How it works

Borrower FAQs

Income FAQ

What is my ‘income’?
‘Income’ refers to the funds that go into your bank account on a regular basis. Your income will usually come from your salary, wage, rental income, or benefit.

Why is my regular income not showing on my bank statement?
If you can’t find your regular income here, you may have logged into the wrong account. Try adding all the bank accounts you use. Click “Add bank” in the Monthly Income Summary at the bottom of the page.

Can I add more than one bank account?
Yes, you can. If you receive income in separate accounts, you should add each one. Click “Add bank” in the Monthly Income Summary at the bottom of the page.

Should I include changes to my partner’s income?
No, just include expected changes to your own income.

Bank Connect FAQS

Why should I let you to view online bank statements?
Because the process is quick, convenient, and secure.

With a clear and current picture of your finances we can estimate your income right now, while you wait. The process takes only a few minutes and helps us assess a loan amount and an interest rate that are personalised to your circumstances, rather than one size fits all. Doing this via a secure online environment means you don't have to spend time finding and uploading up-to-date bank information for us to refer to.

How do you access my bank statements?
Our secure, bank-grade technology takes a read-only copy of your bank statements. This means we can view the account information to estimate your income, but cannot make any changes to personal details and cannot make any transactions.

How do I know this service is secure?
Our bank grade technology means your bank user ID and password are instantly encrypted making them unusable by any unauthorised person.

Expenses FAQ

What are ‘expenses’?
Your expenses are the things you need to pay to keep a normal standard of living, including the cost of food, housing, transport, clothing, school fees, medical care, etc.

What’s the difference between a debt (liability) and an expense?
An expense can be a one-off payment (e.g. buying a TV) or an ongoing expense, like paying for your groceries or utility bill.

On the other hand, a liability is an obligation; a TV purchase becomes a liability if you buy it on your credit card. Until you’ve completely paid off that debt, you have a duty to keep repaying the money you owe.

My partner and I split our expenses, but I’m doing the application alone. Do I enter my share, or the total amount we pay together?
Enter the total amount of expenses you pay together, not just your share.

Assets FAQ

What is an asset?
An asset is anything valuable you own that can be converted into cash. Common assets include:

  • Savings
  • Savings
  • Land
  • Equipment
  • Shares

I own a house with a mortgage. Is it still an asset?
Yes, your house is an asset. However, your mortgage is a debt (liability). If you’re paying a mortgage on your house, make sure you’ve included your mortgage repayments in your debts.

My partner and I have shared assets, but I’m doing this application alone. Do I enter the full value of our assets?
Yes please. Enter the total value of each asset you share with your partner, even if you’re applying individually.

Debts FAQ

What is a debt?
A debt, or liability, is an amount of money you owe. A debt can come in many forms, e.g. a mortgage, student loan, hire purchase, overdraft, or credit card debt.

Usually, you offer an asset as security for your debt. If you don’t make your repayments, your lender can seize these assets to recover what you owe. You should know that Harmoney will never ask you to secure a loan in this way.

Is rent a liability (debt)?
No, rent is an expense — like paying to rent a car. Once you return the car, there’s nothing more to pay.

What’s the difference between a liability (debt) and an expense?
An expense can be a one-off payment (e.g. buying a TV) or an ongoing expense, like paying for your groceries or utility bill.

On the other hand, a liability is an obligation; a TV purchase becomes a liability if you buy it on your credit card. Until you’ve completely paid off that debt, you have a duty to keep repaying the money you owe.

Does all my information need to be true and correct?
Yes. As a responsible lender, we need to make sure you can afford your loan repayments. To calculate this, we need accurate and up-to-date information about your debts, liabilities, and expenses.

How did you find these debts?
As a responsible lender, we look for debts in your “credit record”. Your credit record is a summary of your credit, debt, and repayment history provided by credit reporting agencies.

Sometimes, old debts show up here. That’s why we ask you to verify your debts.

You should be aware that you have a legal right to see your credit report, and ask for your information to be updated if it’s incorrect.

Can I change my answers once I’ve filled in the application form?
You can use our left hand navigation bar to go back and correct any mistakes you’ve made while you’re filling out your application.

But once your application is done, you won’t be able to go back to change your answers. If you need to correct some information after you’ve finished your application, you will need to withdraw your current application and update it.

However, our credit team may check up on any significant or material changes you make.

Where can I find my repayment amount, interest rate, and outstanding balance?
You can usually find these details on a recent statement from your lender. You can also check:

  • Your bank statements — if your payments are going out automatically, you’ll find the amount there.
  • Your loan contract — your contract paperwork will include the repayment you agreed to.
  • With your lender directly — by calling, emailing, or logging into their website.

What can I get a loan for?

You can get a loan for just about anything with Harmoney, as long as it’s a legal purpose.

Can I get a business loan through Harmoney?

You can apply for a loan under your personal name for business purposes. You will need to check with your financial advisor if this can be considered for tax purposes.

What is the minimum and maximum term I can borrow for?

Harmoney loans are available for a term of either three or five years.

What happens if my loan listing does not get fully funded?

If your loan is not fully funded within 14 days, your loan listing will be removed from the marketplace. We will then contact you with your options, which may include withdrawing your listing completely, or relisting the loan for the same or a lesser amount.

Can I make repayments early?

Yes, you can make early repayments, or even pay off the entirety of your loan early without charge. Interest is accrued on your loan daily, based on the outstanding balance; therefore paying your loan in advance means you will incur less interest.

How do I pay off my loan early?

If you wish to pay off your loan early, you can do so by going into your dashboard and requesting a prepayment quote. We'll send you a quote via email, and if you accept that quote you can then make a manual payment into our bank account. Please ensure that you include your loan identification number as a reference whenever making payments directly. You can find your loan identification number by logging into your borrower dashboard.

I have a poor repayment history, can I get a loan at Harmoney?

If you have a poor repayment history, you may be less likely to be approved for a loan through Harmoney.

While having a poor repayment history may decrease the chances of your loan being approved, it may not automatically disqualify you. Every loan application at Harmoney is individually assessed on a broad range of factors that are not limited to repayment history. Please note, however, that Harmoney does not accept applications from individuals with past insolvencies or bankruptcies.

It is important to understand that Harmoney sets loan interest rates according to an assessment of your statistical likelihood of defaulting on a loan. Applicants with poor repayment histories are generally considered to be at greater risk of default. As such, successful applicants with poor repayment histories are more likely to be assigned to higher risk grades and therefore have higher interest rates.

Can I get a quote before I apply?

Because Harmoney bases its rates on a thorough assessment of your credit history, we do need some personal details from you before we are able to give you an accurate quote. It’s best to go through our quick and easy loan application process and see what options we’re able to offer you – you will be shown your options before you agree to submit a loan listing to Harmoney’s marketplace, and you are under no obligation to accept any of the quotes if they don’t work for you.

How is my loan application assessed?

All loan applications undergo a thorough assessment to discern the applicant's creditworthiness.
 While we cannot disclose the full detail of the assessment process, it includes factors such as an assessment of income and financial records to determine your ability to meet monthly payments; any previous failure to meet financial commitments; consistency between the information provided and that recovered from background checks; and checks for credit history issues including prior defaults or insolvencies. Harmoney then uses the result of this assessment to determine whether your loan application will be successful, and if so, which credit grade and interest rate will apply.

If you believe that there has been an error in your loan application assessment, please contact our support team at customerservice@harmoney.com.au, or call us on 1300 042 766.

How does the identity verification work?

Harmoney takes privacy and financial security seriously. We don't think you'd like it if someone else were to apply for a loan under your name, so we have a regimented process to protect against identity theft.

As part of your loan application, we'll verify your identity by asking you to enter the details of a government issued photo ID form. In most circumstances this is a drivers licence or passport. In some circumstances we may also ask you to upload photos of you to ensure that the two pictures are of the same person. It might sound a little daunting, but it's a quick and easy process that has a very important role in your application.

Can I change the amount I want to borrow?

When Harmoney considers your loan application, we take time to assess your full financial situation and, if approved, you'll be offered a loan amount that will either be the same as, or less than the amount you initially applied for. You get to choose the amount that works for you before accepting the loan. If you wish to change the amount after your loan listing has gone to the marketplace, you can withdraw it at any time and re-list another amount, up to the maximum you have been approved for.

Why was my loan application declined?

Your loan application may have been declined for a number of reasons.

We adhere to a strict Credit Policy that assesses borrowers' ability to pay back their loans. On behalf of investors, we review a number of factors in your application that collectively build a picture of your statistical likelihood of default. While we cannot disclose the full detail of those checks, they include factors such as your ability to meet monthly payments based on an assessment of your income; any previous failure to meet financial commitments; inconsistencies between the information provided and that recovered from background checks; and credit history issues including prior defaults or insolvencies.

If you believe that you may have been declined in error, that none of these factors apply in your case, and that you have income capacity to ensure the loan is affordable, please contact our support team at customerservice@harmoney.com.au.

Why was I not approved for the amount I requested?

Harmoney needs to ensure that you do not sign up for a loan that is unaffordable. It’s important to us that you don’t get into a position where you struggle to meet your monthly repayments. If you haven’t been approved for the full amount that you applied for, it is likely because our assessment of your financial records suggests that a loan of your requested size will not be affordable for you at the applicable interest rate.

What is the eligibility criteria for a Harmoney loan?

To be eligible to apply for a loan through Harmoney:

  • you must be a natural person (that is, not a company, partnership, incorporated society, trust, or other legal entity);
  • you must be an Australian citizen or permanent resident or New Zealand citizen with a valid Australian driver licence or valid Australian passport;
  • you must be 18 years of age or older when you register; and
  • you must have an acceptable credit record, as determined by Harmoney at its discretion.

Applicants with past insolvencies or bankruptcies will not be considered for loans.

If I don't live in Australia can I become a borrower?

No. In order to apply for a loan through Harmoney, you must be an Australian citizen or permanent resident or a New Zealand Zealand citizen, currently living in Australia. Harmoney will verify this by comparing the information you provide in your application against government databases, such as the Motor Registry departments in each state or territory (in respect of your drivers licence) or the Department of Foreign Affairs and Trade (in respect of your passport) to validate identification.

How does Harmoney verify my information?

Harmoney verifies your information by accessing, with your permission, the following:

  • Your bank account records to verify income and expenses;
  • Consumer credit bureaux to assess your previous credit history;
  • Motor Registry departments in each state or territory (in respect of your drivers licence) or the Department of Foreign Affairs and Trade (in respect of your passport) to validate identification.

Harmoney will never use any third party services to validate information about you without your permission.

Can I make one off repayments?

Yes, you can make one off repayments at any time by manually transferring funds via BPay into yourHarmoney Loan account. Please ensure that you include your loan identification number as a reference whenever making payments directly. You can find your loan identification number by logging into your borrower dashboard.

Do I need to provide my bank statements?

In order to finalise our credit assessment we need to review your recent bank transaction history. To process your application quickly we obtain your transaction history from your bank electronically through our trusted partner Credit Sense.
Why do we use Credit Sense?

  • Fast application process
  • 100% Australian owned and operated company
  • Used by leading Australian lenders
  • Subject to and complies with all Australian laws

How do you access my bank statement transactions?

You have two options, either to upload statements manually or to use Credit Sense. If you use Credit Sense, you will be asked to enter your internet banking credentials as part of the application process so we can retrieve your bank statements. Through Credit Sense we are granted read only access your recent transaction history from your internet banking.

How do I know that my internet banking will remain secure?

We don’t store your internet banking credentials. Your credentials are encrypted by Credit Sense when you enter them, passed to your bank to gain access to your transaction history and then permanently deleted. If you need to use Credit Sense again, you will need to re-enter your internet banking credentials. To learn more about the Credit Sense service please visit Credit Sense's website.

What information do I need to apply for a loan?

To complete your quick and easy loan application, you'll need to provide your name, address and employment details, as well as a valid Australian driver licence or a valid Australian or New Zealand passport.

The application includes a step designed to protect you from identity theft by verifying your identity. We'll also need to have a look at your banking records in order to ensure your loan is affordable. You'll need to have access to online banking, or the ability to upload banking records to complete this section.

How much are the fees?

Harmoney charges an up front, one-off Platform fee (establishment fee) to borrowers of $500, added to the loan amount requested and paid to Harmoney on settlement of the loan. If your loan is not successfully funded, you will not be required to pay an Platform Fee. Top Ups are also subject to a Platform Fee of $500. Read more about Harmoney’s interest rates and fees.

What happens once my application has been approved?

Once your application has been approved and your details are verified, your loan will go live on the Harmoney marketplace for funding. Your loan will be settled as soon as it is funded. Most loans are funded within 24hrs and you will be advised by text and email once your loan is fully funded or you can view the status of the funding process on your dashboard.

You will then receive the funds within 1-3 business days after it is fully funded.

(Loans remain on the marketplace until they are fully funded, up to a maximum of 14 days.)

What is the minimum and maximum amount I can borrow?

The minimum loan amount is $5,000, while the maximum is $70,000 (the Platform Fee which Harmoney charges is additional to this maximum). The particular amount that you can borrow will be dependent upon your credit history and the maximum monthly payment that our assessment determines you can afford.

I'm struggling to meet repayments - what are my options?

If you're experiencing financial hardship or a major life event that is affecting your ability to meet your repayment obligations, you might be able to have your case reviewed for Unforeseen Financial Hardship.

Can I withdraw my loan listing?

Yes. You can withdraw your loan from the marketplace at any time prior to it being fully funded by logging into your account. If you withdraw your loan before it is fully funded, you will not be charged any fees. But if you decide to cancel the loan once fully funded by Lenders, you will have to return the funds received funds by you from us via BPay within 7 business days to avoid paying interest from the date you received funds to the date you return the funds. 

Do the people investing in my loan know who I am?

No. Lenders will only have access to demographic information about you and a summary of your credit history. Only Harmoney and its associated service providers will have access to personally identifiable details about you.

Can I have both a borrower and lender account?

Yes you can, but we advise against it. If you do wish to be a Borrower and Lender, please note that you may only have one Harmoney account per email address and will not be able to use the same address for both accounts.

What happens if I make a late repayment?

Harmoney has a proactive collections management process that is strongly structured and regimented. You will receive a reminder in the days leading up to your payment due date, either in the form of a text, email or phone call. If your payment is not made by its due date, we will actively contact you.

You do not have to pay any additional default interest charges in the event of a default in payment (but you must continue to pay ordinary interest on the outstanding amount of the Loan). Dishonoured or overdue payments are subject to fees, specified in detail on our fees and interest rates page.

If you know in advance that you will be unable to make a repayment on its due date, contact us immediately. We may be able to enter into a payment arrangement with you.

What happens if I default on my loan?

If your account goes into arrears, we will make contact with you and request for the outstanding payments to be made. If you consistently fail to make repayments on your loan, and our requests are not responded to,your account will be referred to a debt collection agency.

We may also after giving you notice as required under the law, place a defualt listing on your personal credit information file with Credit reporting bodies. If we have to take legal action to recover the loan, costs of enforcement will be payable by you.

Can I choose or change the repayment day for my loan?

Your monthly payment will be on the same day each month, based on the date of the initial loan advance. If you are having difficulty paying your loan, contact us immediately on 1300 042 766.

What if my circumstances change and I can't service my loan?

As a responsible lender, we can work with you in times of financial hardship. You can find more information here, or you can call us on 1300 042 766 for more information.