Step 1
10 second instant check
Check if you’re eligible by answering a few questions. You’ll get an instant result.
Step 2
Easy Online Application
If you’re eligible, you can complete our online application in under 5 minutes.
Step 3
Decisions in less than 60 minutes^
We’ll email you in less than 60 minutes with a decision. We’ll even pay your doctor directly so you don’t have to worry.
You can find out if you're eligible right now by answering five easy questions.
SEE IF YOU’RE ELIGIBLERepayment calculator
Calculator Information
The Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.Calculator Assumptions
Length of Month
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.Number of Weeks or Fortnights in a Year
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.Rounding of Amount of Each Repayment
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.Rounding of Time Saved
The time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.Amount of Interest Saved
This amount can only be approximated from the amount of time saved and based on the original loan details.Calculator Disclaimer
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
Feel free to use our Equipment Finance Calculator
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| Period | Payment | Interest | Balance |
|---|
$Monthly Repayment
$Fortnightly Repayment
Loan Approval Fee
$295
Monthly Administration Fee
$10
Total regular fees
$5760
Total fees
$6055
All applications for credit are subject to MediPay’s credit assessment criteria.
Terms, conditions, fees and charges apply.
Comparison Rate
For MediPay Payment Plan
For the purposes of this calculator, the interest rate used is 11.99% p.a. (comparison rate*: 13.51% p.a.) and is subject to change.
The interest rate applicable to your payment plan will depend on MediPay’s lending assessment of your application and starts from 11.99% p.a. (comparison rate*: 13.51% p.a.) and is subject to change.
This means the interest rate you're offered may differ from the interest rate shown and will depend on your personal circumstances. Because of this the final interest rate can only be determined once you submit an application.
*The comparison rate is based on a $30,000 unsecured loan for a four year term.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^Decision in 60 minute or less means: Conditional approval subject to suitability and receiving all required information. During normal NSW business hours.
Final approval subject to MediPay's lending criteria and supplying satisfactory supporting documents.
For MediPay Payment Plan
The repayment amount shown on this calculator includes the loan approval fee, interest and the monthly administration fee of $10.
The loan approval fee is a one off fee and is based on the loan amount approved and is determined as follows: $140 for loan amounts under $3,000; $295 for loan amounts from $3,000 to $4,999; $395 for loan amounts from $5,000 to $9,999; $495 for loan amounts from $10,000 to $14,999 and $595 for loan amounts of $15,000 and over.
The loan approval fee is added to your loan amount so that you do not have to pay this upfront.
For more important information about the interest rates and repayment amounts shown in this calculator, see the ‘Important Information’ section above.
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by MediPay. It does not take into account your personal or financial circumstances. To apply for a MediPay Payment Plan you must complete an application. All applications are subject to MediPay’s credit assessment criteria. Terms, conditions, fees and charges apply. MediPay will not store the information provided in this calculator. For more important information about the interest rates and repayment amounts shown in this calculator, see the ‘Important Information’ section above.
^Decision in 60 minute or less means: Conditional approval subject to suitability and receiving all required information. During normal NSW business hours. Final approval subject to MediPay's lending criteria and supplying satisfactory supporting documents.
