Payment protection for your loan

When you take out new lending with MTF Finance, you can choose to include “Payment Waiver”. This means that if the unexpected happens, we can cover your payments for you while you get back on your feet.

Think of it as a bit like insurance: you don’t expect the cat to knock a full cup of coffee onto your laptop, but it’s great to have peace of mind for when that happens!

We have seven different Payment Waiver plans available, and each plan provides cover for different events. You can view the full list of plans here.

Before we get into the ways that Payment Waiver can help, it’s important to know that this option does come with some conditions - payment assistance is available up to capped maximum amounts, and there are some situations where Payment Waiver will not apply. We have kept the list of exclusions as short and as fair as possible. Our team will talk you through these while you are setting up your new loan.

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Protect yourself from unforeseen events with Payment Waiver.

What events can Payment Waiver cover?

  1. Insurance shortfall
    In simple terms, an insurance shortfall happens when your vehicle gets written off, and the amount your insurance company pays out is less than the amount you still owe on your vehicle repayments. You can avoid that nightmare situation with this Payment Waiver option – we’ll cover the difference, so you are not out of pocket as well as not having a vehicle!

  2. Redundancy
    Our redundancy Payment Waiver is designed to help you out if you are made redundant from a permanent job where you are working at least 20 hours per week. We will cover you for up to $10,000, or 180 days - whichever comes first – this means you don’t need to worry about your repayments while you find a new job.

  3. Bankruptcy
    If you are self-employed and are declared bankrupt by the New Zealand High Court, we will waive your loan payments up to $10,000 or until the loan is repaid fully - whichever comes first.

  4. Disablement
    An injury that stops you from working can have a huge impact on your life, as the stress of being injured combines with the stress of worrying about your financial obligations. Payment Waiver for disablement means that if you receive an injury that stops you working, 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.

  5. Terminal Illness
    If you have a terminal illness or accidental injury before you turn 70, and are likely to pass away within six months, we’ll waive your loan payments in full, up to $200,000. This would enable you to enjoy spending your remaining time with loved ones, instead of worrying about your repayments.

  6. Death
    If you pass away before you turn 70, this protects your family from the stress of taking on your outstanding loan balance. If you have this protection in place, we will waive your loan payments in full, up to $200,000.


Payment Waiver is, of course, optional, and the cost is included in your repayments, for the full term of your loan.

If you pay off your loan early, you won’t need to pay the full remaining cost of Payment Waiver, but as with all early repayments, an early repayment fee will apply.

Customer Story

MTF Finance customer Will* was involved in a motor vehicle accident in early 2019 and suffered a back injury, which meant he was no longer able to work. He lodged a Payment Waiver request, which covered his repayments until he was cleared to return to work in April that year. Unfortunately, by the time Will was ready to get back to work, his employer had restructured the company and Will was made redundant from his position.

Because Will had chosen a Payment Waiver plan that included both disablement and redundancy, he was able to apply for redundancy relief, which has covered his repayments while he looks for a new job. This has saved a lot of stress for Will, as he was struggling to afford his everyday expenses and wouldn’t have been able to make his car payments.

Hardship assistance: support for existing customers

If you are an existing MTF Finance customer and don’t have Payment Waiver when something unexpected happens, help is available if you find yourself struggling with your loan repayments as a result of an unexpected event.

In New Zealand we’re lucky to have a wide range of financial support available; you could be eligible for a WINZ Special Needs grant, or you might be able to make an early withdrawal from your KiwiSaver.

We’re also here to help, so please don’t be afraid or embarrassed to ask! We would much rather you come to us and let us know you’re in trouble, than for you to continue to struggle alone and get into an even worse position both financially and mentally.

You can ask us for a hand by making a hardship application. You can apply if you’ve been affected by something that you reasonably couldn’t have seen coming, and it impacts your ability to meet your repayments. This can include things like the death of a spouse, the end of a relationship, illness, injury, or loss of employment.

We might be able to:

  • Extend the term of your loan, and reduce your monthly repayments
  • Postpone or change your payment dates

When you get in touch, our team will ask for more information about what’s happened and let you know your options. We will always treat you with kindness and respect, and the details you give us will be kept confidential.

Like you, we hope the unexpected doesn’t happen - but if it does, we’re here to help you get through. If you’d like more information, just give one of our friendly team members a call.

*We respect customer privacy, and names have been changed for these examples.

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This means that duties and requirements imposed on people who give financial advice do not apply to this content. This includes a duty to comply with a code of conduct and a requirement to be licensed.