti holding account, the funds arrive the following business day. This can occasionally take longer depending on bank processing times.

In some circumstances, deposits may require manual reconciliation due to the use of an incorrect payment reference. If this occurs, we may require a receipt for the transaction.

If you make a withdrawal from your Plenti holding account, the funds should arrive in your bank account the following business day. This can occasionally take longer depending on bank processing times.

What happens if a borrower misses a payment?

In the event that a borrower is late with their payment or defaults on their loan, the Provision Fund may be used to compensate investors for any loss. The Provision Fund is neither a guarantee nor an insurance product. However, to date, every investor has received every cent of principal and interest owed to them. For more information, please see the Product Disclosure Statement.   

Are my funds guaranteed by the Government?

Plenti is not a bank, and Plenti investor accounts are not bank accounts. Plenti is neither authorised under the Banking Act 1966 (Cth), nor supervised by the Australia Prudential Regulation Authority. As such, the depositor protection provisions in section 13A of the Banking Act will not cover your investment.

Plenti is regulated and licensed by ASIC, and holds both an Australian Financial Services Licence (number 449176) and an Australian Credit Licence (number 449176). Learn more about our compliance.

View ASIC's Money Smart website to learn more about peer-to-peer lending.

Where is money held before it is on loan?

Funds in your holding account and funds on market waiting to be matched with borrowers are held in cash. These funds are held on trust in an account with an Australian Authorised Deposit-taking Institution, in the name of Plenti’s appointed custodian. The custodian also acts as the legal lender of record in relation to loans made to borrowers.

How do I reset my password?

If you have forgotten your password, you can request a password reset.

You will receive an email to the email address associated with your Plenti account containing a unique link. Simply follow the link within 24 hours and follow the prompts to nominate a new password.

How do I log in to my account?

You can log in to your account via the link in the top right corner of the Plenti homepage. To log in, you will require the email address and password associated with your account.

If you have forgotten these, simply click the 'Forget Your Password?' link and we'll guide you through the process of resetting it.

How do I update my address?

If you have recently changed your residential address, please update us by emailing contact@plenti.com.au.

We will require a document to verify your new residential address. This could be a recent utility bill, updated driver's licence, or bank statement.

How do I close my account?

If you wish to close your account, please send an email to contact@plenti.com.au. Unfortunately, we are unable to delete your account because regulatory obligations require us to retain account details for up to ten years. You can be assured that your data is stored securely and will not be made available to third parties without your consent.  

What happens if an investor passes away?

In the unfortunate event that a Plenti account holder passes away, we can transfer control of the account to the executor of their estate. To complete this transfer, and depending on the type of lending account, we will usually require a copy of the death certificate and a copy of probate.

If the executor wishes, we can stop reinvestments and set up an auto-withdrawal so that funds are transferred back to a nominated bank account. Alternatively, the executor can take over the lending account if they would like to continue lending with Plenti.

What are the Common Reporting Standards?

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries (including Australia), to help fight against tax evasion and protect the integrity of tax systems.

What is reportable?

The CRS seeks to establish the tax residency of customers. Under CRS, financial institutions are required to identify customers who appear to be a tax resident outside of Australia and report certain information to the ATO. The ATO may then share that information with the tax authority where you are a tax resident.

Why are you asking me for my jurisdiction(s) of tax residency?

Under CRS, the ATO required us to collect and report certain information relating to our customers' tax statuses. If you register to become a member of the Plenti Lending Platform, or have opened an account after 31 July 2017, we will ask you to certify a number of details about yourself. This process is called "self-certification" and we are required to collect this information under the CRS.

How is my tax residence defined?

This will depend on where you live and your circumstances. Please contact a professional tax adviser or check the ATO website for more information on how to determine your tax residency. Plenti cannot give tax advice.

How often will I need to provide this information?

Once we have a valid self-certification on file, you will only be asked to complete another when you update certain information on your account or we believe your reportable status may have changed.

Will Plenti respect my data privacy?

All information we collect on you if help subject to our Privacy Policy. We will only disclose your information to the relevant tax authorities if we are legally required to do so.

Where can I find further information and advice?

The ATO has published a simple guide to CRS (and the related regime for US tax residents, FATCA).

Can I transfer or withdraw funds?

Yes. Select the ‘Funds’ at the bottom of the Plenti App screen. Select the ‘Transfer in’ or ‘Withdraw’ buttons and follow the prompts to complete your transaction. Your recent transactions are displayed at the ‘Funds’ tab.

How do I access help?

Select the menu button at the top left-hand corner of the Plenti App. The Menu will appear and the ‘Help and support’ button will take you to your options to contact us.

How do I log in?

Please enter your Plenti Account email and password. You can find these at the top right-hand corner of your web browser in your Plenti Account. If you have forgotten your login details, please contact us at: contact@plenti.com.au

How do I place an order?

On either the ‘Returns’, ‘Portfolio’ or ‘Funds’ tabs in your Plenti App, tap the ‘Invest now’ button. A pop-up window will appear where you can:

1. Select a lending market to invest in

2. Choose the amount you wish to invest above $10 minimum

3. Create a lending order at the market rate or at a custom rate

4. Confirm your order details

Your order will be placed on market and in queue to be matched with borrowers so you can start earning.

Is there a PIN function?

Yes, you can set up a 4-digit PIN to access the App. If you want to change your PIN or have forgotten you PIN, select “Forgot my PIN” at the login screen and follow the prompts.

What platform data is available within the app?

You can view the following data if you click the data button at the top right-hand corner of the Plenti App:

  • Market rates
  • Market orders
  • Provision Fund

Where do I review my returns?

You can review your returns by tapping the ‘Returns’ tab at the bottom of the App screen.