Common use of Crediting of Payments Clause in Contracts

Crediting of Payments. We will seek to debit each payment you must make under the contract for your loan from the nominated account before 4:00pm Melbourne time on the day that the payment is due. If we receive a payment after 4:00pm Melbourne time, we will credit that payment to the facility account on the next business day. We apply each payment on a facility account to amounts comprising the balance owing on the account in any order we consider appropriate. We may apply payments you wish to make on a particular facility account to another facility account or other facility accounts.

Crediting of Payments. We will seek to debit each payment you must make under the contract for your loan from the nominated account before 4:00pm Melbourne time on the day that the payment is due. If we receive a payment after 4:00pm Melbourne time, we will credit that payment to the facility account on the next business day. We apply each payment on a facility account to amounts comprising the balance owing on the account in any order we consider appropriate. We may apply payments you wish to make on a particular facility account to another facility account or other facility accounts. You can check if this has occurred by looking at your account statements.