Loan repayment pause form by lindayy


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									                  NSW Teachers Credit Union Ltd.
                  ABN 30 087 650 459 AFSL No 238981
                  28–38 Powell Street Homebush NSW 2140 (PO Box 7501 Silverwater NSW 2128) Fax: (02) 9764 1328
         Telephone: 13 12 21 BSB: 802-194

To: NSW Teachers Credit Union Ltd.
Member No                     Loan Account Type eg L24, L34 (available on variable rate loans secured by a residential mortgage only)

First Borrower
Title        Given Names                                                     Surname

Joint Borrower (if applicable)
Title        Given Names                                                     Surname

Guarantor’s name (if applicable)

Postal Address                                                                                                         Postcode

Home Telephone No                               Work Telephone No                                 Mobile No

I/We wish to apply for a repayment pause for a period of                months (minimum 1 month, maximum 6 months) on the loan

described above commencing from

     Evidence of leave is attached (letter from employer or statutory declaration if self employed)
By signing this application:
1. I/we agree that, unless they have already been so changed, my/our loan Terms and Conditions are amended as set out overleaf, with
   effect from the date of this application; and
2. I/we acknowledge that:
   (a) I/we have read and understand the changed terms set out overleaf; and
   (b) if my/our application is approved, during the repayment pause interest will continue to accrue on the loan and be debited
          monthly (so the balance will increase) and my/our current loan repayment will be reset (and will be higher) at the end of the
          repayment pause period.
Please refer to the Terms and Conditions and to the Fees and Charges brochure for further information
Refer to our Privacy Policy brochure or our internet site for details on our Privacy Policy.

Dated this                                                  day of
                            (day eg Twelfth)                                                (month)                       (year)

Borrower’s Name                                                         Borrower’s Name
                                                                        (Joint loan only)

Borrower’s Signature                                                    Borrower’s Signature
                                                                        (Joint loan only)

Guarantor’s Name                                                        Guarantor’s Name
(if applicable)                                                         (if applicable)

Guarantor’s Signature                                                   Guarantor’s Signature
(if applicable)                                                         (if applicable)

Please return this form:
By mail to:    NSW Teachers Credit Union Ltd, Reply Paid 7501, Silverwater NSW 2128
By fax to:     (02) 9764 1328
                         LOAN TERMS AND CONDITIONS

Clauses 4.1, and 12.1 of your loan terms, set out in full below,            (c) it must be at least 12 months since the date of this
are varied by insertion of the underlined text:                                 loan and since any previous application by you for a
4.      REPAYMENTS                                                              repayment pause;
4.1     You must repay the balance of the loan by making the                (d) you must not have any current or previous arrears
        repayments set out in the Schedule. However, this is                    on this loan or any other loan with us;
        subject to other terms of this loan contract, for example,          (e) you must not have any unused available credit
        if we give you a repayment pause or increase repayments                 under a redraw facility when making a repayment
        or if you are in default.
                                                                                pause application.
12.     OTHER VARIATIONS                                                    and your repayment pause request:
12.1    We may vary this loan contract:                                     (f) is in writing signed by you (or both or all of you, if
        (a) when the Annual Percentage Rate stated in the                       there is more than one borrower);
            Schedule is expressed as a reference rate plus                  (g) is received by us no later than 3 weeks prior to the
            or minus a margin - to increase or decrease                         proposed commencement of the repayment pause;
            that margin;
                                                                            (h) includes evidence from your employer or a
        (b) when the Schedule does not state a Default rate
                                                                                statutory declaration if you are self employed
            of Interest - to add a Default rate of Interest to
            calculate Default Interest Charges under clause 6; or               indicating the terms of the maternity, paternity,
        (c) to increase or decrease the Default rate of Interest                adoption or carer’s leave being undertaken;
            specified in the Schedule;                                       (i) does not request a repayment pause term longer
        (d) to vary the minimum amount under any Redraw                         than permitted under clause [11A.2(a)-(b)].
            facility attached to this loan; or
                                                                     11A.4 If we receive a repayment pause request from you we:
        (e) if we agree to give you a repayment pause under
            clause 11A.                                                     (a) may decide not to grant it at our absolute discretion;
                                                                            (b) may decide to grant it for a shorter time than you
IN ADDITION, THE FOLLOWING NEW CLAUSE IS                                        have applied for;
INSERTED AS CLAUSE 11A.                                                     (c) are not required to give you reasons for our
11A   REPAYMENT PAUSE                                                           decision;
11A.1 If one or more of you takes paternity, maternity,                     (d) will give you notice of our decision within 2 weeks.
      adoption or carer’s leave from your employment, you
      may apply for a repayment pause, on the terms set out in       11A.5 During the term of any repayment pause:
      this clause [11A].                                                    (a) no repayments are payable;
11A.2 A repayment pause is a period during which no                         (b) interest will accrue and be debited in accordance
      payments are required on your loan. It is to be not                       with clause 5. (This will increase the outstanding
      less than 1 month and not more than the shortest of the                   balance you owe.)
      following periods:
      (a) 6 months;                                                  11A.6 Before the end of any repayment pause;
      (b) the amount of time you are absent from your                      (a) we will recalculate the repayments which will apply
            employment;                                                        after the repayment pause, to ensure that your
      (c) the period you request; or                                           loan is repaid during its term – which means the
      (d) a shorter period we decide is appropriate.                           subsequent repayments will be higher than
11A.3 You may request a repayment pause by writing to us if                    repayments before the repayment pause; and
      you satisfy the following criteria:                                   (b) we will give you written notice of the new
      (a) your loan is a variable interest rate loan secured by a               repayment amount at least 20 days before the first
            residential mortgage and                                            such repayment is due.
      (b) your loan is not a fixed interest loan, Advantage
            Home Loan, Integris Loan, Line of Credit or an           11A.7 When the repayment pause is over, you must make the
            Interest Only Fixed Loan;                                      new repayments.


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