Harmoney review

Harmoney is one of the biggest names in lending in New Zealand, but can they provide the right finance option for you? We assess its fees, features, and more.

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Updated 12 December 2023

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The breakdown

  • Harmoney provides both secured and unsecured personal loans that can be used for a wide range of uses, from car purchases to home improvements and debt consolidation.
  • The lender’s top-up feature lets existing lenders borrow more, as long as they have made steady repayments to date.
  • Harmoney does have an establishment fee of $150, which we don’t love. But it doesn’t charge ongoing account fees or early repayment fees and it is also transparent with the fees it does charge.
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    Key loan details

    • Interest rate: 9.89% – 24.99% p.a.
    • Minimum loan amount: $2,000
    • Available terms: 3, 5 or 7 years
    • Secured or unsecured: Both
    • Maximum loan amount: $70,000
    • Establishment fee: $150

    Author: Kevin McHugh, Head of Publishing at Banked.

    About Harmoney

    Harmoney offers secured and unsecured personal loans for a variety of uses and operates across New Zealand and Australia. The company was founded in 2013 and is headquartered in Auckland.

    The lender was a pioneer of peer-to-peer lending in New Zealand, but withdrew that service in 2020. It now either funds loans directly or through institutional investors.

    Harmoney is registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and is a member of the Financial Services Complaints Limited dispute resolution scheme.

    Loans available from Harmoney

    Harmoney offers personal loans for many purposes, but they all have the same loan terms, interest rates and fees.

    Debt consolidation loans

    A debt consolidation loan may help you get your finances under control by replacing different sources of debt with one loan and one repayment schedule.

    Whether you have credit card debt, another personal loan, car finance or another form of debt, a debt consolidation loan could help you simplify your finances.

    However, if you are in debt, think carefully about the pros and cons of a debt consolidation loan before applying. Our comprehensive guide to debt consolidation loans has more information on debt consolidation loans, including possible alternatives.

    Car loans

    If you’re looking for a car loan, Harmoney’s terms and loan features might work for you.

    Harmoney provides both secured and unsecured car loans. Unsecured loans are more straightforward to arrange and your vehicle will not be used as collateral. However, the lender’s secured loan involves a lower interest rate as the vehicle can be used as collateral, making it lower risk for Harmoney.

    While a secured loan will result in a lower interest rest, we liked the fact that there was an unsecured option for car finance.

    Home improvement loans

    Harmoney can help you if you want to renovate your property or make smaller improvements but don’t have the funds available right now.

    There are no restrictions on what a home improvement loan can be used for. As long as you meet the standard eligibility criteria (see further down the page), you can use this loan for any home improvements.

    Wedding loans

    A wedding can be one of the most expensive outlays someone can have during their lifetime. If you and your partner have something special in mind it’s a financially sound decision for you, Harmoney might be able to provide funding.

    If you are able to pay your loan back earlier than expected, you won’t be charged an early repayment fee.

    Business loans

    Harmoney offers loans that can help you improve cash flow at a time when you might need some extra liquidity.

    Note: As a form of personal loan, Harmoney business loans must be taken out in your name, rather than that of your business.

    Holiday loans

    A holiday loan can be used to pay for a trip if you don’t have the money available right now.

    A holiday loan can be used to pay for all aspects of a holiday, from flights to accommodation and insurance. You may also have the option to top up your loan if you need a little more, but remember that it’s good practice not to borrow more than you need.


    Pricing and fees

    We break down the fees you can expect from a Harmoney loan. You may never be asked to pay some of these fees, but it’s important to be aware of what charges can apply and when.

    • Establishment fee: All loans involve an establishment fee of $150. Not all lenders charge an establishment fee (such as ANZ) and we would prefer it if Harmoney dropped this fee.
    • Dishonour fee: The lender charges a $15 fee if you attempt to make a repayment but you don’t have the funds in your account to cover it.
    • Overdue fee: If you don’t make a repayment on time, Harmoney will charge you $20. This fee will be charged on each of 6, 36, 66, 96 and 120 days after the repayment date, meaning you can be charged multiple times if your account remains in arrears.

    Harmoney doesn’t charge early repayment fees for those who can pay off their loan early, which is a major plus for us. 

    Learn more about Harmoney’s fees on its website.

    Key features of a Harmoney loan


    These are some key features of a Harmoney loan you should factor in when deciding if it’s the right choice for you.

    Top-up feature

    Harmoney’s top-up feature allows you to refinance your loan and borrow more if you need it. This is a nice feature that not all lenders provide,

    A top-up is only available to customers who have maintained a record of making repayments on time and have made at least 6 consecutive repayments on their existing loan. You must also have paid off at least $5,000 of your loan to date.

    The same eligibility factors against which you were assessed when you first took out the loan will also be taken into consideration.

    You will also be charged another establishment fee of $150 if your top-up is approved.

    Harmoney is well regulated

    Harmoney is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

    If you had a complaint against the lender and you were not able to resolve it with the lender directly, you could take it to the independent dispute resolution scheme of which it is a part — Financial Services Complaints Limited (FSCL).

    The FSCL can work with those who feel they have been wronged by a lender and the service is completely free,

    Available online and over the phone

    Harmoney has a service by which customers can apply for and manage their loan and repayments entirely online. This can make the process more simple and more streamlined.

    The lender also has an online chat feature through which customers can speak to service representatives.

    For those who prefer to discuss topics regarding their loan directly with a person, Harmoney’s customer service team is also available by phone. The customer service team is available on 0800 427 666 from 9 am to 6 pm, 7 days a week.

    As more lenders focus on their online service, we’re glad to see that Harmoney continues to support those who are more comfortable talking with a representative. The fact that its phone line is open every day of the week is another plus that we appreciate.

    Eligibility requirements

    Required criteria

    These are the eligibility criteria you must meet in order to apply and be considered for a Harmoney loan:

    • Age: You must be 18 years or older.
    • Status: You must be either a permanent resident or a New Zealand citizen.
    • Income: You must be earning a stable income for at least the last 3 months. This will need to be verified by your bank statements.
    • Identification: You must have either a New Zealand driver’s licence or a New Zealand passport.
    • Credit history: You must have a clear credit history with no active defaults.

    Unfortunately, Harmoney does not offer loans to those who are in New Zealand on a working visa. Check out our guide for loans for work visa holders for a list of those lenders that do.

    Pros and cons of a Harmoney loan

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    • While it offers a 100% online service, its customer service team is also available over the phone.
    • Its top-up feature may let you add to your loan if needed.
    • Loans are usually funded within 24 hours of a successful application.


    • Although fairly standard, it does charge a loan establishment fee of $150.
    • As an independent lender, Harmoney can’t offer as much choice as a broker that has access to a network of lenders.


    Harmoney is a well-established lender in New Zealand and the fact that it offers both secured and unsecured loans for a variety of purposes means it can cater to most people.

    The lender offers very competitive interest rates, but that is countered somewhat by the fact that it charges an establishment fee for all loans it finances. This is not uncommon and, depending on the rate you get, it may be well worth it. But it’s still important to factor into any decision.

    We liked Harmoney’s easy-to-navigate website and its transparency over the fees it charges and under what circumstances is very welcome. Its seven-days-a-week customer service line is another big plus as far as we’re concerned.

    Overall, we think Harmoney is a strong option, and we would include them in a list of lenders to talk to for those looking for finance.

    Picture of Kevin McHugh

    Kevin McHugh

    Kevin is the founder and Head of Publishing at Banked. With years of experience working in personal finance, insurance, and related areas, Kevin created Banked to help Kiwis make better financial decisions.