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.