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Personal Loan
Terms and Conditions
Personal Loan Terms and Conditions Version 3.0 November 2022
Contents
1 The amount of credit 1 11 Prepayments 4
2 Conditions to our lending 1 12 Redraw facility 4
3 Loan account 2 13 Loan term 5
4 Calculating and debiting interest 2 14 Declarations 5
5 Changes to the annual percentage rate 2 15 Default 6
6 Fees and charges 3 16 Communications 7
7 Enforcement expenses 3 17 General matters 9
8 Repayments 3 18 Definitions 12
9 Changes to repayments 4 19 General interpretation 15
10 How to make repayments 4
About this document and your contract
This document does not contain all the information required to be given to you. Your contract consists of these
personal loan terms and conditions, the personal loan agreement and the account and payment facility terms.
These documents should all be read together.
If there is any inconsistency between the personal loan agreement and these personal loan terms and conditions,
the personal loan agreement prevails to the extent of the inconsistency. If there is any inconsistency between the
personal loan agreement or these personal loan terms and conditions, on the one hand, and the account and
payment facility terms on the other, the personal loan agreement and these personal loan terms and conditions
prevail to the extent of the inconsistency, unless the inconsistency relates to an access method in which case the
account and payment facility terms prevail to the extent of the inconsistency.
The meaning of words printed like this is explained in the ‘definitions’ section at the end of this document.
The provisions of the Customer Owned Banking Code of Practice may apply to this contract.
1 The amount of credit (e) we are satisfied with the results of all searches
1.1 We agree to lend you the amount of credit. and enquiries we and our consultants have
The amount of credit will be paid in accordance done in connection with you and any security
with your personal loan agreement. (f) y ou have given us all other documents and
1.2 You must only use the amount of credit for the information we’ve reasonably requested
purpose described in your personal loan agreement. (g) all information we’ve been given (including
1.3 Our offer to lend you the amount of credit lapses each declaration given in this contract and
90 days after the disclosure date. any document evidencing a security) is correct,
complete and not misleading
2 Conditions to our lending (h) we h ave received a certificate of independent
2.1 We will only lend the amount of credit when we advice from a solicitor for you and each security
are satisfied that the following conditions have provider in a form satisfactory to us if we require it
been met: (i) if the loan will be secured by a guarantee
(a) we a re satisfied as to the title and value of any and indemnity, you have provided us with
security, and we are satisfied that any charges a guarantee and indemnity signed by each
have been paid and are up to date relevant security provider
(b) we have received every document relevant (j) you are not in default under this contract.
to a security and each document has been 2.2 I f you don’t own the security when the amount of
completed to our satisfaction credit is paid to you, you must acquire it and provide
(c) we have received any report, consent, valuation, us with the security details within 14 days of the
certificate, approval, information, or any other amount of credit being paid to you.
document that we reasonably require, in a form 2.3 Y ou warrant and represent that all information you
satisfactory to us have provided to us in connection with this contract,
(d) you have insured any security for its full insurable including information about you and your financial
value and we have received a copy of the affairs and any security is true and correct.
relevant insurance policy with our interest noted
3 Loan account 6.2 You must pay the fees and charges in the personal
3.1 On or before the day we lend you the amount of loan agreement and any fees and charges we
credit, we will establish a loan account in your name. introduce after the disclosure date.
3.2 The loan account will record all amounts you owe us 6.3 Y ou must also pay us government fees and charges,
in respect of your loan, and all other transactions in including any additional stamp duty in connection
connection with your loan. with your loan.
3.3 You authorise us to debit your loan account at any 6.4 Y ou authorise us to debit any of these amounts to
time with any amounts that become payable in your loan account. We may do so on or after the
respect of your loan. date we pay them or the date they become due
4 Calculating and debiting interest or payable by you or us (whichever is earlier).
Once they have been debited, they will form part
4.1 I nterest is calculated daily by multiplying the balance of the balance owing on your loan account.
owing on your loan account by the daily percentage 6.5 If we reasonably determine that our costs in
rate at the end of each day. The daily percentage providing the amount of credit or related services
rate is the annual percentage rate divided by 365 increase, or we provide you with a new service, then
(even in leap years). Interest begins accruing on the we may change the amount of any fee or charge
day we make the amount of credit available to you. or change the method of calculation, frequency or
4.2 Interest is debited to your loan account monthly time for payment, or impose a new fee or charge at
in arrears on the last day of the month, and on the any time. If we make any such change or imposition,
day you repay the total amount owing. When interest we will provide you with notice at least 20 days in
is debited, the balance owing on your loan account advance by newspaper advertisement, or in writing,
will increase and interest will be calculated on the or by electronic communication.
increased amount. 6.6 I f any change we make to fees and charges reduces
4.3 W e may also debit interest whenever the loan is in your obligations or extends the time for payment,
default, there is a principal increase to your loan, then we will only give you particulars of the change
there is a variation or other change to this contract no later than the day on which the change takes
or to make an interest adjustment in accordance effect.
with clause 17.3 below or where otherwise permitted 7 Enforcement expenses
by law.
7.1 Enforcement expenses may become payable under
The date on which interest is debited to your loan this contract or any security in the event of default
account may not be the date your repayment is due (see clause 15 (Default)).
(see your personal loan agreement for your payment 7.2 Y ou must pay us on demand any reasonable
date). If this occurs, interest will be payable on the expenses we reasonably incur in enforcing this
interest debited to your loan account until you make contract or a security after a default (including
the next repayment. expenses incurred in preserving and maintaining
property such as by paying insurance, fees and taxes
4.4 A cting reasonably, we may change the method for the property after a default). You authorise us to
of calculation, and frequency with which we debit debit these expenses to your loan account at any
interest charges. We will notify you at least 20 days time after they are incurred.
before the date of any such change (unless a 8 Repayments
change reduces your obligations, in which case 8.1 You must make regular repayments under this
we may notify you afterwards). We will only make contract. Repayments are due on the dates set out in
one of these changes if we consider it necessary your personal loan agreement.
(for example, if our IT systems or internal processes
change) such that we are not able to calculate or 8.2 O n or before the final repayment date, you must
debit it in the same way. In implementing any such repay the total amount owing to us. The repayments
changes, we will use our best endeavours to ensure we require and the frequency of those repayments
that the changes do not increase your repayments as at the disclosure date will be set out in the
or your liability. personal loan agreement or alternatively in a notice
5 Changes to the annual percentage rate we provide to you before the first repayment is due.
5.1 The annual percentage rate under this contract 8.3 R epayments will be credited to your loan account
may change because of a change in the variable only after they have been received by us. All
annual percentage rate described in the personal repayments must be made in full when they
loan agreement. If your loan has a fixed interest rate are due, and you must not reduce a repayment
period, we will not vary the annual percentage rate because you believe we owe you anything.
during that period. 8.4 We can apply any repayment you make or any
5.2 The annual percentage rate shown in the personal credit to your loan account in any order we
loan agreement is the rate applying at the disclosure determine.
date and may have changed before the day we 8.5 If you have more than one account with us, and
make the amount of credit available to you. one account has money available for redraw and
5.3 We will notify you of any change in the annual another is in arrears, you irrevocably request and
percentage rate by writing to you, contacting you authorise us to transfer an amount in credit from one
by electronic communication, or by placing an account to pay any portion of the amount in arrears
advertisement in a newspaper, unless the change on the other account.
is a decrease in the annual percentage rate. 9 Changes to repayments
Any increase will increase your repayment amount.
6 Fees and charges 9.1 We may change the amount, number, frequency
6.1 You must pay us all credit fees and charges in or time for payment of, or the method of calculation
the circumstances described in the personal of, repayments.
loan agreement.
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9.2 Some of the circumstances in which we might 12.6 I f you ask to re-borrow money, and your current
change repayments are: repayment arrangements are not sufficient to repay
(a) if the annual percentage rate under this the balance over the remaining term, we may
contract changes recalculate your repayments.
(b) amounts are debited or credited to your loan 12.7 You should allow at least 2 business days for your
account that have not been taken into account redraw request to be processed.
in our calculation of your repayment 12.8 W e may review, suspend or cancel any redraw
(c) there is a change to any of the factors taken facility at any time. We will notify you if we do.
into account in calculating your repayment 13 Loan term
obligations, 13.1 Your loan term is stated in your personal loan
b ut we are not under any obligation to change agreement, and starts on the day the amount
repayments if any of these things happen or if of credit is paid.
anything else happens. We will notify you in writing 13.2 We may agree to extend or shorten your loan term.
or by electronic communication before the date 14 Declarations
of any change to repayments (unless a change to
repayments decreases your obligations or extends 14.1 You declare that:
the time for payment, in which case we may notify
you afterwards). (a) y ou are not an undischarged bankrupt and have
10 How to make repayments neither assigned your estate nor entered into any
arrangement or composition for the benefit of
10.1 You must make the required repayments by direct creditors and are not otherwise insolvent
debit from an account nominated by you, unless we (b) you are not in default under any arrangement
agree to permit payment made by some other method. (including a contract) which could have a
10.2 You must: material adverse effect on your ability to
(a) p rovide us with a direct debit authorisation perform your obligations under this contract
signed by you and in a form satisfactory to us or a security to which you are a party.
in relation to that account 14.2 Y ou must tell us if anything has happened which
(b) not cancel any direct debit authorisation you prevents you repeating all the declarations in clause
give us or close the account referred to in any 14.1 before you ask us at any time to lend you any
direct debit authorisation of the amount of credit and before any security is
provided to secure the total amount owing.
(c) ensure there is enough money in the nominated 14.3 Additional declarations if you are a company
account to meet each debit. If you are a company, you declare that:
11 Prepayments (a) y ou have been incorporated or formed in
11.1 You may prepay the whole or any part of the total accordance with the laws of your place of
amount owing at any time. incorporation or formation, you are validly
11.2 I f you prepay only part of the total amount owing existing under those laws and you have the
you must still pay the usual repayments required by power and authority to own your assets and
this contract. carry on your business as it is now being
conducted
11.3 If you repay us more than the total amount owing (b) you have the power to enter into this contract,
then we may place the excess funds into a suspense to comply with your obligations under it and
account, or interest bearing account, or pay it to you. exercise your rights under it
We will not pay interest on any amount exceeding
the total amount owing. (c) the entry by you into, your compliance with your
12 Redraw facility obligations and the exercise of your rights under,
this contract do not and will not conflict with:
12.1 If your personal loan agreement states that redraw (i) your constituent documents or cause a
is available, you have a deposit account with us, limitation on your powers or the powers
and you are not in default under this contract, then of your directors to be exceeded
you may ask us to let you reborrow money you have
prepaid under clause 11 (Prepayments). We may (ii) a ny law binding on or applicable to you
agree at our discretion and may impose conditions or your assets
on any such agreement. (d) you have in full force and effect each
12.2 A fee may be payable for redraw. authorisation necessary for you to enter into
12.3 You can request a redraw by visiting a branch, this contract, and to comply with your
through online banking or by any other method we obligations and exercise your rights under it,
approve. and to allow them to be enforced and to carry
on any business you conduct
12.4 The amount you have requested to redraw must (e) your obligations under this contract are valid
not be less than the minimum amount specified and binding and are enforceable against
by us, and must not be more than the amount you you in accordance with its terms subject to
have repaid early and for which cleared funds any stamping and registration requirements,
have been received. We may reduce the amount applicable equitable principles and laws
otherwise available to you to redraw by an amount generally affecting creditors’ rights
approximately equal to the payments due in the
current month. (f) you benefit by entering into this contract
12.5 If we agree to permit a redraw, we will make the (g) you are the only holder of, and have good title to
additional funds available in the deposit account (or valid leases or licences of) all assets you use in
held with us specified by you. carrying on your business
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(h) y ou are the beneficial owner of those assets (ii) you cease to be a subsidiary of the company
(or if leased or licensed, your right, title or which is your holding company at the
interest in them) disclosure date or any other company ceases
(i) there is no compulsory acquisition affecting to be the subsidiary of that holding company
your assets (iii) t he persons who at the disclosure date
(j) there is no current, pending or (to your have control of you cease to have such
knowledge, having made due enquiry), control or one or more persons acquire
threatened proceeding, investigation or control after that date
claim affecting you or any of your assets (n) if you are a partnership, the partnership is
before a court, authority, commission or dissolved, an application is made for your
arbitrator in which a decision against you dissolution or more than 20% of the partners
is likely retire in any 6 month period
(k) neither you nor any person acting on your (o) i f you are a joint venture partner, the joint venture
behalf in connection with this contract, or any is terminated.
transaction in connection with it, has engaged 15.2 Y ou must notify us immediately if you become aware
in conduct that is misleading or deceptive (or that you are in default under this contract.
likely to mislead or deceive) in any material
respect (including by omission) What can happen then?
(l) y ou do not enter into this contract or hold any 15.3 I f you are in default, we may give you a notice stating
asset as trustee that you are in default.
(m) you have obtained your own tax and legal 15.4 I f you don’t correct the default within any period
advice on this contract and the transactions given in the notice or any longer period required
in connection with it. by law, then, at the end of that period and without
15 Default further notice to you, the total amount owing
becomes immediately due for payment (to the
When are you in default? extent it is not already due for payment).
15.1 You are in default if: 15.5 W e may then sue you for that amount, or enforce
(a) there is default of any term of this contract or any any security, or do both.
insurance policy we require 15.6 I n limited circumstances set down by law (such as if
(b) you do not pay on time all amounts due under we are unable to locate you), we need not give the
this contract notice or wait until the end of any period given in a
notice. Instead, if you are in default, the total amount
(c) you do something you agree not to do, owing becomes immediately due for payment
or don’t do something you agree to do without notice. We may then immediately sue you for
under this contract that amount, or enforce any security, or do both.
(d) you or another person gives us or has given 16 Communications
us incorrect or misleading information in
connection with this contract or a security This clause explains how you and we communicate
(e) we reasonably believe you or another person in connection with this contract. The types of
has acted fraudulently in connection with this communications covered by this clause include
contract or a security instructions, notices, demands, certificates, consents
(f) y ou or a security provider is in default under and approvals and all other communications in
a security or withdraws from it or it becomes connection with this contract.
unenforceable
(g) you or a security provider becomes insolvent Electronic communications
or steps are taken to make you or a security 16.1 B y signing the personal loan agreement, you consent
provider so (however, this does not apply to to us sending communications to you by email to
the extent this is void under insolvency law) the email address last notified to us by you (or by
(h) this contract is, becomes or is claimed to be void, any other method of electronic communication
voidable or unenforceable or it is or becomes permitted by law), and we may do this unless
unlawful for you to comply with any of your otherwise required by law. You understand that
obligations under it by giving this consent:
(i) a power of sale arises under any security interest (a) paper documents may no longer be given
over any property which is secured by a security (b) your electronic communications must be
(j) the insurer terminates any insurance policy regularly checked for documents
we require (c) this consent may be withdrawn at any time
(k) you fail to renew on terms that satisfy us by providing notice to us.
insurance over any property which is the Form
subject of a security 16.2 All communications in connection with this contract
(l) y ou are in default under any other credit must be in writing. Communications from you must
contract you have entered with us be signed by you, or if you are a corporation, by an
(m) if you are a corporation: authorised person.
(i) you are or become deregistered, or steps are 16.3 E mail communications must state the first and last
taken to deregister you name of the sender and are taken to be signed by
the named sender.
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