Common use of Changes to payments Clause in Contracts

Changes to payments. Clause 8.2 does not apply to a facility account that is a construction facility during the interest only period on the account. When a variable rate applies to a facility account, we may vary the minimum monthly payments on the account at any time to ensure you pay the total owing by the final repayment date. If we increase minimum monthly payments on a facility account, we will notify you at least 20 days before the increase takes effect. If we decrease minimum monthly payments on a facility account, we will notify you no later than when you receive your first statement for the account after the decrease takes effect.

Changes to payments. Clause This clause 8.2 does not apply to a facility account that is a construction facility during the interest only period on the account. When a variable rate applies to a facility account, we may vary the minimum monthly payments on the account at any time to ensure you pay the total owing by the final repayment date. If we increase minimum monthly payments on a facility account, we will notify you at least 20 days before the increase takes effect. If we decrease minimum monthly payments on a facility account, we will notify you no later than when you receive your first statement for the account after the decrease takes effect.