Payment Waiver

Choose Payment Waiver with your loan and you could get protection if you’re affected by redundancy, injury, illness or even death. Some exclusions apply.

How Payment Waiver Works

You can choose to add a 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.

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 an 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:

Platinum

Events covered: insurance shortfall, terminal illness, disablement, redundancy, death

Gold

Events covered: terminal illness, disablement, redundancy, death

Silver Plus

Events covered: insurance shortfall, terminal illness, disablement, bankruptcy, death

Silver

Events covered: terminal illness, disablement, bankruptcy, death

Bronze Plus

Events covered: insurance shortfall, death

Bronze

Events covered: death

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 paymentwaiver@mtf.co.nz to make a claim.