(Read this Part B if your Loan Type is Variable Rate Personal Loan.)
VRP1 Interest on Variable Interest Rate Loans VRP1.1 Interest on Variable Interest
We decide on the interest rate for the Loan by adding a margin to or subtracting a margin from a reference interest rate. The reference interest rate and margin applying to the Loan are stated at Items C(i) and C(ii).
VRP2 Changes to Repayments
VRP2.1 We may set or re-set the repayments, so that the Loan will be repaid on or about the end of the Loan Term:
(a) on or at any time after a change in the interest rate;
or
(b) at any time if the repayments we have set under the Contract are insufficient to repay the Loan over the Loan Term.
We tell you in writing what your new repayments are at least twenty days before the change takes effect.
VRP2.2 We consider any written request (or other form of request as agreed by the Bank) by you to vary the repayments stated at Item E(i), although we do not have to agree to your request if we reasonably consider that you will not be able to pay the changed repayments, or will not be able to do so without substantial hardship, or the effect of the change will be that the Loan will not be repaid on or about the end of the Loan Term.
VRP3 Repayment Redraw Facility (RRF)
VRP3.1 If we make the RRF available to you we take no responsibility for your use of the funds or any effect of your ability to obtain a tax benefit.
VRP3.2 We may not make the RRF available to you if you have given any person other than us a security interest, of any nature, in the Security Property.
VRP3.3 We allow you to redraw on your RRF if:
(a) you redraw at least the minimum amount of $500.
We do not allow you to redraw on your RRF if the total of the Special Repayments available for redrawing is less than the minimum amount of
$500. Further to the minimum redraw limits, redrawing by electronic access to the Loan Account is subject to the following maximum redraw limits:
(i) the maximum amount that can be transferred through our telephone banking service and internet banking service per day is $2,000 to a non-linked account (for example, a third party account or an account at another financial institution). The maximum amount that can be transferred to a linked account is the maximum amount of the Special Repayments available for redraw on your RRF;
(ii) cash redraw through automatic teller machines and electronic funds transfer terminals
authorised by the Bank is subject to a daily limit of $800 and the dollar note denominations available. This daily limit is a combined limit and is the total amount that can be withdrawn using a Personal Identification Number (PIN) from all accounts linked to a card in any one day. You can request a higher daily electronic banking withdrawal limit by contacting the Bank on 13 2221 between 8 am and 8 pm, Monday to Friday. If you request a higher daily electronic banking withdrawal limit your liability for unauthorised transactions may increase;
(iii) the maximum amount that can be redrawn through EFTPOS (Electronic Funds Transfer at Point of Sale) is $10,000 per day;
(b) you request for the redrawing by completing and signing a withdrawal form or by electronic access to your Loan Account. If there are more than one of you or if you are a company the withdrawal form must be signed or the electronic access must be completed by the person(s) authorised in accordance with the loan authority you gave us under clause 3.8; or if no such authority is given, then all of you must personally sign the withdrawal form. The terms and conditions governing
electronic access to your account (including the use of electronic terminals) and the fees applicable, are set out in our “Electronic Banking Terms and Conditions”;
(c) you satisfy our conditions in clauses 2.1 and 2.2;
and
(d) you have kept to the terms of the Contract.
VRP3.4 The amount available for redrawing on your RRF at any one time is the amount of Special
Repayments you have made on the Loan Account less:
(a) the amount of Special Repayments you have redrawn on the Loan Account previously; and (b) any amount which we have applied to satisfy
arrears on the Loan Account. (Note: This adjustment does not affect the outstanding balance of the Loan Account).
VRP3.5 All amounts you redraw on your RRF are debited to the Loan Account.
(Clause 6.1 tells you how we calculate interest on the Loan Account. Note: Any redraw will increase your loan balance. You should check to ensure that your
repayments are sufficient to cover repayment of the increased loan balance.)
VRP3.6 You must pay the repayment redraw fee stated at Item F each time you redraw on the RRF.
VRP3.7 Your right to redraw on your RRF ends when you repay the Loan Account, that is, when the Loan Account has a nil or credit balance.
VRP4 Suspension of Credit
VRP4.1 We may suspend or cancel your right to redraw on your RRF at any time if:
(a) you are in default under the Contract (clause 9 tells you when you are in default);
(b) any guarantor of your obligations terminates any further obligations under their guarantee;
(c) we reasonably believe that you will be unable to keep to the Contract unless your right to redraw on your RRF is suspended or cancelled;
(d) we reasonably believe any Security we hold is inadequate to support your obligations under the Contract; or
(e) we reasonably believe there is a valid and sufficient reason, in either your or our interest, to do so.
VRP4.2 Any suspension or cancellation of your right to redraw under this clause will not affect your obligations under the Contract for credit made available on your RRF before the date on which we suspend or cancel the credit.
VRP4.3 We tell you in writing if we suspend or cancel your right to redraw on a RRF as soon as possible after the suspension or cancellation. When we suspend your right to redraw on your RRF we may reinstate that right by written notice to you.
VRP5 Prepayment of a Variable Interest Rate Loan VRP5.1 You may prepay the Loan Account in full or make a partial Prepayment on the Loan Account at any time.
(Read this Part C if your Loan Type is Fixed Rate Personal Loan or Fixed Rate Secured Loan.) FRP1 Interest on Fixed Interest Rate Loans FRP1.1 The fixed interest rate period you choose is stated at Item C(ii).
FRP1.2 At Item C(iv) we state the interest rate on the Loan for the fixed interest rate period.
FRP1.3 If, at the end of the fixed interest rate period, the Loan Account is not yet repaid in full, the interest rate on the Loan changes to a variable interest rate. We set the variable interest rate for the Loan by adding the margin stated at Item C(vi) to, or subtracting the margin stated at Item C(vi) from the reference interest rate applying at the end of the fixed interest rate period. That reference interest rate is named at Item C(v) of the initial Schedule, or if that Schedule does not have an Item C(v), named at Item C(i), applying at the end of the fixed interest rate period.
FRP2 Prepayment
FRP2.1 Despite clauses FRP2.2 to FRP2.4 below, you may make partial Prepayments of up to a maximum amount of $5,000 per annum without incurring an Early Repayment Adjustment.
FRP2.2 Otherwise, you may make a partial Prepayment on a Loan Account that is being conducted at a fixed interest rate only if you have our consent. (Please read clause 12.2 which tells you that we may impose conditions on giving our consent.)
FRP2.3 You must not make a partial Prepayment without our consent. In accordance with section 26(4)(b) of the National Credit Code, we tell you now that if you attempt to do so, the amount is not credited to the Loan Account before the due date for payment. So, if we decide not to allow the partial Prepayment, we return the amount to you within 10 Business Days. We do not pay interest on the returned amount.