How it works

New Establishment Fee – FAQs

From 6 September, Harmoney’s one off establishment fee of $450 will be changed to reflect the loan amount. For loans under $5,000, the Establishment Fee will be $200, for loans $5,000 and over, the Establishment fee will be $450. If you have any questions relating to this fee, continue reading.

What if I started my loan application before 6 September, but my loan terms have still not been presented to me and it is after 6 September 2018?

If you started your application before 6 September 2018, your Establishment fee will be $200 for loans under $5,000, or $450 for loans of $5,000 and over.

What if I have already received and agreed to both the loan terms and the payment protect terms and the loan amount is under $5,000 and have submitted my loan in the marketplace, but it has not been funded before 6 September?

If you started your application before 6 September 2018 and received and agreed to the loan terms and submitted your loan to the marketplace, but your loan has not been funded, your Establishment Fee will remain at $450 as agreed.

What if I have received my loan terms but have not accepted the loan terms yet?

You will be charged the new Establishment Fee, which is $200 for loans of under $5,000, or $450 for loans of $5,000 and over.

My loan is under $5,000 and is already in the marketplace and is waiting for funding. Do I get a refund?

If you started your application before 6 September 2018 and received and agreed to the loan terms and submitted your loan to the marketplace, but your loan has not been funded, your Establishment fee will remain at $450 as agreed.

What happens if my loan was fully funded before 6 September 2018, but the money wasn't advanced until after 6 September 2018?

If your loan was fully funded before 6 September 2018 you would have received and agreed to the loan terms. Your Establishment fee will remain at $450 as agreed even if the funds were received after 6 September 2018.