The interest rate each customer is approved to borrow at depends on their creditworthiness, as determined by the information provided to Harmoney as part of that customer's request for a quote (NZ only) or their loan application.
The information used to determine your personalised interest rate includes your credit history as well as your current income and expenditure.
As a responsible lender Harmoney wants to ensure that the loan terms you are offered will not put you at risk of hardship.
Once your rate has been determined, we cannot negotiate it further as it is based on the credit and financial information you provided us with. We also have an obligation to lenders to be consistent in how interest rates are determined, and not to make subjective changes to rates for individual loans.
However if your financial situation changes so too may the interest rate you are quoted. You may find if you apply again at a later date you may get a different interest rate.
If you proceed with your loan application at the rate offered, after six months of consistent repayments you may be eligible to Top Up your loan and may find you are offered a different interest rate at that point.