Transcription
Home Loan Booklet.5 October 20211
Bendigo and Adelaide Bank LimitedThe Bendigo CentreBendigo VIC 3550Telephone 1300 236 344ABN 11 068 049 178.Australian Credit Licence 237879Table of contentsBanking products are products of Bendigo andAdelaide Bank.Home Loan BookletAbout this contractThis document does not contain all of the informationwe must give you before you enter into this contract.The rest of the information is in the Loan Schedule.The contract consists of both documents. They shouldbe read together. You should read these documentscarefully. You should also keep the documents foryour future reference.1Home Loan terms and conditions11.What we lend and when22.Interest charges23.Joint Accounts34.Fees and charges35.What you owe us46.Repayments47.Redraw facility48.Sweep facility59.Building Loans510. If you are in default611. What happens to payments wereceive612. Substituting security613. Statements714. Inconsistency715. Banking Code of Practice716. Account Combination717. How we may exercise our rights718. Our certificates819. Assignment820. Valuations821. Blanks822. Notices, other communications andserving documents823. Changes824. Waiver925. Set-off926. Consumer Credit legislation andseverance927. Applicable law928. Anti-Money Laundering & CounterTerrorism Financing (AML/CTF)929. Security - not applicable930. Electronic Banking1031. Meaning of words15Things you should know about yourproposed credit contract17
The meaning of words printed in italics (like this) andsome other key words are explained at the end of theseTerms and Conditions.1What we lend and when1.1We agree to lend you the amount of credit.1.2We can debit all or any part of the amount ofcredit to your loan account. We can debit it (sothat you pay interest charges on the amount) onthe day we lend you the amount (if we pay youthe amount by posting a cheque, this is the daywe post the cheque).credit provided to you by us to acquire goods orservices for which credit is to be advanced underthe contract, you must also pay all amounts youacquired under this contract on the settlementdate except for fees and charges in respect ofany of our costs we no longer have to pay.If our solicitors provide or are to provide any ofthe amount of credit to you or at your request(such as on the settlement of a propertypurchase), the day we lend you the amount is theday we provide the funds to our solicitors.1.31.7You must tell us if anything has happened whichprevents you from complying with yourobligations under this contract or if there arechanges to your position as stated in all thedeclarations you have made to us in connectionwith this contract, including in the ApplicationForm, before we lend you any of the amount ofcredit.2Interest charges2.1Interest charges are calculated and applied dailyby dividing the daily percentage rate by 100 andthen multiplying it by the daily balance of theamount of credit at the end of each day (DailyInterest Charge Amount).2.2If you link an Offset Facility to your loan account,we calculate interest charges on your loanaccount by applying the relevant DiscountedOffset Rate divided by 365 (except in a leap yearwhen it is divided by 366) to the balance at theend of each day in each Offset Facility linked tothe loan account.However, we only have to lend the amount ofcredit if we have received:(a) each security and any documents we requirein relation to any security;(b) evidence of any insurance we require;(c) any report or valuation we require;(d) any certificate of independent advice from asolicitor we require;(e) any certificate of financial advice from afinancial adviser we require;(f)If your Offset Facility has a debit balance at theend of the day, your balance for that day for offsetpurposes will be deemed to be zero. If your OffsetFacility has a balance greater than the balance ofyour linked loan account at the end of the day,your balance for that day for offset purposes willbe deemed to be equal to the balance of yourlinked loan account and we will calculate interestcharges by applying the relevant DiscountedOffset Rate divided by 365 (except in a leap yearwhen it is divided by 366) to the daily balance.any other document or information wereasonably require;(g) evidence that you have paid or have madesatisfactory arrangements to pay anyapplicable conveyance or transfer stampduty or similar impost in connection witheach security.1.4We can end this contract before we have lent youthe amount of credit if:2.2.1 We may change the Discounted Offset Rate andthe method of calculation of interest in relation toyour Offset Facility. We will notify you in advancebefore the changes take effect.(a) any of the items listed in clause 1.3 are notprovided to us or are not paid or are notsatisfactory to us;(b) you or a security provider’s financialcircumstances have significantly changedsince the disclosure date;2.2.2 The Bendigo Complete Home Loan may be linkedto a full Offset Facility. The Offset Facility must bein the same customer number/name as your loanaccount.(c) any security has been withdrawn or isotherwise ineffective;2.2.3 The Bendigo Express Home Loan may be linked toa full Offset Facility for a variable rate loan. Apartial offset is available during a fixed rateperiod.(d) you or a security provider is insolvent;(e) you or a security provider is in default underthis contract or a security;(f) any information which you or a securityprovider gave to us or which we have aboutyou, a security provider or any security is notcorrect or has changed since we obtained it.1.5We can end this contract if you have not obtainedany of the amount of credit within 90 days of thedisclosure date.1.6If this contract is ended you must still pay allamounts you are required to pay up to that timeunder this contract. If this contract is endedbefore you have obtained any of the amount ofcredit, or used a card or other means of obtaining2.3We can debit interest charges to your loanaccount monthly on the last day of each month.We can also debit interest charges to your loanaccount at the following times:(a) on the monthly anniversary of the settlementof the loan. In cases where there is nocorresponding day in a month (i.e. the 29th,30th or 31st), debit interest can instead becharged on the last day of the month.2
2.42.5(b) immediately before we credit to your loanaccount a payment that equals or exceedsthe loan account balance at that time; and(c) on the day the loan account balancebecomes due under clause 10 of theseterms and conditions.4.4The amount of interest charges debited willcomprise the sum of interest charges calculatedfor each day in the period commencing on:Break Costs and Prepayment Fees4.5We can change the amount of any credit fee orcharge or change this contract to impose a newcredit fee or charge at any time without yourconsent. If any law regulates a change, we mayonly make the change to the extent permitted by,and subject to, the requirements of that law.A Break Cost Fee is payable to us each time anyof the following break events occur during a fixedrate period:(a) in the case of the first interest debit, thesettlement date;(b) otherwise, the day following the last day forwhich an interest charge was debited, andending: at your request, we agree to vary your annualpercentage rate; or you repay your loan account balance in full.(c) where the interest charge debit takes effectearlier than immediately before the end ofthe day on which it was debited, the daybefore that day;A Prepayment Fee is payable to us if, during afixed rate period, you prepay an amount (repaymore than your required repayments) thatexceeds 20% of:(d) otherwise, the day on which the interestcharge is debited. if the fixed rate period started on the datewe first advanced any part of the amount ofcredit, the amount of credit – in which casethe prepayment amount is the amount youprepay less 20% of the amount of credit; or if the fixed rate period started on a dateafter the date we first advanced any part ofthe amount of credit, the loan accountbalance at the start of the fixed rate period –in which case the prepayment amount is theamount you prepay less 20% of the loanaccount balance at the start of the fixed rateperiod.We can change the annual percentage rate atany time except during a fixed rate period. If anylaw regulates that change, we may only change tothe extent permitted by, and subject to, therequirements of that law.2.6You can find out what any current reference ratesunder this contract are by asking any of ourofficers at any of our branches or by telephoning1300 236 344. We publish our reference rates inThe Australian newspaper on the last day ofpublication each month.2.7For the purposes of payments under the contract,a day ends at 5.00pm (AEST / AEDT).3Joint accounts3.1This clause applies if more than one person isnamed in the Schedule as “Borrower”.3.2Your liability under these terms and conditions isboth joint and several. This means that each ofyou is liable both on your own and together forthe whole of any debit balance on your loanaccount.4Fees and charges4.1You must pay to us the following fees andcharges (which are authorised by this contract):A Break Cost Fee or a Prepayment Fee is onlycharged where we estimate we have suffered aloss as a result of the break event or prepaymentdue to differences in interest rates using theformula below.WARNING:Break Cost Fees and Prepayment Fees may besignificant. If you are considering requesting achange to your Annual Percentage Rate orpartially or fully repaying your loan early during afixed rate period please contact us at any of ourbranches or by telephoning 1300 236 344 forassistance and to obtain an estimate of theBreak Costs Fee or Prepayment Fee before doingso.(a) government transaction charges; andThe amount of a Break Cost Fee or PrepaymentFee is calculated using the following formula:(b) the credit fees and charges set out in theLoan Schedule which are payable at thetimes specified in the Loan Schedule;Break Cost Fee/Prepayment Fee (𝑖 𝑗) 𝑑𝐴𝑥 [ 𝐵 𝐶 ]𝑑365(1 𝑗)365(c) any other standard fees and charges (apartfrom credit fees and charges andgovernment transaction charges) we imposefrom time to time (see Bendigo BankSchedule of Fees, Charges and TransactionRebates, as amended from time to time).4.2We can debit these fees and charges to your loanaccount.4.3We can debit the government transactioncharges to your loan account when the receipt orwithdrawal to which those charges relate occurs.Where:wholesale swap rate the applicable wholesaleswap rate utilised by us at the relevant time,being an annual rate which is updated by us atleast once on each Australian SecuritiesExchange trading day (as determined by the ASXListing Rules) to reflect the wholesale marketswap rate available to us3
A The following amount at the repaymentdate, excluding accrued interest:For a Break Costs Fee: the loan accountbalance; orFor a Prepayment Fee: the prepaymentamounti the wholesale swap rate for the full fixedrate period at the start of the fixed rateperiod6.2We calculate principal and interest repaymentsso that, during the period they are payable on:(a) the amount owing on your loan balance atthe start of the period; and(b) all interest charges and other fees andcharges accruing during the period arerepaid during the period.6.3Under the calculation method described in clause6.2, the part of each repayment which repays theamount owing on your loan balance at the startof the period gradually increases throughout theperiod but repayments are equal while:j the wholesale swap rate for theremainder of the fixed rate period (from thedate of the break event or prepayment) atthe time at which the Break Cost Fee orPrepayment Fee is calculated by us, whichmust be a time on a date not more than 5business days prior to the date of the breakevent or prepaymentm number of months from the dateinterest was last debited to the loan accountto the end of the fixed rate period(a) the amount of credit provided;(b) the annual percentage rate;(c) the method of calculation of repayments;and(d) the amount or method of calculation of feesand charges remain constant and whilethere are no new fees and charges.n number of months from the dateinterest was last debited to the loan accountto the end of the loan term6.4A repayment amount includes any monthlyadministration fee and is rounded up to thenearest cent.d number of days to the next dateinterest is to be debited to the loan account6.5We calculate each interest-only repayment byadding together:(a) the interest charges debited to your loanaccount in accordance with clause 2; and(b) any monthly service fee and any otherapplicable fees.6.6You must pay us the loan account balance plusany amounts charged, accrued or payable but notyet debited to your loan account at the end of theloan term if they have not become due andpayable any earlier.6.7You can pay the loan account balance at anytime. If you do this, you must also pay anyamounts charged, accrued or payable but not yetdebited to your loan account at that time.6.8We do not treat a payment as having been madeuntil we credit it to the loan account.6.9If your loan is a Building Loan and we lend youthe amount of credit progressively, you will berequested to commence repayments at a rate prorata to the amount advanced.7Redraw facility7.1Subject to this clause and the conditions in theRedraw Facility section of the Home LoanSchedule you may redraw money you haveprepaid by:(a) Completing and signing a Loan RedrawRequest form; or(b) Using Bendigo e-banking if you havecompleted an Application for Online Redrawform(c) If there is more than one of you:andB g1 vnC h1 wnx 1 wm 1 h 1 wm 1 h x vn x x m 1 1 x 1 (m 1) wn where:g i / 12h j / 12v 1 / (1 g )w 1 / (1 h )x w/ v4.6Information on current fees and charges isavailable on request by asking any of our officersat any of our branches or by telephoning1300 236 344.5What you owe us5.1Once we debit an amount to your loan account,(if it is not already owing) you owe us thatamount.6Repayments6.1You must pay the repayments we determine atthe times we determine. As at the disclosure datethe repayments are those set out in the LoanSchedule and they must be paid at the times setout in the Loan Schedule.i.4the signatures of all of you are requiredon the Loan Redraw Request form orApplication for Online Redraw form; and
ii.7.2on acceptance of the Application forOnline Redraw form by us, you inconjunction with any joint signatory willbe able to authorise a redraw from yourloan account via Bendigo e-banking.Any redraws will be debited to your loan accountand the balance of this account will increaseaccordingly and interest will accrue on this newbalance from the date the redraw takes effect onyour loan account.7.3A fee may apply as outlined in the Financial Table– Our Credit Fees and Charges.7.4We may, at our discretion, refuse yourapplication, refuse any request for redraw,withdraw Bendigo e-banking access to redraw orwithdraw your right to redraw at any time withoutnotice if:(a) any one of you ask us to in writing or send aSecure Email of authorisation via Bendigo ebanking;9Building loans9.1The following provisions of clause 9 only apply ifthe Loan Schedule indicates that you have abuilding loan.9.2We lend you the amount of credit progressivelyby:(a) paying any credit fees and charges andinsurance premiums included in the amountof credit;(b) paying the balance of the amount of creditas progress payments after you have madepayments towards the building works fromyour own funds sufficient to ensure the totalamount yet to be paid to complete allbuilding works is equal to or less than thebalance of the amount of credit.9.3We only have to lend progress payments if:(a) for each progress payment (including thefirst and last):(b) you are in default under your home loan asspecified within clause 10 of this document;(c) a variation to the terms of your loan is beingprocessed;(d) your loan account has a nil or credit balance.i.ii.or at our discretion.7.5iii.Redraw limits may be changed or new limits maybe imposed in the future:(a) by method of redraw;(b) for redraw by cash or by cheque orotherwise;The redraw limits are set out in Redraw Facility Section ofthe Home Loan Schedule. We will notify you of any changewe make by giving you written notice of the change notlater than 30 days before the change takes effect.Sweep facility8.1We can give you a sweep facility. If we do then:(a) You may request us to transfer payment fromyour loan account to a Bendigo Credit Cardon any day during the term of this contractan amount up to but not exceeding theamount by which:i.we are satisfied the total amount yet tobe paid to complete all building worksis equal to or less than the amount ofcredit yet to be lent.(b) before the first progress payment, we havereceived all of the following and they aresatisfactory to us:i.copy of stamped local councilapproved plans and specifications; andii.copy of building contract between youand your builder;(c) by number or amount or otherwise; and inrelation to a particular period of time orotherwise.8we have received an authority from youto pay the builder which is satisfactoryto us;our valuer recommends that we makethe progress payment (our valuer willnormally need to value the buildingwork to do this); andiii.any other certificates or authoritiesfrom local councils or other authoritiesnecessary to conduct the buildingworks;iv.a report by our valuer;v.evidence of any insurance we require,which are satisfactory to us;(c) before the last progress payment, we havereceived all of the following:i.the scheduled balance on that dayexceeds;ii.the sum of the daily balance on thatday and one repayment.Only one attempt to transfer funds will be madeand if unsuccessful, you will be notified in writingthat no more attempts will be made. A fee asoutlined in the Bendigo Bank Schedule of Fees,Charges and Transaction Account Rebates will bedebited to your loan account in thesecircumstances.ii.iii.9.45confirmation that the building works isfinished (including a signed certificatefrom you of satisfactory completion ofthe building works;evidence of any insurance we require;any other certificates or authoritiesfrom local councils or other authoritiesin relation to the completion of thebuilding works, which are satisfactoryto us.These conditions are in addition to those inclause 1.3 which must also be satisfied.
9.510Within twelve months (or such longer time as weagree) of the initial loan drawdown you mustcomplete the building works specified in theplans and specifications you give us before thefirst progress payment.(c) that you have to remedy the default within aspecified period (at least 30 days from thedate of the default notice).10.3If you are in defaultWhen are you in default?10.1You are in default if:(a) you do not pay, on or before its due date forpayment, any amount payable to us underthis contract or a security;(b) you are in default or an event of default,however described, occurs under anysecurity or any other contract or deed withus;(c) you or any guarantor is or becomesinsolvent;(d) another creditor commences legalproceedings against you or a guarantor torecover an overdue payment or takes anyaction to enforce security over your or aguarantor’s assets;(e) we believe on reasonable grounds that you,your agent or a guarantor has not compliedwith the law or any requirement of astatutory authority or it becomes unlawful foryou or us to continue with the loan that isthe subject of this contract;(f) you or a guarantor gives us information ormakes a representation or warranty to uswhich is materially incorrect or misleading(including by omission) in connection withthis contract or a security such asinformation given in an application form;(g) you use the amount of credit for a purposenot approved by us;(h) your property or a guarantor’s property isdealt with, or attempted to be dealt with, inbreach of this contract, any security or anyother agreement or deed with us without ourconsent;(i) you or a guarantor do not provide financialinformation required to be provided by thiscontract or any security;(j) you or a guarantor carry on a business at orafter the date of this contract, you or theguarantor (as the case may be) do notmaintain a licence or permit necessary toconduct the business;(k) you or a guarantor do not maintaininsurance required to be maintained underthis contract or a security;(l) legal or beneficial ownership ormanagement control of you or a guarantor ora business of you or a guarantor changeswithout our consent; or(m) the status, capacity or composition of you ora guarantor changes without our consent.10.4What can happen then?10.2If you are in default, we may give you a defaultnotice which tells you(a) that you are in default and why;(b) what action is necessary to remedy thedefault; and6Subject to clause 10.4 below, if you do notremedy the default within the period specified inthe default notice, at the end of that period theloan account balance plus any amounts charged,accrued or payable but not yet debited to yourloan account automatically becomes due andpayable and we may enforce any security.If you are in default other than in thecircumstances described in clauses 10.1(a) or10.1(c) above, clause 10.3 above will only applyif your default by its nature is material or wereasonably consider your default has had, or islikely to have, a material impact on:(a) your or a guarantor’s ability to meet your ortheir financial obligations to us; or(b) our credit or security risk (or our ability toassess these risks); or(c) in the circumstances described in clauses10.1(e), 10.1(f) or 10.1(g) above, our legalor reputation risk.10.5Enforcement expenses may become payableunder this contract or any security (or both) in theevent of a breach.10.6You must pay us all reasonable enforcementexpenses we reasonably incur arising from anydefault under this contract or under any security.Enforcement expenses include but are notlimited to those reasonably incurred by the use ofour staff and facilities. We can debit theseamounts to the loan account.10.7If enforcement expenses are debited to your loanaccount they will become due and payable attime they are debited.10.8Enforcement expenses include, in the case of anysecurity, costs incurred in preserving ormaintaining property subject to the security suchas paying insurance, rates or taxes for theproperty after a default where they areauthorised by the security. If the property can beinsured, you must ensure insurance overmortgaged property is taken and maintained. Ifyou do not, we may take out that insurance andany premium we pay will be an enforcementexpense.11What happens to payments we receive11.1We may apply any payment or other credit wereceive to any amount you owe under thiscontract in any order we choose.11.2If you have any other credit contract with us andyou make a payment to us without telling us howthe payment is to be applied, we will apply thepayment to all or any of the credit contracts inany way we choose.12Substituting security12.1You may ask us in writing to allow you tosubstitute a new security interest for a securityWe do not have to agree but, if we do, we willalmost certainly impose conditions.
12.2Even if we agree to the substitution, the securityto be replaced is not affected until (and then onlyto the extent that) we give a written discharge forit.13Statements13.1We will send you statements of account sixmonthly. However, we need not send a statementof account if:any of our branches, by telephoning 1300236 344 or by visiting our website atwww.bendigobank.com.auInformation on current interest rates andfees and charges is also contained in thePersonal Accounts and Facilities Terms andConditions. You can alter or stop a paymentservice by giving us notice in writing. We canalter or stop a payment service at any time.(a) we wrote off your debt during the statementperiod and no further amount has beendebited or credited to your loan accountduring the statement period; or(b) you have been in default under this contractduring the statement period and we havecommenced enforcement proceedings.15.3You should inform us promptly if you are infinancial difficulty so that we may discuss yoursituation.16Account combination16.1We may at any time combine the balances of twoor more of your accounts even if the accounts areat different branches or in joint names. Forexample, we may do this if you exceed theamount of credit applicable to your loan accountand the other account/s are in credit. In thissituation the credit in one account would be usedto reduce the debit balance in the other account.We will promptly inform you if we combine youraccounts. We need not notify you in advance.16.2If you are a recipient of Centrelink benefits, wewill act in accordance with our obligations underthe Code of Operation for Department of HumanServices and Department of Veterans' AffairsDirect Credit Payments when exercising our rightto combine accounts.16.3We will not exercise our right to combine youraccounts in connection with amounts you owe inrespect of any credit facility which you hold withus that is regulated by the National Credit Code:A new statement period commences on thesettlement date.You can request a statement of account or querya transaction on your statement account bycontacting any of our branches or by telephoning1300 236 344.14Inconsistency14.1If there is any conflict or inconsistency betweenthe Loan Schedule, Terms and Conditions andany Security, those documents will prevail in thatorder to the extent of the inconsistency.14.2To the extent allowed by law and subject toclauses 26.2, 26.3 and 26.4 this contractprevails to the extent it is inconsistent with anylaw.Banking Code of Practice1515.1The Banking Code of Practice applies to thecontract. The Banking Code of Practice is avoluntary code of conduct which sets standardsof good banking practice for us to follow whendealing with you. You should obtain a copy of theBanking Code of Practice available from any ofour branches.15.2The Banking Code of Practice requires us to drawyour attention to the availability of generaldescriptive information concerning our bankingservices and cheques. This includes informationabout:(a) while we are actively considering yourfinancial situation as a result of yourhardship application (we may ask you, as acondition of not exercising our right tocombine your accounts, to agree to retainfunds in an account until our decision onyour hardship application has been made);or(b) while you are complying with an agreedarrangement with us resulting from ourconsideration of your hardship application.(a) account opening procedures;(b) our obligations regarding the confidentialityof your information;(c) complaint handling procedures;(d) bank cheques;(e) the advisability of you informing us promptlywhen you are in financial difficulty so that wemay discuss your situation; and(f) the advisability of you reading the terms andconditions applying to this banking service.(g) Some of this information is contained in thisdocument. The information is also set out infull in the Personal Accounts and FacilitiesTerms and Conditions. A copy of thePersonal Accounts and Facilities Terms andConditions can be obtained by contacting717How we may exercise our rights17.1We may exercise a right or remedy or give orrefuse our consent in any way we considerappropriate including by imposing reasonableconditions.17.2If we do not exercise a right or remedy fully or ata given time, we can still exercise it later.17.3Our rights and remedies under this contract arein addition to other rights and remedies providedby law independently of it.17.4Our rights and remedies under this contract maybe exercised by any of our employees or anyother person we authorise.17.5To the full extent permitted by law we are notliable for any loss (including any consequentialloss) caused by the exercise or attempted
exercise of, failure to exercise or delay inexercising, a right or remedy to the extent it wasnot caused by the negligence, fraud or wilfulmisconduct of us, our employees or agents or areceiver appointed by us.18Our certificates18.1We may give you a certificate about a matter orabout an amount payable in connection with thiscontract. The certificate is sufficient evidence ofthe matter or amount unless it is proved to beincorrect.19Assignment19.1We may assign or otherwise deal with our rightsunder this contract. You agree that we maydisclose any information or documents weconsider desirable to help us exercise this right.You also agree that we may disclose informationor documents at any time to a person to whomwe assign our rights under this contract.19.2Your rights are personal to you and may not beassigned without our written consent.20Valuations(b) sent by pre-paid post or electronically (suchas by facsimile or telex) to any of thoseplaces;(c) given by any other means permitted by law.22.4Communications given by newspaperadvertisement are taken to be received on thedate they are first published.23Changes23.1Acting reasonably we can change this contract(such as by varying an existing provision oradding a new provision) at any time without yourconsent including:(a) imposing a new fee or charge;(b) changing a reference rate or any other ratethat applies to this contract;(c) changing the manner in which interest iscalculated or applied under this contract;(d) changing the way in which repayments arecalculated or when they are due;(e) changing when we will give you a statementof account.Any valuation or report we obtain is for ourbenefit, not yours. You may not rely on it.21If any law regulates that change, we may onlymake the change to the extent permitted by, andsubject to, the requirements of that law.BlanksYou agree that we may fill in any blanks in anyrelated document to this c
your loan account. 2.2.3 The Bendigo Express Home Loan may be linked to full Offset Facility for a variable rate loan. A partial offset is available during a fixed rate period. 2.3 We can debit interest charges to your loan account monthly on the last day of each month. We can also debit interest charges to your loan account at the following times:
