Can I get a My Art loan?
There’s only one way to find out. Give it a try. We consider your credit history and affordability of repayments to approve a loan.
How much can I borrow?
My Art can lend you between $1,000 and $50,000, subject to credit approval.
Can I use a My Art loan to buy an artwork that costs more than $50,000?
Yes, but you will need to increase your deposit. Ask the gallery owner to hold your piece until your loan is approved.
What if I want to spend less than my pre-approved loan?
No problem. You can draw down just the amount you need on the day of purchase.
Can I buy more than one artwork with my loan?
Yes, as long as you stay within your approved limit. Your purchases can be from the same or different galleries, but they need to occur within your 90 day approval period.
Can I start a new loan while I’m still paying off another My Art loan?
Certainly you can, provided your new loan is approved by us. Your new loan will be entirely separate from your existing loan and will have its own repayment schedule. You can repay any My Art loan early, without additional cost.
Who runs the My Art interest-free loan scheme?
All My Art loans are approved and managed by Avanti Finance, a respected New Zealand finance company. The loans are provided by My Art Limited.
Why are the loans interest free?
My Art believes in the future of New Zealand Art and wants to encourage participation. The gallery effectively pays for My Art to provide the loan to you interest free.
Are there any additional costs?
There is a $50 establishment fee for each loan. This is a one off charge you pay at the same time as the deposit. There are no additional costs if you meet your scheduled repayments.
What happens if I miss a repayment?
My Art needs to know as soon as possible if you are going to miss a repayment. Call Avanti Finance at any time to discuss your circumstances - (09) 571 0720. If your circumstances do change, Avanti can reschedule your loan payments, however additional costs and interest will apply.
How do I insure my new artwork?
Your artwork will need to be covered by your contents insurance. Call your insurance company to see if it’s automatically covered or whether you have to list it as a specified item (this will often depend on the artwork’s value).