FINANCIAL STATEMENTS 78 Notes to the annual financial statements (continued) for the year ended 30 June 2021 15. Interest bearing loans & borrowings All figures are in A$000's Note 2021 2020 Current UOB working capital 15(a) - 520 Obligations under finance leases - Singapore Vehicles 15(b) 97 103 Secured loan BNZ at 6.95% 15(c) 2,572 2,421 Unsecured Financing Microsoft 15(d) - 409 Chattel mortgage at 7.00% 15(e) - 16 Chattel mortgage at 5.68% 15(f) 123 238 Chattel mortgage at 5.34 to 6.24% 15(g) 169 242 Secured loan - Indonesia 15(h) - 2,141 Total current interest bearing loans & borrowings 2,961 6,090 Non-current Obligations under finance leases - Singapore Vehicles 15(b) 195 309 Chattel mortgage at 5.68% 15(f) 11 133 Chattel mortgage at 5.34 to 6.24% 15(g) 83 252 Secured loan BNZ at 6.95% 15(c) 1,045 3,636 Total non-current interest bearing loans & borrowings 1,334 4,330 Total capitalised finance lease obligations 18 292 412 Consolidated 15(a) - The Group had entered into a finance facilty with the United Overseas Bank (UOB) for the provision of working capital funding, the interest rate is 2% above BBSY. 15(b) - The Group has entered into finance lease agreements in Singapore for the sale and leaseback of construction equipment. The term of the obligation is on average 2.5 years with an average cost of funding of approximately 1.5%. The leases have no terms of renewal and no obligation to repurchase. Finance lease obligations are secured against the equipment purchased. 15(c) - Loan secured over tunnel boring machines obtained from BNZ in New Zealand in prior years. The interest rate is 6.95%. 15(d) - During the 2019 financial year the group entered into a short term financing arrangement to finance Microsoft products which has been fully settled in the current financial year. 15(e) - In August 2016 the Group entered into an Equipment Chattel Mortgage. The term of the obligation is four years with a fixed cost of funding of 7.00%. The mortgage is secured against the equipment purchased and has been fully settled in the current financial year. 15(f) - In April 2015 the Group entered into an Equipment Chattel Mortgage. The term of the obligation is four years with a fixed cost of funding of 5.68%. The mortgage is secured against the equipment purchased. 15(g) - Between June 2015 to February 2019 the Group entered into Equipment Chattel Mortgages. The term of the obligations are three years with a fixed cost of funding of 5.34% to 6.24%. The mortgages are secured against the equipment purchased. 15(h) - In November 2016 the Group entered into a secured loan agreement in Indonesia. The term of the obligation was four years with a fixed cost of funding of 4.6%. The loan has been fully settled in the current financial year. Information regarding foreign exchange, interest rate and liquidity risk exposures are set out in Note 20.
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