If you repay your loan in full before the end of your three or five-year term, without having any payments waived, the Payment Protect fee is rebated pro rata using a formula prescribed by the Credit Contracts and Consumer Finance Act (CCCFA):
Payment Protect refund = (p × s × ( s + 1)) ÷ ( t × (t + 1))
- "p" is the Payment Protect fee amount,
- "s" is the number of whole months in the unexpired portion of the period for which the plan applied,
- and "t" is the number of whole months for which the plan applied.
Please note: Payment Protect is only available to New Zealand customers.