USING YOUR LOAN
1. Terms of your Loan
We lend you the Loan Amount on the terms and conditions set out in the following documents which together set out our credit contract (Credit Contract) with you:
a) the Schedule (including the financial table and other conditions); and
b) these Terms and Conditions.
2. What do you have to do before we will advance the Loan Amount to you?
We do not have to advance the Loan Amount to you unless you have met all our pre-conditions, including any special conditions set out in the Schedule.
Even if you have met these conditions, we will not advance the Loan Amount, if:
a. there is a significant change in your financial circumstances;
b. we have not been able to verify your identity; or
c. anything else changes that in our reasonable opinion means that we would not have offered you the Loan.
3. What happens if your Loan doesn’t go ahead?
If we do not advance you the Loan Amount (because you decide not to accept this Loan offer, we withdraw our offer or for any other reason), you do not have to pay us anything.
4. How can you draw down your Loan?
You may only draw down your Loan Amount at one time as set out in the Schedule (i.e. you may not borrow it in stages).
5. What can you use your Loan for?
You must only use your Loan for the Loan Purpose set out in the Schedule.
INTEREST ON YOUR LOAN
6. Do you have to pay interest on your Loan?
You do not have to pay interest on the Amount You Owe Us.
7. Will you have to pay default interest at any time?
We do not charge default interest on your Loan, however, if you do not repay the Amount You Owe Us in full on or before the Loan Expiry Date, we may charge you the Late Payment Fee.
This a recurring fee that is payable monthly until the Amount You Owe Us is paid in full.
FEES AND CHARGES
8. What Fees and Charges do you have to pay under your Loan?
You must pay us:
a) the Possibl Fee;
b) all other fees and charges set out in the Schedule (including any contingent fees and charges that only apply if you do not comply with your obligations under the Loan Contract);
c) any enforcement expenses; and
d) all government charges and duties;
when they are payable.
You authorise us to debit these amounts to your Loan Account. Such amounts will form part of the Amount You Owe Us.
We may debit your Loan Account for the amount of any fees and charges on or after the date we pay them or the date they become payable by you or us.
9. How will you know if we change the fees and charges that apply to your Loan?
To the extent that they are known by us as at the Disclosure Date, the amounts of the fees and charges that apply to your Loan are shown in the Schedule.
We may give you written notice via email that the amount of a fee or charge has changed or that we have introduced a new credit fee or charge. We may also notify you of such changes via our secure portal.
Some changes in government fees and charges may be publicised by the government and not us.
You can contact us at any time to find out the current fees and charges applicable to your Loan.
If we remove or decrease the amount of a fee, we may not give you prior notice of this.
LOAN PAYMENTS
10. What payments do you have to make?
You must pay all fees and charges that relate to your Loan as and when they become payable.
You must also repay the Amount You Owe Us on or before the Loan Expiry Date.
11. How do you make payments?
You must make all payments as we direct, acting reasonably.
If we ask you to make these payments by direct debit from your nominated bank account, you must sign anything or do anything that we ask you to do to set up that direct debit.
You request and authorise us to use this direct debit arrangement to for the payment of the Amount You Owe Us, when such amounts become payable, including any contingent fees and charges that only apply if you do not comply with your obligations under the Loan).
12. Can you repay your Loan early?
You may repay the whole or any part of the Amount You Owe Us at any time without penalty. Once you notify us of your decision to repay early, you will be liable to pay our reasonable administration and processing costs to make this arrangement even if you change your mind and decide not to repay early.
Any amount you repay early, will not be available for redraw.
REDRAW
13. Is redraw available under your Loan
Redraw is not available under your Loan. Once you repay some or all of the Loan Amount, that amount may not be redrawn.
WHAT HAPPENS IF THINGS GO WRONG?
14. When you will be in default
If any one or more of the following things happen, we may determine you are in default:
a. you don’t pay the Amount You Owe Us on or before the Loan Expiry Date; or
b. you don’t do anything else that you are required to do under this Credit Contract.
You must ensure default does not occur.
15. What happens if you are in default?
Default interest is not payable under the Loan.
However, if you do not repay the Amount You Owe Us on or before the Loan Expiry Date, we may charge you the Late Payment Fees specified in the Schedule.
Also, if you are in default, we may issue you with a notice to that effect and take steps to enforce your Loan. We may also
demand that you pay our reasonable costs to enforce your Loan, including:
a. legal costs and expenses on a full indemnity basis or solicitor and own client basis, whichever is higher; and
b. our internal costs.
These amounts will not exceed our reasonable enforcement expenses (including internal costs) and will be added to, and form part of the Amount You Owe Us.
GENERAL MATTERS
16. No “set-off” in respect of amounts due under your Loan
You must make all payments due as set out in the Schedule without setting off or deducting any money we owe you (or which you may think that we owe you) for any reason.
17. You appoint us as your Attorney
Subject to any applicable law, you appoint us as your attorney (with power to appoint substitutes) to execute all documents and do everything you must do under this Credit Contract.
You must not revoke this power of attorney until you have paid us all amounts you owe under this Credit Contract. If we ask you to, you must ratify anything we do when exercising this power of attorney (i.e. if we ask you to, you must give your formal consent and approval to anything that we have signed under this power of attorney).
18. Certificates
A certificate signed by or on behalf of us that sets out an amount you must pay us under the Credit Contract is conclusive and binding on you in the absence of manifest error. In making any determination of any amount payable by you under the Credit Contract, we will always act reasonably.
19. How you can deal with your Loan
You may not transfer or attempt to transfer your rights under your Credit Contract to anyone else.
20. How we can deal with your Loan
We may assign or otherwise deal with our rights under this Credit Contract in any way we decide, acting reasonably.
You must sign and do anything we reasonably require to enable any dealing with your Credit Contract. This does not change your obligations under your Loan.
21. Statements of Account
We will provide you with a statement of account as required by law.
22. Are you protected by consumer law?
To the extent that this Credit Contract is regulated under consumer legislation (e.g. the National Credit Code), any provisions which do not comply with that legislation have no effect, and to the extent necessary, this Credit Contract is to be read so it does not impose obligations prohibited by that legislation.
We encourage you to obtain independent legal advice and independent financial advice before entering into this Loan.
23. If you are in financial difficulty
You should tell us as soon as possible if you are in financial difficulty. We will discuss this with you in order to find an acceptable solution.
24. Electronic signing of your Credit Contract
You:
a. agree that we may rely on electronic signature(s) and electronic acceptance of this Credit Contract as having the same force and effect as handwritten signature(s); and
b. consent to any method we use (acting reasonably) to identify the signatories and confirm your intention to enter into a binding legal agreement.
25. Electronic communication
You consent to us sending you notices and other documents by email.
You understand that:
a. will either make all documents (including notices, statutory disclosures and a copy of this Credit Contract):
- available for a reasonable time on your online account on our secure portal; or
- send you these documents by email or other electronic communication;
b. we will not send paper copies of any documents unless required by law;
c. you must regularly check your nominated email address for notices;
d. you may withdraw your consent to the giving of notices or other
documents electronically at any time, provided that we can agree on a suitable way for us to communicate with you; and
e. you understand and acknowledge that when you put your signature or initials on a document electronically, you will be bound by that document as if you signed it by hand.
26. Verification of your identity
You agree that we may disclose your personal details to any of the following organisations in order to verify your identity:
a. any online identification verification provider; or
b. to a Credit Reporting Body (“CRB“) to obtain an assessment of whether that information matches information held by the CRB. The CRB may give us a report on that assessment and to do so may use information about you and other individuals in their files; or
c. to an approved Gateway Service Provider (“GSP“) to enable us to verify your identity using the Australian Government’s Document Verification Service (“DVS“). The GSP may give us a report on that assessment and to do so, may use information about you and other individuals held in official records. The GSP used by Possibl is a third party and is not related to Possibl.
Alternative means of verifying you are available on request. If we are unable to verify your identity using information held by a CRB or DVS, we will provide you with a notice to this effect and give you the opportunity verify your identity using an alternative method acceptable to us.
27. Governing law
Your Credit Contract is governed by New South Wales laws. You and us submit to the non-exclusive jurisdiction of the courts of that jurisdiction.
28. Interpretation
If there are two or more of you, each of you is individually liable, and all of you are jointly liable to fulfill your obligations under this Credit Contract.
Singular words include plural words and vice versa.
DEFINITIONS USED IN YOUR CREDIT CONTRACT
Amount You Owe Us means the total amount outstanding under your Loan from time to time and includes all fees and charges payable by you in connection with this Loan.
Business Day means a day that is not a Saturday or Sunday on which the banks are open for business in Sydney.
Credit Contract means :
a. the Schedule; and
b. the Terms and Conditions.
Late Payment Fees means the Late Payment Fee set out in the Schedule.
Loan means the loan that we have offered to you on the terms and conditions of this Credit Contract
Loan Account means the loan account that we establish in your name in connection with this Credit Contract.
Loan Amount means the amount set out in the Schedule that we advance to you.
Loan Expiry Date means the date by which you must repay the Amount You Owe Us.
Settlement Date means the date you first tell us to advance funds under this Credit Contract (even though the actual date we first advance funds to you under your Loan may be a later date).