Continue your simulation with the MoneyMe repayment calculator and work out the true amount actually leaving your bank account each month.
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Result of your simulation
Estimated monthly loan payment
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for months
Total to repay
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loan amount + interest
Total interest
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interest rate of per month
Monthly payments are calculated as equal fixed amounts, based on the chosen amount, the loan term and an illustrative interest rate. The values are for guidance only.
Illustrative amounts and interest rates. This is not a loan offer or credit approval.
Choose another amountMoneyMe loans carry two kinds of fees: a one-off establishment fee and a fixed monthly fee. Calculators often show the repayment without them, which understates what you actually pay. This guide builds the true monthly outgoing for a borrower in Adelaide, compares three terms and shows why the cheapest-looking option is not always the cheapest overall.
Direct answer: add the establishment fee to the loan if it is financed, calculate the repayment with your personalised rate and term, then add the A$10 monthly fee. On A$12,000 at 14%, the true outgoing is about A$434 over three years, A$298 over five and A$242 over seven, with total costs rising sharply as the term lengthens.
MoneyMe has published an establishment fee of A$395 for loans up to A$15,000 and A$495 above that, which some borrowers with excellent credit may avoid, and a A$10 monthly fee on all personal loans. Interest rates were listed from about 6.24% to 26.10% a year. Treat these figures as a snapshot and always check the current numbers.
The usual error is choosing the longest term because its repayment looks reassuringly small. With a monthly fee, every extra month adds a charge on top of interest. Seven years costs A$840 in monthly fees alone, compared with A$360 over three years, before counting the extra interest that a longer repayment term inevitably brings.
Next, you will meet Noah and his goal, see the three-term table, learn how the fees affect the effective rate, explore early repayment without a fee, check the formula, read a list of inputs and answer common questions. Keep your expected rate and the amount you need nearby before you start working through the calculations.
Noah’s goal
Noah, a chef in Adelaide, needs A$12,000 to buy kitchen equipment for a weekend catering side business. He expects a personalised rate around 14% and can afford up to A$320 a month. He compares three, five and seven years with all fees included.
Three terms, all fees included
| Term | Repayment on A$12,395 | True monthly outgoing with A$10 fee | Total cost of credit | Approximate effective rate |
|---|---|---|---|---|
| 3 years | about A$424 | about A$434 | about A$3,610 | about 18.0% |
| 5 years | about A$288 | about A$298 | about A$5,910 | about 17.0% |
| 7 years | about A$232 | about A$242 | about A$8,350 | about 16.6% |
The five-year option fits Noah’s A$320 limit with a little room. Seven years would cost about A$2,440 more in total. Three years would be cheapest but exceeds his budget, so he plans to take five years and pay extra during busy months.
What the fees do to the effective rate
With a 14% interest rate, the establishment and monthly fees push Noah’s effective yearly cost to around 17% to 18%, depending on the term. The comparison rate published by MoneyMe captures this effect for a benchmark loan. On your own amount and term, calculate it directly using the true monthly outgoing.
Paying off early
MoneyMe advertises no early repayment fee. If Noah repays early, he saves future interest and all remaining monthly fees. Paying an extra A$100 in his busiest months could shorten a five-year loan by many months, removing several A$10 charges along the way.
The formula behind the table
Repayments come from P·r/(1−(1+r)^−n). With the A$395 fee financed, P is A$12,395. At 14%, r is about 0.01167. Over sixty months, the repayment is about A$288. Adding the A$10 monthly fee gives the true outgoing of about A$298.
Inputs to gather
- Amount needed and whether the establishment fee is financed.
- Your personalised interest rate.
- Term options of three, five or seven years.
- The A$10 monthly fee.
- Your monthly budget ceiling.
If the fee is waived
Borrowers with excellent credit may be offered no establishment fee. On Noah’s loan, removing the A$395 fee would lower the five-year repayment by about A$9 and save roughly A$550 over the term, once interest on the financed fee is included. Ask whether you qualify before accepting.
Noah’s busy-season plan
Catering income peaks around Christmas and in spring. Noah plans to pay the five-year repayment every month and add A$300 in December and April. Those extra payments reduce the balance faster, which cuts interest and brings the end date forward, removing many A$10 monthly fees at the end of the loan.
| Month | Planned payment |
|---|---|
| Regular months | about A$298 including the monthly fee |
| December | about A$598 |
| April | about A$598 |
Because MoneyMe advertises no early repayment fee, every extra dollar works fully for him. He keeps a separate savings pot so that slow months never force him to skip the regular repayment.
Checking the offer
- Confirm the personalised rate and comparison rate.
- Check whether the establishment fee is financed or waived.
- Confirm the A$10 monthly fee.
- Note the first repayment date and frequency.
Comparing with other lenders
Use the same method for any offer: add financed fees to the balance, add monthly fees to the repayment and compare the total cost of credit for the same amount and term. A lender with a slightly higher rate but no monthly fee can be cheaper over long terms.
Why the effective rate falls on longer terms
The establishment fee is a one-off cost. Spread over three years it weighs more per year than over seven, so the effective rate is slightly lower on long terms. That can look attractive, yet the total cost still rises, because interest and the monthly fee keep accumulating for four more years. Always judge terms by total cost rather than effective rate alone.
| Term | Effective rate | Total cost of credit |
|---|---|---|
| 3 years | about 18.0% | about A$3,610 |
| 5 years | about 17.0% | about A$5,910 |
| 7 years | about 16.6% | about A$8,350 |
The pattern applies to any loan with an upfront fee: a falling effective rate can hide a rising total. Noah keeps both columns in view when deciding.
Summary: count the monthly fee
MoneyMe’s monthly fee makes the true outgoing higher than the repayment alone, and its cost grows with every extra month of the term.
- Add the establishment fee to the balance if financed.
- Add A$10 to every repayment.
- Longer terms multiply the monthly fee.
- Early repayment saves interest and fees.
- Ask about establishment fee waivers.
Frequently asked questions
Is the monthly fee charged on every loan?
MoneyMe has stated that a A$10 monthly fee applies to all personal loans.
Can I pay the establishment fee upfront?
Check the current options, since the fee is commonly added to the loan amount.
Does a lower rate always mean a lower outgoing?
Not if the term is longer, because monthly fees and interest accumulate over more months.
How do I compare with a bank loan?
Use the comparison rate and the total cost of credit for the same amount and term.
Do weekly or fortnightly repayments change the fee?
The monthly fee is usually charged monthly regardless of repayment frequency, so check how it is applied.
What if my rate is higher than 14%?
Rerun the table with your personalised rate, since every repayment and total rises with it.
Is the true outgoing what the bank debits?
Yes, the repayment plus the monthly fee is what leaves your account, so budget for that figure.
Can I change the term later?
Changes usually need a new agreement, so pick the term with care.
Conclusion
The MoneyMe repayment calculator is accurate only when you include both fees. Work out the true monthly outgoing, compare terms by total cost, plan early repayments and confirm the latest rates and fees on the official MoneyMe website before you accept an offer.