Personal Loan AgreementGeneral Terms December
ImportantThis document contains part, but not all, of: the terms of your Personal Loan Agreement; and the precontractual statement that you must be given before
the Personal Loan Agreement is made (if the National Credit Code applies).
The Personal Loan Agreement Details which names you as Customer (Details) contains further terms of your Personal Loan Agreement and forms part of the precontractual statement.
This document and the Details should be read together.
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Terms and Conditions
. Keywords
Certain words in this agreement have specific meanings which
are explained in clause (Meaning of Words).
. How and when the loan is made
We agree to lend you the loan amount but we only have to
lend to you if:
(a) you borrow the loan amount by the last date for
borrowing shown in the Details;
(b) you are not in default under this agreement (for example
by not paying a fee);
(c) we have verified as correct the information set out in your
loan application;
(d) we have obtained satisfactory credit reports about you;
(e) we have carried out a credit assessment on you that is
satisfactory to us;
(f) following your loan application, nothing has happened
which has led to a significant adverse change in your
financial circumstances or which we reasonably believe
could lead to this; and
(g) you have provided us with any documents or information
we reasonably require and we are satisfied with those
documents and that information.
You authorise us to open a loan account in your name and to
debit to it without first telling you:
(a) all or any part of the loan amount; and
(b) any other amount which you must pay under this
agreement, on the day it becomes due (but if the amount
is a consumer credit insurance premium your loan
account will only be debited in accordance with clause
(Insurance)).
You owe us any amounts we debit to your loan account. You
may also owe us other amounts under this agreement.
The loan amount will be drawn in a single advance (not
progressively) and will be paid to those person(s), and in
the amounts, specified in the Details.
. Repayments
You must pay to us the loan amount and any other amount
you owe us under this agreement (including interest charges,
credit fees and charges, reasonable enforcement expenses,
government taxes and duties and charges) by making
repayments up until the last day of the loan term shown in
the Details. On the last day of the loan term (or, if you default,
on the day on which the balance owing on the loan account
becomes due under clause (Defaults)) you must pay us:
(a) the balance owing on the loan account; and
(b) any amounts charged, accrued or payable but not yet
debited to your loan account.
You must make the repayments at the intervals set out in
the Details.
We may review, at any time, the repayments you have to make.
If, in our opinion, your repayments are not sufficient to enable
you to pay:
(a) the loan; and
(b) all interest charges; and
(c) other moneys owing under this agreement,
by the last day of the loan term, then we may increase your
repayments to ensure that this can be done.
We may also change the amount of your repayments to cover
the cost of any annual insurance premium.
If you have a variable annual percentage rate loan:
(a) the rate will be our indicator rate for variable rate personal
loans specified in the Details, last published by us in the
metropolitan daily press on a Monday (except Christmas
Day) under the heading National Australia Bank Indicator
Rates less the margin specified in the Details. You may also
obtain information about our indicator rates by calling
or by visiting nab.com.au.
(b) on or about each anniversary of the date we lent the loan
amount, we may review the amount of the repayments.
We will give you notice of any change to your repayments
in accordance with clause (Changes to this agreement).
. Interest charges
(a) Obligation to pay
You must pay us interest charges for each day on the
balance owing on the loan account for the end of that day.
We will calculate interest charges daily by applying the
daily rate to the balance owing on the loan account at the
end of each day. The daily rate is the annual percentage
rate divided by 365.
(b) When debited
Interest charges are debited to the loan account on the last
business day of each month and on the day when the total
amount owing under this agreement is finally paid.
. Inactive Accounts
If you have not operated your account for seven years (for
example, by making repayments or redrawing funds), the
account may be closed and any credit balance you have in the
account will be transferred to the Commonwealth Government
as unclaimed money. We will notify you at your last known
address at least days before any such variation takes effect.
. Credit fees and charges other charges and taxes
You must pay all the:
(a) credit fees and charges and any other fees and charges
shown in the Details in accordance with the provisions of
the Details; and
(b) any government taxes, duties and charges relating to this
agreement, your loan account and its operation both now
and in the future, whether or not you are principally liable
for these.
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Without limitation, if we are liable to pay goods and services
tax (GST) or any similar tax on a supply (as defined in relevant
legislation) (the supply) made in connection with this
agreement, then you agree to pay us an additional amount
equal to the consideration payable for the supply multiplied by
the prevailing GST rate.
In addition, we may impose new fees and charges in
connection with this agreement, your loan account and
its operation subject to complying with clause (Changes
to this agreement).
We may retain or require payment of fees or charges or both
incurred by you before this agreement ends, except third party
fees or charges not incurred by us, whether or not you borrow
the loan.
Enforcement expenses may become payable under this
agreement in the event of a breach. We may require you to pay
on demand any reasonable enforcement expenses reasonably
incurred by us in enforcing this agreement.
. Early repayment
You may prepay the whole or any part of the balance owing
on the loan account and any other money owing under this
agreement at any time before the due date for last repayment.
If you prepay only part of the loan account early, the amount
of your repayments under this agreement and the due dates
for payment of the repayments remain unchanged unless we
agree to change the repayments.
If you choose to prepay the total amount owing (that is, the
whole of the balance owing on the loan account and any other
money owing under this agreement) at any time before the
end of the loan term, so that your loan account has either a
zero or credit balances:
(a) we may close your loan account and we will usually do this
within one business day of the account having a zero or
credit balance; and
(b) if we do this, this agreement is ended.
The total amount owing on your account is subject to change.
You can check with us to see if a prepayment will pay out and
close your loan account
. Redrawing
You may redraw from your loan account if all conditions in
this clause have been met. Any amount you redraw becomes
part of the loan amount.
If the nominal amount outstanding for a loan amount on
a day is more than the balance owing on the loan account
on that day (calculated by excluding any uncleared funds
which have been credited to the loan account), then you
may redraw on that day up to an amount determined by us
to be the lower of:
(a) that excess; or
(b) an amount we determine.
The following conditions all need to be met before you may
redraw:
(a) neither we nor you have cancelled this option;
(b) if there is more than one of you, each of you have signed
a redraw authority in a form satisfactory to us, which
authorises us to act on the instructions of any one of you
in respect of exercising this option, and that authority has
not been cancelled;
(c) the redraw amount is at least a minimum amount which
we determine from time to time;
(d) you are not in default of this agreement or any other
agreement with us when you request the redraw;
(e) during the loan term, the loan amount has a variable
interest rate;
(f) your request for a redraw has been received by us in a
form, and in a manner, satisfactory to us;
(g) you have conducted the loan account in a satisfactory
manner;
(h) your loan account is not supported by a guarantee;
(i) the redraw amount is not to be used for business
purposes;
(j) your repayments for the loan account to which the redraw
relates are sufficient after the redraw to repay the t