Zip is launching at Bunnings so you can DIY and pay for it later
Zip Pay and Zip Money are expected to be available by early December.
Interest-free provider Zip has announced a new partnership with Bunnings, with the offering coming just in time for Christmas for DIY-lovers. The partnership will see both of Zip's interest-free products, Zip Pay and Zip Money, offered at the hardware chain by early December 2018, allowing customers to access lines of credit between $250 and $30,000 subject to lending checks.
Zip is one of the "modern layby" providers of the buy now, pay later sector which has found growing popularity in Australia. A number of notable retailers have jumped on board and are offering their customers the option to pay for their purchase over an extended period including Target (Zip), Kmart (Afterpay) and Fantastic Furniture (Zip).
"We are both thrilled and proud to partner with a truly historic Australian brand in Bunnings," said Zip CEO and managing director Larry Diamond. "We believe Zip will be a great fit for Bunnings, not only for life's everyday necessities but also for those larger aspirational home improvements, providing their customers with a better way to pay, over time, interest-free."
Zip currently has two products in the market: Zip Pay and Zip Money. The Zip Pay product has smaller lending limits, from $250 up to $1,000 and gives customers up to 60 days to pay them off fee-free while maintaining a $40 minimum repayment amount. The customer can take longer to repay after the two-month period but a $6 monthly fee will kick in from this point.
The Zip Money product is more like a line of credit and can extend up to $30,000. There are credit tiers where the minimum repayment and establishment fees change depending on the amount of credit extended. All customers applying for a Zip product need to undergo a credit check to make sure they can handle the repayments.
Zip's new partnership with Bunnings delivers on its strategic vision of partnering with Australia's largest retailers to provide customers with choice. This is also the first time Bunnings will offer a buy now, pay later option to customers.
Zip product details