Payment Waiver
Protect you and your family when the unexpected happens
How it works
Payment Waiver is an optional product you can purchase at the time you take out a loan. It is included in your repayments and will clear the balance of your loan depending on the level of covered events you choose.
We offer a range of protection levels that cover different life events:
Death
If you die we’ll waive the remainder of your loan payments up to a maximum amount of $100,000.
Terminal Illness
If you are diagnosed with a terminal illness we’ll waive the remainder of your loan payments up to a maximum amount of $100,000.
Incapacity
If you are unable to work as a result of an illness or injury, we’ll waive your loan payments up to a maximum amount of $100,000 until your loan ends or you are no longer incapacitated, whichever comes first.
Carer
If you become a carer to an immediate family member, we’ll waive your loan payments up to a maximum amount of $100,000 until your loan ends, or you are no longer a carer, or you have been a carer for more than 185 days, whichever comes first.
Redundancy
If you are made redundant we’ll waive your loan repayments up to a maximum amount of $100,000 until you return to full time employment, after one year or until your loan ends, whichever comes first.
Business Interruption
If you are self-employed and your business is interrupted for more than 28 days in a row, we’ll waive your loan repayments uWp to a maximum amount of $100,000 until your business interruption has ended, after 185 days, or until your loan ends, whichever comes first.
Insurance Shortfall
If your vehicle or asset is written off and the insurance payout is less than your loan payout, we’ll waive the difference up to a maximum amount of $10,000.
All you need to do is choose the right level of cover for you:
For full details, definitions and exclusions please refer to our terms and conditions.
If you wish to enquire about this product contact us on 0800 88 44 66 or email paymentwaiver@oxf.co.nz.
How to make a claim
Please complete the appropriate form(s) and email to paymentwaiver@oxf.co.nz.