Harmoney loan products

To apply for a Harmoney personal loan in New Zealand, you must be 18 years or older, be a New Zealand citizen, a Permanent Resident, an Australian citizen, have paid employment (which may include self-employment), and your credit file must not have any defaults, judgments or bankruptcies. You need to borrow at least $2,000 and have photo identification such as your valid New Zealand passport or driver's licence. Under the CCCFA, Harmoney must also assess whether the loan is suitable for you and that you can make repayments without substantial hardship.

No. Checking your rate with Harmoney is a soft inquiry, which does not appear on your credit report and does not affect your credit score. You can check your rate without any commitment. A hard credit inquiry only occurs if you choose to proceed with a full application after reviewing your personalised rate and loan terms. This two-step process lets you see your options before making any decisions.

Harmoney charges an establishment fee of $150 on all NZ personal loans. There are no monthly fees and no early repayment fees. Under the CCCFA, lenders must not charge unreasonable fees (CCCFA ss 41-44). If you believe a fee is unreasonable, you have the right to dispute it with Harmoney or escalate to FSCL.

Harmoney offers fixed-rate unsecured personal loans from 7.99% p.a. to 24.99% p.a. on 3, 5 and 7 year terms. Establishment fee $150. The rate you receive depends on your individual credit assessment under Harmoney's credit scorecard. You must meet Harmoney's credit criteria and responsible lending requirements under the CCCFA to be approved. ¹

Harmoney offers personal loan rates from 7.99% to 24.99% p.a. Establishment fee $150. The minimum advertised rate of 7.99% p.a. is available only to borrowers with the strongest credit profiles assessed under Harmoney's scorecard. Harmoney uses risk-based pricing, which means your rate is determined by your individual credit assessment. Factors include your credit history, income, existing commitments, and the loan amount and term you select. The rate you see when you check is the rate you will receive if approved. Checking your rate is a soft inquiry and will not affect your credit score.

Under the Credit Contracts and Consumer Finance Act 2003 (CCCFA), Harmoney is required to make reasonable inquiries so as to be satisfied that it is likely you can make the loan repayments without suffering substantial hardship. Harmoney assesses both suitability (whether the loan meets your requirements and objectives) and affordability (whether you can repay without substantial hardship). This includes verifying your income, assessing your essential expenses and existing debts, and considering your overall financial position. Harmoney uses secure bank statement retrieval as one method to gather this information efficiently, alongside credit reports and the information you provide in your application. The affordability assessment follows the principles-based approach under the Revised Responsible Lending Code (July 2024), which focuses on essential expenses and income stability. You have a right to request a copy of the assessment Harmoney used to determine the affordability and suitability of your loan, which we will provide free of charge within 20 working days. If you believe Harmoney did not adequately assess your ability to repay, you can raise this with Harmoney directly or escalate to the Financial Services Complaints Limited (FSCL) – a Financial Ombudsman Service (FSCL) at https://fscl.org.nz/.

To apply for a Harmoney personal loan in New Zealand, you need to be at least 18 years old, be a New Zealand citizen or permanent resident, be currently employed or self-employed, and have a clean credit history. You will need a valid form of identification (passport or driver licence) and access to your online banking so Harmoney can securely verify your income. Under the CCCFA, Harmoney is required to make reasonable inquiries about your financial position and verify that the loan is suitable and affordable for you.

If illness or injury affects your ability to make repayments, contact Harmoney as early as possible. Harmoney has a dedicated hardship team that can discuss options with you, which may include reduced repayments, a temporary pause on repayments, or an extended loan term. Under the Credit Contracts and Consumer Finance Act 2003 (CCCFA), you have the right to request a hardship variation if you are experiencing unforeseen hardship. Harmoney must consider your application within the timeframes set out in the CCCFA. To apply, contact Harmoney at 0800 427 666 or customerservice@harmoney.co.nz. If you are not satisfied with the response, you can escalate to Financial Services Complaints Limited (FSCL).

The Harmoney loan calculator gives you an estimate of your repayments based on the loan amount, term, and interest rate you select. It uses a standard amortisation formula for the selected payment frequency (weekly, fortnightly, or monthly) to calculate repayments directly — this means the weekly and fortnightly figures are mathematically accurate for those frequencies, not simply the monthly amount divided. The calculator shows a range of interest rates from 7.99% to 24.99% p.a. Establishment fee $150. The rate you are offered will depend on your individual credit assessment. The calculator is an estimate only and does not constitute an offer of credit. To find out your actual rate and repayments, complete a Quick Quote — it does not affect your credit score. Subject to responsible lending inquiries.

If you have a complaint, contact Harmoney first at 0800 427 666 or customerservice@harmoney.co.nz. Harmoney will acknowledge your complaint and aim to resolve it through our internal complaints process. Harmoney aims to resolve complaints within 20 working days. For complex cases, Harmoney may take up to 2 months if we have notified you in writing of the reasons for the delay and the expected timeframe. If you are not satisfied with the outcome, or if Harmoney has not resolved your complaint within these timeframes, you can escalate to the Financial Services Complaints Limited (FSCL) – a Financial Ombudsman Service (FSCL). FSCL is a free, independent dispute resolution scheme approved under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. FSCL can award compensation for financial loss up to $500,000 + GST and non-financial loss up to $10,000 + GST. You can contact FSCL at https://fscl.org.nz/. FSCL can consider complaints about Harmoney's lending decisions, fees, financial difficulty responses, and service issues.