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Can I make extra payments or pay off my loan early without penalty?

  • Writer: Harmoney
    Harmoney
  • 19 hours ago
  • 2 min read

Yes. At Harmoney, we believe in giving you complete control over your loan. This is why we have a firm policy of no early repayment penalties and no fees for making additional payments.


Our goal is to help you get ahead financially, and if you have the opportunity to pay off your loan faster and save money on interest, we fully support that. It's your loan, your money, and your financial future.


How Extra Payments Help You Get Ahead

Making extra repayments on your loan, whether in small amounts or large lump sums, is one of the most effective ways to save money. Every dollar of extra principal you pay off reduces the total amount of interest you will be charged over the life of the loan.


By making additional payments, you can:


  • Reduce the total interest paid over the life of your loan.

  • Shorten your loan term, allowing you to become debt-free sooner.

  • Gain peace of mind knowing you're in control of your debt.


Many of our customers choose to make a small extra payment with each repayment, or use unexpected windfalls like a tax refund or a work bonus to make a significant dent in their loan.


How to Make Extra Payments

You can make additional payments on your loan at any time. The simplest way is to make an extra payment directly into your Harmoney loan account.


  • Regular Extra Payments: You can set up a recurring automatic payment to be a little higher than your minimum required repayment.

  • One-Off Payments: If you have some extra cash, you can make a one-off lump sum payment at any time.


How to Pay Off Your Loan in Full

When you're ready to pay off your loan in full, you'll need a final payout figure. This is the exact amount you owe, including any interest accrued, up to a specific date.


To get your payout figure, you can simply contact our friendly customer service team on

0800 427 666, via email service@harmoney.co.nz or through our live chat services. We will provide you with a final closing balance, which you can then pay off to close your account with no extra fees or penalties.


(Please note that this figure is only accurate on the date that it is provided. If your loan is not fully paid off on the same date, you will need to have this figure updated.) 


What Other Lenders Do

Some lenders, especially for fixed-rate loans, may charge a "break fee" or early repayment penalty. These fees are designed to compensate the lender for the interest they lose when you pay off a loan ahead of schedule. At Harmoney, our policy is designed to be on your side, so you can always take control without worrying about extra costs.



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