Continue your simulation with the Harmoney repayment calculator and estimate your personalised loan repayments in Australia or New Zealand.
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To run the simulation, first choose an amount on the previous page.
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Select a loan term to continue.
Result of your simulation
Estimated monthly loan payment
—
for months
Total to repay
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loan amount + interest
Total interest
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interest rate of per month
Monthly payments are calculated as equal fixed amounts, based on the chosen amount, the loan term and an illustrative interest rate. The values are for guidance only.
Illustrative amounts and interest rates. This is not a loan offer or credit approval.
Choose another amountHarmoney prices each loan individually, so a repayment calculator is useful only when you test realistic rates and include the establishment fee. In this guide you will learn how to estimate repayments in both countries, how the fee changes the result, how the three standard terms compare and how to use extra repayments to reduce the total cost.
Direct answer: enter the amount, choose a term of three, five or seven years and test a rate within the published range. For A$20,000 over five years at 9.99%, the repayment is about A$425 a month. Adding the A$575 establishment fee to the loan raises it to about A$437, with total interest over the term of roughly A$5,650.
At the time of writing, Harmoney published Australian rates of about 5.76% to 24.03% and New Zealand rates of about 7.99% to 24.99%. Establishment fees were A$275 or A$575 in Australia, depending on the amount, and NZ$150 in New Zealand. Your personalised rate appears after you check your rate online, which does not affect your credit score.
A common mistake is to compare a Harmoney estimate with a bank loan without including fees on both sides. In Australia, the comparison rate already includes standard fees, so it is the better number to use. In New Zealand, add the establishment fee to the total cost manually before comparing offers from different lenders.
Next, you will see a table comparing terms, the effect of the establishment fee, a New Zealand example, how the rate band changes the repayment, how extra repayments shorten the loan, a checklist for using the calculator and the questions borrowers ask most often. Have the amount you need and your budget for repayments ready before you start.
Comparing the three terms
The table keeps A$20,000 at 9.99% and changes only the term. It shows the familiar trade-off between a comfortable repayment and the total interest paid over the life of the loan.
| Term | Monthly repayment | Total interest |
|---|---|---|
| 3 years | about A$645 | about A$3,230 |
| 5 years | about A$425 | about A$5,490 |
| 7 years | about A$332 | about A$7,880 |
Moving from three to seven years lowers the repayment by about A$313 but more than doubles the interest. Because Harmoney states that it does not charge early repayment fees, choosing a middle term and paying extra when you can is a practical compromise.
The effect of the establishment fee
When the fee is added to the loan, you pay interest on it for the whole term. On A$20,000 over five years at 9.99%, adding A$575 raises the repayment from about A$425 to about A$437 and the total interest from about A$5,490 to about A$5,650. Including the fee itself, the extra cost is about A$730.
| Scenario | Balance | Monthly repayment | Interest |
|---|---|---|---|
| No establishment fee | A$20,000 | about A$425 | about A$5,490 |
| A$575 fee added | A$20,575 | about A$437 | about A$5,650 |
A New Zealand example
In New Zealand, a NZ$10,000 loan at 11.99% over three years costs about NZ$332 a month, and over five years about NZ$222. Adding the NZ$150 establishment fee to the five-year loan lifts the repayment to about NZ$226. The smaller fee has a modest effect, but it should still be included in comparisons.
How the rate band changes the repayment
| Rate on A$20,000 over 5 years | Monthly repayment | Total interest |
|---|---|---|
| 9.99% | about A$425 | about A$5,490 |
| 16.99% | about A$497 | about A$9,820 |
A seven-point difference in rate adds about A$72 a month and more than A$4,300 over five years. Because the rate depends on your credit profile, improving it before applying can save more than any choice of term.
The formula behind the calculator
Repayments follow P·r/(1−(1+r)^−n), where P is the balance including any financed fee, r is the annual rate divided by twelve and n is the number of months. For A$20,575 at 9.99% over 60 months, r is about 0.00833 and the repayment is close to A$437, matching the table above.
Extra repayments
Extra repayments reduce the balance faster, so less interest accrues. Even small amounts help: paying an extra A$50 a month on a five-year loan can shorten it by several months and save hundreds of dollars. Because no early repayment fee applies at the time of writing, extra repayments are a simple way to lower the cost.
Extra repayments in numbers
On A$20,000 over five years at 9.99%, adding A$50 to each monthly repayment shortens the loan by several months and reduces total interest by several hundred dollars. Larger extra payments, such as a tax refund applied once a year, have an even bigger effect because they reduce the balance on which future interest is calculated.
- Small regular extras shorten the term steadily.
- Lump sums work best early in the loan.
- Check how extra payments are applied to the balance.
- Keep an emergency buffer before paying extra.
Weekly, fortnightly or monthly
Matching repayments to your pay cycle reduces the risk of missed payments. Paying fortnightly also reduces interest slightly, because the balance falls a little sooner. The effect is small compared with the rate and term, so choose the frequency for convenience first, then enjoy the minor saving as a bonus.
Comparing with a bank loan
Before accepting a Harmoney offer, request a quote from your own bank for the same amount and term. Compare the comparison rate in Australia, or the rate plus fees in New Zealand, and the total repayable. Also compare early repayment conditions, because no early repayment fee can be worth a lot if you plan to repay ahead of schedule.
Checklist for using the calculator
- Test a middle rate and a high rate, not only the lowest.
- Include the establishment fee for your country and amount.
- Compare three, five and seven years by total interest.
- Use the comparison rate in Australia when comparing lenders.
- Plan extra repayments if your budget allows.
Finally, keep a copy of each simulation. When your personalised offer arrives, compare it line by line with your estimate: rate, fee, repayment, term and total repayable. Any difference should have a clear explanation before you accept the loan.
Summary: a realistic Harmoney estimate
A Harmoney estimate is realistic when it uses a plausible rate, includes the establishment fee and compares terms by total cost.
- Rates are personalised within a published range.
- Fees differ between Australia and New Zealand.
- Financed fees add interest over the term.
- Longer terms cost much more in total.
- Extra repayments reduce interest.
Frequently asked questions
Is the calculator result an offer?
No, your personalised rate is shown after you check your rate and complete the assessment.
Can I pay the fee upfront?
Check the current options, because the fee is commonly added to the loan amount.
Are repayments weekly or monthly?
Several frequencies may be available, so choose the one that matches your pay cycle.
Does a longer term lower my rate?
Not necessarily, because the rate reflects your credit profile, while the term mainly changes the repayment and total interest.
Can I borrow more later?
Additional borrowing usually requires a new assessment, so plan the amount you need from the start.
What happens if I miss a repayment?
Late fees and a negative credit listing may follow, so contact the lender early if you expect difficulty paying.
Conclusion
The Harmoney repayment calculator gives useful estimates when you include the establishment fee, test realistic rates and compare terms by total interest. Check your personalised rate online, plan extra repayments where possible and confirm current rates and fees on the official Harmoney website for your country.