If you want to cancel a financed insurance policy, please contact your insurance provider directly.

In some instances where you have financed your insurance policy in your loan contract, you may be due a refund for a portion of your policy’s premium. This refund will generally be applied to the remaining balance on your loan. However, if you’ve completed your loan you may be due a refund directly. Please see the below table for clarification:

Consumer

(Consumer Loan)

Insurance Type

Active loan

Finalised loan (only applicable if the loan is finalised before the term date)

Consumer Credit Insurance / Loan Protection Insurance

Your refund is credited to the remaining principal balance

Your refund has already been deducted off the quoted payout figure

Guaranteed Asset Protection (GAP) or any other insurances

Your refund is credited to the remaining principal balance

Direct refund to the bank account on file otherwise a cheque payment will be issued


Commercial

(Chattel Mortgage, Finance Lease, Novated Lease, Commercial Hire Purchase)

Insurance Type

Active loan

Finalised loan (only applicable if the loan is finalised before the term date)

Consumer Credit Insurance / Loan Protection Insurance

Applied to payment history as a regular payment

Direct refund to the bank account on file otherwise a cheque payment will be issued

Guaranteed Asset Protection (GAP) or any other insurances

Applied to payment history as a regular payment

Direct refund to the bank account on file otherwise a cheque payment will be issued

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