Payment Protect for Borrowers

main computerThe unexpected can happen at any time, so make sure you and your family are prepared with Payment Protect.

Introducing Payment Protect for Borrowers

Introducing Payment Protect for Borrowers

The unexpected can happen at any time, so make sure you and your family are prepared with Payment Protect.

What is Payment Protect?

If you find yourself affected by unexpected life events, such as involuntary redundancy, disability, terminal illness, or death; having Payment Protect means you won't have to pay some (or all) of your remaining loan repayments (subject to the policy terms).

What does it cover me for?

If you take out Payment Protect and need to make a claim, you will not need to make some or all of your remaining loan repayments (We call this waiving repayments as technically Payment Protect is a 'repayment waiver'). There are two levels of Payment Protect you can purchase: Partial cover and Complete cover. You are able to choose which level of cover you require, however you must be employed for at least 20 hours a week to take our Complete cover. See the terms and conditions for full details.

CoverIncluded coverage
Partial Terminal illness and death.
Complete Death, terminal illness, disability illness and involuntary redundancy.

The amount of repayments waived is different for each unexpected life event:

EventWaived Payments
Death and terminal illness Your remaining loan repayments
Disability Your remaining loan repayments until you can work again, with a maximum of 24 months repayments waived.
Involuntary Redundancy Your loan payments while you are out of work due to redundancy with a maximum of 5 months repayments waived.

How much does Payment Protect cost?

Click here to see full pricing.

If you choose to add Payment Protect to your loan, a Payment Protect fee will be added to your loan amount. The fee is calculated as a percentage of your loan, and then your monthly repayments will be based on your loan amount plus the Payment Protect fee. For example, if you take out a $10,000 loan for 36 months with Complete cover, the Payment Protect fee will be $575 (Note: all Payment Protect fees are rounded to the nearest $25).

If you need to make a claim, and that claim is successful, any waived repayments will be covered by the Payment Protect fee you have paid upfront.

Do I need to buy it?

Payment Protect is like a parachute; it’s better to have it and not need it, than need it and not have it. It’s not compulsory to add Payment Protect to your loan, but if you do choose to, it will offer you the financial reassurance that if one of these unexpected life events occurs, (i.e. involuntary redundancy, disability, terminal illness, or death) your loans repayments are protected. Here is the cover option at a glance.

Payment Protect Table

How do I make a claim?

If you wish to make a claim, you must give written notice to Harmoney within 60 days of the event occurring, along with any and all the supporting documents required by Harmoney. 

More questions? Click here