Important Stuff

Payments & Ownership Explained

Who owns the goods?

You are entering into a rent to own arrangement, which allows you to use the goods while you are paying them off. 

Rent N’ Own will own the goods over the term of the contract, and you will become the owner  when you have paid all of the money owed.

How do I pay you?

Your weekly payment is to be made by a direct debit from your bank account  to us.  Payments are usually set up as a weekly amount, on a day agreed at the start of the contract.  We can also look at other payment frequencies if required for you.

What is the  Interest Rate?

Our annual interest rate is stated in the disclosure document of your contract and is currently 29.5% pa.   This rate is fixed and will not change for the term of your agreement.  The interest amount is already included in the weekly payments  and is not charged separately.

How do we calculate Interest?

Interest charges are calculated and charged at the end of each week by multiplying the average unpaid daily balance for the preceding week by a weekly interest rate. The weekly interest rate is calculated by dividing the annual  interest rate by 52.

How much is the  Bond Payment?

You need to pay a bond amount in full for the goods when we deliver them. The bond amount is approximately  5% of the cash price of the goods, but may be increased by us if we decide this is necessary.  If you fail to meet your commitments then we can use all or part of the bond amount to cover any money outstanding.  Where the costs /damages /loss to us is more than the amount of the bond, then you will still owe us the remaining amount. 

At the end of the agreement we will repay any bond amount remaining to you


What are my Responsibilities?

You will need to decide what goods are suitable for you before you start an agreement.  You will then agree to use the goods in a way which stops them from being damaged, use the goods safely, lawfully, only for its intended use, and follow the manufacturer’s instructions. 

You must not sell, lend, or lease the goods to any one, move the goods from your home address, alter or make any changes to the goods.    If the goods need to be repaired, you must not allow any repair, maintenance or servicing of the goods by anyone except Rent N’ Own.

You must use the goods for your own personal use only, keep the goods in your own possession and control, and keep your home secure to prevent any unauthorised entry / theft.    From time to time, you have agreed to allow us into your home where the goods are located in order to inspect them. 

This is secured credit. If you fail to meet your commitments under the contract, we (Rent N Own) may be entitled to repossess your goods from you and sell this property to reduce any amount owing to us.


Liability Waiver Explained

What is covered by the Liability Waiver?

By paying the Liability Waiver, you are covered If the goods are destroyed or damaged in a house fire or flood, or stolen due to a break in which is confirmed by police.  In this event, we take the risk of loss or damage to the goods.  Thus your agreement with us will stop, you will pay an excess amount, and then you will not be required to pay the remaining loan payments.  The goods will not be replaced.

What is not covered by the Liability Waiver?

We will not replace the goods if there is deliberate damage to them, if the they are stolen due to your neglect,  or if the burglary could have easily been prevented by you.  We are also not responsible for any loss or other costs incurred by you if the equipment is stolen or damaged.

How do I claim the Liability Waiver?

To claim the Liability Waiver you need to immediately report any theft to the police, then you must contact us immediately and tell us of the event.  You must also give us a copy of the police report.

What if I don’t take the Liability Waiver?

If you do not obtain the Liability Waiver then, you must arrange your own full insurance cover for the goods before you receive them.  This insurance cover must be for the full cash price of the goods, and this insurance cover must cover all the loss or damage that could happen.  You must name us as an additional insured party on the policy and you must keep the insurance paid and up to date for the length of the agreement. You must provide us with evidence and details of the insurance cover on Delivery Date and any other time we ask for it

What if I have insurance cover and make an insurance claim for the goods?

We will be entitled to receive all money paid to you under the insurance policy for the goods.  You agree to give us the power to act on your behalf to claim under the insurance policy.  If you claim for the goods and receive any money for them then you must pay that to us.  We may use any insurance money paid to you to pay any amount that you owe us.

Note: You must not do anything that may cause the insurance cover to be cancelled or refused.  You must not change insurers without our written agreement, and   you must not settle or compromise any insurance claim for the goods without our consent.



Servicing & Repair

General Servicing & Repair Explained

If your goods break, we will fix it (or arrange for it to be fixed if economically possible).  Any servicing, maintenance and repair of the Equipment may only be carried out by us and not by you or anyone else.  We will not be liable for any loss or damage that you may have while the goods are being repaired or serviced.

If you deliberately break it you will have to pay for us to fix it.  Sorry, but we will not meet the cost of any repair or servicing when it is required due to your neglect or negligence, or where you could have reasonably prevented the damage.   In this case, you will be liable for the costs of repair or servicing, and we will bill you for the cost.

What happens if my goods need repair?

In the first instance you must call us.  We will collect or you may return the item and its packaging to us.  We will record the details of the fault and prepare the documentation for the repair.  We will then book and send the item into our approved repair agent.  Their technician will receive and assess the item, and then we will endeavour to contact you within 5-10 working days with a repair update, and discuss if there are any costs you need to approve prior to repair.  We will continue to follow up your repair and ensure your item is returned to us as quickly as possible, so  that we can return it to you.

What is a repair assessment fee?

An assessment fee may be taken at the time of booking in a repair, and is usually charged (through us to you) by the manufacturers repair agent,  in the event that the fault is not covered by the manufacturer’s warranty.  The repair assessment fee is often incurred when , the goods needing repair are outside the manufacturer’s warranty period, there was no fault found, or the repair quote is declined by you.

What could happen to my electronic  data when the goods are repaired?

In some cases, your data, and  any or all of the user software settings, may be lost during the process of assessment, diagnosis and repair .  As this may not be recoverable, we strongly recommend that you back up any data prior to us sending your goods in for an assessment.  Rent n Own or our repair agents cannot accept responsibility for any loss of data should it occur during assessment and repair.  If you are unsure how to back up your electronic device,  contact us or your service provider to find how.


What Happens if I miss my payment?

If you know you are unable to make your weekly payment to us you should call us immediately, before the due date, and let us know.  We understand occasionally this can happen and will work through this with you.

In the event of a missed payment to us, we can charge you $25.00 if any payment is late.  While your account is in arrears, the overdue amount will attract default interest.  The default interest rate is 5% above the annual interest rate and is charged on the amount owing. 

If you continue to fail to meet your commitments under the contract, we may be entitled to repossess your goods from you and sell this property to reduce any amount owing to us.