Cancellation Rights

Information on your loan cancellation rights (Right to Cancel).

Simply select the tab below of the loan type you wish to read about or you can view them in our sample loan agreement/s found on our sample contracts page.

 

Unsecured Loans

Right to Cancel (early repayment)

You have a right to cancel your loan (i.e. fully repay your loan) at any time during the life of your contract.
No additional administration or other early repayment fees or costs apply if you cancel, but if you cancel your loan:

  • Within ten working days from the date that we disclose a copy of this agreement to you, you will be required to pay interest for the period from the day you received the advance until the day you repaid the advance, and we may charge you for any reasonable expenses necessarily incurred by us in connection with your contract. You must also in that case repay to us the advance (and return any other property received by you) within that ten working day period; or
  • After ten working days from the date that we disclose a copy of this loan agreement to you, you will be required to pay interest for the period from the day you received the advance until the day you repaid the advance, [and fees and expenses to the extent allowed by the law]. You must also in that case repay to us the advance (and return any other property received by you) within [five] working days from the date you give written notice to us (as below) of your intention to cancel the contract.

For the purpose of calculating the number of working days in a period Saturdays, Sundays, the period between 25 December and 2 January, and national public holidays are not counted as working days.

How to cancel: To cancel, you must give the Creditor written notice that you intend to cancel the contract by:

  • giving notice to the Creditor or an employee or agent of the Creditor; or
  • posting the notice to the Creditor or an agent of the Creditor; or
  • emailing the notice to the Creditor’s e-mail address; or
  • sending the notice to the Creditor’s fax number.

We will then let you know what the settlement amount will be.

You can also make a partial early repayment at any time during the term of your contract, with no additional early repayment fee or cost resulting from that payment.

Secured Loans

Right to Cancel (early repayment)

You have a right to cancel your loan (i.e. fully repay your loan) at any time during the life of your contract.
If you cancel your loan:

  • Within ten working days from the date that we disclose a copy of this agreement to you, you will be required to pay interest for the period from the day you received the advance until the day you repaid the advance, and we may charge you for any reasonable expenses necessarily incurred by us in connection with your contract. You must also in that case repay to us the advance (and return any other property received by you) within that ten working day period; or
  • After ten working days from the date that we disclose a copy of this loan agreement to you, you will be required to pay interest for the period from the day you received the advance until the day you repaid the advance, [and fees and expenses to the extent allowed by the law]. You must also in that case repay to us the advance (and return any other property received by you) within [five] working days from the date you give written notice to us (as below) of your intention to cancel the contract.

For the purpose of calculating the number of working days in a period Saturdays, Sundays, the period between 25 December and 2 January, and national public holidays are not counted as working days.

If you pay the unpaid balance in full before the final payment is due (full prepayment), you may be required to pay a fee or charge to compensate us for any loss resulting from the full prepayment. The amount you may have to pay to compensate the creditor for the loss is calculated using the formula prescribed in regulation 9 of the Credit Contracts and Consumer Finance Regulations 2004.
This can be found by following this link: http://www.legislation.govt.nz/regulation/public/2004/0240/latest/DLM277773.html

You may also have to pay our administrative costs of $75.00 for processing the full prepayment.

 

How to cancel: To cancel, you must give the Creditor written notice that you intend to cancel the contract by:

  • giving notice to the Creditor or an employee or agent of the Creditor; or
  • posting the notice to the Creditor or an agent of the Creditor; or
  • emailing the notice to the Creditor’s e-mail address; or
  • sending the notice to the Creditor’s fax number.

We will then let you know what the settlement amount will be.

You can also make a partial early repayment at any time during the term of your contract, with no additional early repayment fee or cost resulting from that payment.

Brokered Loans

Right to Cancel (early repayment)

Please contact the External Lender you are under a loan agreement with, for information on their Cancellation Rights.