How it works

New Establishment Fee – FAQs

From 8 May 2018, Harmoney’s one off $500 Platform fee will be reduced to $450 and called an Establishment Fee. If you have any questions relating to this fee, continue reading:

What if I started my loan application before 8 May 2018, but my loan terms have still not been presented to me and it is after 8 May 2018?

If you started your application after 8 May 2018, your Establishment fee will be $450.

What if I have already received and agreed to both the loan terms and the payment protect terms and have submitted my loan in the marketplace, but it has not been funded before 8 May?

As the previous fee of $500 would have been disclosed to you, we will refund you the $50. Your loan principal will be reduced by $50 and we will notify you by email when done.

What if I have received my loan terms but have not yet submitted my loan in the marketplace?

You will be charged the new Establishment Fee of $450.  

My loan is already in the marketplace and is waiting for funding. Do I get a refund?

Yes, you will receive a $50 refund once your loan has been fully funded. Your loan principal will be reduced by $50 and we will notify you by email when done.

What happens if my loan was fully funded before 8 May 2018, but the money wasn't advanced until after 8 8 May 2018?

As the previous fee of $500 would have been disclosed to you, we will refund you the $50. Your loan principal will be reduced by $50 and we will notify you by email when done.