How Payment Waiver works
You can choose to add Payment Waiver for an optional layer of protection when you take out your loan. If you’re struck by an unexpected life event that’s covered by your policy and your claim is approved, we’ll waive your loan repayments (within agreed limits).
If taken, your loan repayments include the cost of Payment Waiver and you’re covered for the full term of your loan.
If you choose to cancel Payment Waiver we’ll need to refinance your loan.
If the loan is repaid early, you won’t need to pay the full remaining cost of Payment Waiver but an early repayment fee will apply.
See Interest rates and fees for more information.
What Payment Waiver can help with
Insurance shortfall
If your vehicle is written off, insurance shortfall is the difference between your insurance payout and the amount you owe MTF Finance on the same vehicle.
If your Payment Waiver level includes insurance shortfall, we’ll waive the payment of that difference up to $10,000.
Redundancy
If you’re made redundant from permanent employment (a minimum of 20 hours per week) we’ll waive your loan payments while you look for a new job. You’re covered up to $10,000, for 180 days, or until the loan is repaid fully – whichever comes first.
Bankruptcy
If you’re self-employed, and the New Zealand High Court declares you bankrupt, we’ll waive your loan payments up to $10,000, or until the loan is repaid fully – whichever comes first.
Disablement
If you are prevented from working because of a disablement event to you or your dependant*, we’ll waive your loan payments up to $200,000, until the loan is repaid fully, or you’re no longer disabled – whichever happens first.
Terminal illness
If you have a terminal illness or accidental injury before you turn 70 and you’re likely to die within six months or you need to stop work to care for a dependant* who is in the same situation, we’ll waive your loan payments in full up to $200,000.
Death
If you die before you turn 70, we’ll waive your loan payments in full up to $200,000.
*For loans created after 1 December 2020.
Payment Waiver levels
We offer seven levels of Payment Waiver, tailored to your individual needs.
|
Level of Payment Waiver |
Events covered |
|---|---|
| Level of Payment Waiver Platinum |
Events covered
insurance shortfall terminal illness disablement redundancy death |
| Level of Payment Waiver Gold |
Events covered
terminal illness disablement redundancy death |
| Level of Payment Waiver Silver Plus |
Events covered
insurance shortfall terminal illness disablement bankruptcy death |
| Level of Payment Waiver Silver |
Events covered
terminal illness disablement bankruptcy death |
| Level of Payment Waiver Bronze Plus |
Events covered
insurance shortfall death |
| Level of Payment Waiver Bronze | Events covered death |
| Level of Payment Waiver Jade | Events covered insurance shortfall |
Read Payment Waiver – Summary of Terms for more information about exclusions and stand down period.
Make a Payment Waiver claim
Call our friendly support team on 03 378 3425 or email [email protected] to make a claim.
