Redraw Facility. The Bendigo will allow a redraw facility to be attached to your loan account. The redraw facility will operate on the following conditions:
(i) You may have previously from time to time during the term of the Loan paid to the Bank an amount or amounts in addition to the scheduled instalment amounts which you are obliged to pay during the term of the Loan. The total of such amounts is referred to as the ‘Prepayment Amount’.
(ii) Upon completion of the Bank authorised Redraw Request form which is available from any Branch of the Bank, or via Bendigo e-banking if you have completed an Application for Online Redraw form, you may request the Bank to redraw all or any part of the Prepayment Amount against your current loan balance provided that the maximum amount you may redraw will be the Prepayment Amount less the next scheduled instalment amount. Where there is more than one borrower, all borrowers must sign the Redraw Request from or Application for Online Redraw form.
(iii) Interest will be charged in accordance with the existing interest provisions applying to the Loan upon the amount redrawn.
(iv) The Bank may be in its absolute discretion decline any request for a redraw made
(v) Any amount redrawn under the Loan shall form part of the loan balance and shall be subject to all the terms and conditions of the Loan. You do not have a redraw facility.
Redraw Facility. 16.1 You can redraw (or reborrow) amounts you’ve prepaid if:
(a) the loan agreement states that redraw is available
(b) you’re not in default under this contract,
(c) you have a deposit account with us; and
(d) if we require it, each security provider has approved the redraw. A fee may be payable for redraw.
16.2 You can request a redraw by visiting a branch, through internet banking, through phone banking or by any other method we approve.
16.3 The amount of the redraw must not be less than the minimum amount specified by us, and must not be more than the amount you have repaid early and for which cleared funds have been received. We may reduce the amount otherwise available to you to redraw by an amount approximately equal to the payments due in the current month.
16.4 We’ll make the additional funds available in the deposit account held with us specified by you.
16.5 We may review, suspend or cancel the redraw facility at any time acting reasonably. We’ll notify you if we do. Part C of these terms and conditions sets out additional requirements that apply if your loan is a construction loan.
Redraw Facility. 16.1 If your loan agreement states a redraw facility is available, you have a deposit account with us; and you are not in default under this contract, then you may ask us to let you re-borrow money you have prepaid under clause 14 (Prepayments). Whether or not we permit a redraw is at our absolute discretion and we may impose conditions on any agreement to permit a redraw.
16.2 A fee may be payable for redraw.
16.3 You can request a redraw by visiting a branch, through online banking or by any other method we approve.
16.4 The amount you have requested to redraw must not be less than the minimum amount specified by us, and must not be more than the amount you have repaid early and for which cleared funds have been received. We may reduce the amount otherwise available to you to redraw by an amount approximately equal to the payments due in the current month.
16.5 If we agree to permit a redraw, we will make the additional funds available in the deposit account held with us specified by you.
16.6 If you ask to re-borrow money, and your current repayment arrangements are not sufficient to repay the balance over the remaining term, we may recalculate your repayments.
16.7 You should allow at least 2 business days for your redraw request to be processed.
16.8 We may review, suspend or cancel any redraw facility at any time. We will notify you if we do.
16.9 If you have a construction loan, no redraw facility is available during the construction period unless we agree with you otherwise. Part C of these terms and conditions sets out additional requirements that apply if your loan is a construction loan.
17.1 If your loan is a construction loan, then we’ll progressively lend you the amount of credit through progress payments. The time and amount of the payments will be in accordance with the builder’s progress payment schedule that you provide to us, or as otherwise determined by us acting reasonably. Payments will normally be made directly to the builder, subject to us holding a progress payment authority from you.
17.2 Progress payments are only made at our discretion, and will only be made after we’ve received all documents and approvals in a form satisfactory to us.
17.3 You must undertake the construction in accordance with any special conditions in the loan agreement.
17.4 You must advise us immediately if your builder requests a progress payment that is to be made by us.
17.5 Unless otherwise agreed by us, you must use a licensed builder.
17.6 The constru...
Redraw Facility. Subject to this Agreement, the Redraw Facility Provider agrees to make Advances to the Borrower during the Availability Period up to an aggregate principal amount equal to the Facility Limit.
Redraw Facility. 5 2.2 Method of making Advances.................................................................5 2.3 Purpose...................................................................................5 2.4 Extension of Scheduled Redraw Termination Date............................................5 2.5 Termination of the facility...............................................................6
Redraw Facility. Under the Redraw Facility, we may allow you to redraw any amounts that you have voluntarily paid under clause 3.2, but provided that you have not repaid the Loan in full. Each advance made under the Redraw Facility must not be for less than $5,000 or such other amount as we determine from time to time. You must complete and submit our payment instruction form to request any amounts under the Redraw Facility.
Redraw Facility. Subject to the requirements of the Financial Transaction Reports Act 1988 and there being sufficient cleared funds in your loan account, you may re-borrow on any day during the term of this contract an amount up to the amount by which the scheduled balance on that day exceeds the sum of the balance owing on your loan account on that day and the Redraw Fee. However, you may only re-borrow amounts of $500 or more.
Redraw Facility. 15.1 If the Schedule states that there is a redraw facility attached to this loan, then, with our consent on each occasion (which we must not unreasonably withhold) you may drawback excess repayments up to, but not more than, the amount that would have been the outstanding balance under this loan contract had you made all repayments as the loan contract requires.
15.2 The minimum amount of each drawback is the amount specified in the Schedule. We may vary this amount from time to time.
15.3 If there is more than one borrower under this loan contract, you authorise us to process the drawback on the instructions of any of you until such time as any of you advise us, in writing, to the contrary.
Redraw Facility. The Redraw Facility Provider grants to the Trustee a loan facility in Australian dollars in respect of the Trust in an amount equal to the Redraw Limit. If the Trustee wants to use the Redraw Facility, then it may do so by one or more requests made in accordance with clause 3 (“Redraw Drawings”). Subject to this agreement, the Redraw Facility Provider agrees to provide financial accommodation requested by the Trustee under this agreement.
Redraw Facility. 12.1 If your personal loan agreement states that redraw is available, and you are not in default under this
12.2 If you ask to re-borrow money, and your current repayment arrangements are not sufficient to repay the balance over the remaining term, we may recalculate your repayments.
12.3 We may review, suspend or cancel the redraw facility at any time without notice.
12.4 The amount of the redraw must not be less than the minimum amount specified by us, and must not be more than the total amount you have repaid early and for which cleared funds have been received. We may reduce the amount otherwise available to you to redraw by an amount approximately equal to the payments due in the current month.
12.5 You may only obtain a redraw if you have a deposit account with us. You can request a redraw by visiting a branch, by online banking or by any other method we approve. If the redraw is approved, we will, on satisfaction of any conditions imposed by us, make the additional funds available in the deposit account held with us specified by you.
