ZIP – Own it now, pay later

Zip Money is a reusable account that lets you buy now and pay later. Shop online and instore up to your account limit, then set flexible repayments to suit your lifestyle. There’s no deposit and every purchase comes with it’s own interest free period.

Apply and get a decision in minutes. Once approved, start shopping online and instore, anywhere you see Zip at checkout. That’s it – the items are all yours, with nothing to pay today. Simply pay over time with great interest free terms on every purchase.

Repayments start from just $40 a month and are based on your account’s credit limit. Simply choose from weekly, fortnightly or monthly, and pay any amount you like as long as you meet the monthly minimum for your account(outlined in your contract).

Every Zip Money purchase comes with an interest free period. Pay off your purchase within this period and you won’t pay any interest. After this period, a standard interest rate of 19.9% will apply to any remaining balance.

You can also make additional payments at any time, and there are no penalties for paying off your purchase early. Finally, if there’s nothing owing on your account, there’s nothing to pay and no fees. Your account simply remains active until you’re ready to make a purchase.

To be eligible to apply for a Zip Money account, you need to:

• Be an Australian citizen or permanent resident
• Be at least 18 years of age
• Be employed in some capacity, earning more than $300 per week
• Have not declared bankruptcy or insolvency

We’ll then apply our lending criteria to each application.

Every Zip Money purchase comes with a minimum of 3 month interest free period with some retailers offering up to 50 months interest free. After the interest free period, a standard interest rate of 19.9% p.a. applies.

There may be a one-off set-up fee depending on your account limit, which we’ll add this to your balance so there’s nothing to pay upfront. There’s a $6.00 monthly account fee, which is waived if your closing balance is paid by the due date. No balance no fee.

Finally, we may charge a $15 late payment fee if you don’t meet the monthly minimum, and a $5 bank dishonour fee if your scheduled payment was rejected or dishonoured by your bank. That’s it.

Start by speaking to the retailer – if they agree, they will process the refunded amount which will appear back in your Zip account. If a refund puts your Zip account in credit, you can contact us to have the amount refunded to your bank account instead. Or, simply use it for your next purchase.