Common use of Redraw Facility Clause in Contracts

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 construction works must only be built on the property for which the works have been formally approved and in accordance with applicable laws, and the requirements of any entity responsible for administering those laws. 17.7 Within 12 months (or longer if we both agree) of the date you enter into this contract you must complete the construction works specified in the plans and specifications you provided to us. 17.8 If the amount of credit payable to your builder stated in the contract is less than the full construction cost detailed in your construction contract then the difference that you’re contributing is what we call the customer contribution amount. Before we advance any loan funds to the builder we require evidence satisfactory to us that you’ve paid the customer contribution amount in full. 17.9 If you vary your construction contract in a way that increases the customer contribution amount, you’ll need to pay the shortfall immediately and provide us with evidence that you have. 17.10 You must not begin construction until all our requirements for the first progress payment are met (see clause 17.11) and we tell you that you can start construction. 17.11 We won’t make the first progress payment available unless: (a) your builder has builders’ insurance for the construction work for its full insurable value, which covers the period until completion, and (unless we allow otherwise) is expressed to insure our security interest. You agree to provide proof of the insurance to us when we request it (b) you provide us with a certificate from the relevant authority proving that your builder is licensed (c) you provide us with a copy of the building contract in relation to the construction between you and the builder, including all variations (d) you provide us with council approved plans and specifications to a valuer nominated by us (e) if we request, you provide a survey showing that the construction works are correctly sited on the land and will conform with the relevant government regulations, and (f) if we request, you arrange for your builder to provide a certificate from a licensed pest exterminator showing that the building site has been treated for pests in accordance with the relevant Australian standard. 17.12 You must ensure the insurance required under clause 17.11(a) is maintained. 17.13 You must not have any changes made to the council approved plans and specifications without our consent. 17.14 You and your builder must allow us or our agents to inspect the property where construction is taking place at any time we require, acting reasonably. 17.15 We may require at any stage that a valuer or quantity surveyor selected by us, inspects the construction site and certifies that the construction works have been satisfactorily completed to the agreed extent and in accordance with the approved plans and specifications provided to us (you must provide any additional information or documentation reasonably required by the valuer or quantity surveyor). We aren’t required to make any progress payment (including the first and the final progress payments) unless the valuer or quantity surveyor makes the required certification. 17.16 We may refuse to make any further progress payments at any time if you have not satisfied the conditions in this part or are in default. (a) we receive a copy of an insurance policy (or certificate of currency) satisfactory to us noting our security interest, which shows that the property is insured on a replacement and reinstatement basis (b) a valuer or quantity surveyor nominated by us inspects the construction site and certifies that the construction works have been satisfactorily completed in accordance with the council approved plans and specifications provided to us, and (c) if we request, you provide a certificate of compliance or occupancy or similar certificate in relation to the completed construction works. Part D: Default and what happens if you default Part D of these terms and conditions sets out: • when you are in default under this contract; and • what happens when you’re in default.

Redraw Facility. 16.1 12.1 If your personal loan agreement states that 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 11 (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 12.2 A fee may be payable for a redraw. 16.3 12.3 You can request a redraw by visiting a branch, through online banking or by any other method we approve. 16.4 12.4 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 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. 16.5 12.5 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 12.6 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 12.7 You should allow at least 2 business days for your redraw request to be processed. 16.8 12.8 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 construction works must only be built on the property for which the works have been formally approved and in accordance with applicable laws, and the requirements of any entity responsible for administering those laws. 17.7 Within 12 months (or longer if we both agree) of the date you enter into this contract you must complete the construction works specified in the plans and specifications you provided to us. 17.8 If the amount of credit payable to your builder stated in the contract is less than the full construction cost detailed in your construction contract then the difference that you’re contributing is what we call the customer contribution amount. Before we advance any loan funds to the builder we require evidence satisfactory to us that you’ve paid the customer contribution amount in full. 17.9 If you vary your construction contract in a way that increases the customer contribution amount, you’ll need to pay the shortfall immediately and provide us with evidence that you have. 17.10 You must not begin construction until all our requirements for the first progress payment are met (see clause 17.11) and we tell you that you can start construction. 17.11 We won’t make the first progress payment available unless: (a) your builder has builders’ insurance for the construction work for its full insurable value, which covers the period until completion, and (unless we allow otherwise) is expressed to insure our security interest. You agree to provide proof of the insurance to us when we request it (b) you provide us with a certificate from the relevant authority proving that your builder is licensed (c) you provide us with a copy of the building contract in relation to the construction between you and the builder, including all variations (d) you provide us with council approved plans and specifications to a valuer nominated by us (e) if we request, you provide a survey showing that the construction works are correctly sited on the land and will conform with the relevant government regulations, and (f) if we request, you arrange for your builder to provide a certificate from a licensed pest exterminator showing that the building site has been treated for pests in accordance with the relevant Australian standard. 17.12 You must ensure the insurance required under clause 17.11(a) is maintained. 17.13 You must not have any changes made to the council approved plans and specifications without our consent. 17.14 You and your builder must allow us or our agents to inspect the property where construction is taking place at any time we require, acting reasonably. 17.15 We may require at any stage that a valuer or quantity surveyor selected by us, inspects the construction site and certifies that the construction works have been satisfactorily completed to the agreed extent and in accordance with the approved plans and specifications provided to us (you must provide any additional information or documentation reasonably required by the valuer or quantity surveyor). We aren’t required to make any progress payment (including the first and the final progress payments) unless the valuer or quantity surveyor makes the required certification. 17.16 We may refuse to make any further progress payments at any time if you have not satisfied the conditions in this part or are in default. (a) we receive a copy of an insurance policy (or certificate of currency) satisfactory to us noting our security interest, which shows that the property is insured on a replacement and reinstatement basis (b) a valuer or quantity surveyor nominated by us inspects the construction site and certifies that the construction works have been satisfactorily completed in accordance with the council approved plans and specifications provided to us, and (c) if we request, you provide a certificate of compliance or occupancy or similar certificate in relation to the completed construction works. Part D: Default and what happens if you default Part D of these terms and conditions sets out: • when you are in default under this contract; and • what happens when you’re in default.

Redraw Facility. 16.1 12.1 If your personal loan agreement states a that 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 reborrow money you have prepaid under clause 14 (Prepayments)11. Whether or not we permit a redraw is We may agree at our absolute discretion and we may impose conditions on any agreement to permit a redrawsuch agreement. 16.2 A fee 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 be payable for redrawrecalculate your repayments. 16.3 You can request a 12.3 We may review, suspend or cancel the redraw by visiting a branch, through online banking or by facility at any other method we approvetime without notice. 16.4 12.4 The amount you have requested to 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. 16.5 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 internet banking, by telephone or by any other method we approve. If we agree to permit a redrawthe redraw is approved, we will will, on satisfaction of any conditions imposed by us, 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 construction works must only be built on the property for which the works have been formally approved and in accordance with applicable laws, and the requirements of any entity responsible for administering those laws. 17.7 Within 12 months (or longer if we both agree) of the date you enter into this contract you must complete the construction works specified in the plans and specifications you provided to us. 17.8 If the amount of credit payable to your builder stated in the contract is less than the full construction cost detailed in your construction contract then the difference that you’re contributing is what we call the customer contribution amount. Before we advance any loan funds to the builder we require evidence satisfactory to us that you’ve paid the customer contribution amount in full. 17.9 If you vary your construction contract in a way that increases the customer contribution amount, you’ll need to pay the shortfall immediately and provide us with evidence that you have. 17.10 You must not begin construction until all our requirements for the first progress payment are met (see clause 17.11) and we tell you that you can start construction. 17.11 We won’t make the first progress payment available unless: (a) your builder has builders’ insurance for the construction work for its full insurable value, which covers the period until completion, and (unless we allow otherwise) is expressed to insure our security interest. You agree to provide proof of the insurance to us when we request it (b) you provide us with a certificate from the relevant authority proving that your builder is licensed (c) you provide us with a copy of the building contract in relation to the construction between you and the builder, including all variations (d) you provide us with council approved plans and specifications to a valuer nominated by us (e) if we request, you provide a survey showing that the construction works are correctly sited on the land and will conform with the relevant government regulations, and (f) if we request, you arrange for your builder to provide a certificate from a licensed pest exterminator showing that the building site has been treated for pests in accordance with the relevant Australian standard. 17.12 You must ensure the insurance required under clause 17.11(a) is maintained. 17.13 You must not have any changes made to the council approved plans and specifications without our consent. 17.14 You and your builder must allow us or our agents to inspect the property where construction is taking place at any time we require, acting reasonably. 17.15 We may require at any stage that a valuer or quantity surveyor selected by us, inspects the construction site and certifies that the construction works have been satisfactorily completed to the agreed extent and in accordance with the approved plans and specifications provided to us (you must provide any additional information or documentation reasonably required by the valuer or quantity surveyor). We aren’t required to make any progress payment (including the first and the final progress payments) unless the valuer or quantity surveyor makes the required certification. 17.16 We may refuse to make any further progress payments at any time if you have not satisfied the conditions in this part or are in default. (a) we receive a copy of an insurance policy (or certificate of currency) satisfactory to us noting our security interest, which shows that the property is insured on a replacement and reinstatement basis (b) a valuer or quantity surveyor nominated by us inspects the construction site and certifies that the construction works have been satisfactorily completed in accordance with the council approved plans and specifications provided to us, and (c) if we request, you provide a certificate of compliance or occupancy or similar certificate in relation to the completed construction works. Part D: Default and what happens if you default Part D of these terms and conditions sets out: • when you are in default under this contract; and • what happens when you’re in default.

Redraw Facility. 16.1 14.1 If your loan agreement states a that 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 reborrow money you have prepaid under clause 14 (Prepayments)13. Whether or not we permit a redraw is We may agree at our absolute discretion and we may impose conditions on any agreement to permit a redrawsuch agreement. 16.2 A fee 14.2 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 be payable for redrawrecalculate your repayments. 16.3 You can request a 14.3 We may review, suspend or cancel the redraw by visiting a branch, through online banking or by facility at any other method we approvetime without notice. 16.4 14.4 The amount you have requested to 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. 16.5 14.5 You may only obtain a redraw if you have a deposit account with us. You can request a redraw by visiting a branch, by internet banking, by telephone or by any other method we approve. If we agree to permit a redrawthe redraw is approved, 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 14.6 You should allow at least 2 two 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 14.7 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 loanperiod. 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 construction works must only be built on the property for which the works have been formally approved and in accordance with applicable laws, and the requirements of any entity responsible for administering those laws. 17.7 Within 12 months (or longer if we both agree) of the date you enter into this contract you must complete the construction works specified in the plans and specifications you provided to us. 17.8 If the amount of credit payable to your builder stated in the contract is less than the full construction cost detailed in your construction contract then the difference that you’re contributing is what we call the customer contribution amount. Before we advance any loan funds to the builder we require evidence satisfactory to us that you’ve paid the customer contribution amount in full. 17.9 If you vary your construction contract in a way that increases the customer contribution amount, you’ll need to pay the shortfall immediately and provide us with evidence that you have. 17.10 You must not begin construction until all our requirements for the first progress payment are met (see clause 17.11) and we tell you that you can start construction. 17.11 We won’t make the first progress payment available unless: (a) your builder has builders’ insurance for the construction work for its full insurable value, which covers the period until completion, and (unless we allow otherwise) is expressed to insure our security interest. You agree to provide proof of the insurance to us when we request it (b) you provide us with a certificate from the relevant authority proving that your builder is licensed (c) you provide us with a copy of the building contract in relation to the construction between you and the builder, including all variations (d) you provide us with council approved plans and specifications to a valuer nominated by us (e) if we request, you provide a survey showing that the construction works are correctly sited on the land and will conform with the relevant government regulations, and (f) if we request, you arrange for your builder to provide a certificate from a licensed pest exterminator showing that the building site has been treated for pests in accordance with the relevant Australian standard. 17.12 You must ensure the insurance required under clause 17.11(a) is maintained. 17.13 You must not have any changes made to the council approved plans and specifications without our consent. 17.14 You and your builder must allow us or our agents to inspect the property where construction is taking place at any time we require, acting reasonably. 17.15 We may require at any stage that a valuer or quantity surveyor selected by us, inspects the construction site and certifies that the construction works have been satisfactorily completed to the agreed extent and in accordance with the approved plans and specifications provided to us (you must provide any additional information or documentation reasonably required by the valuer or quantity surveyor). We aren’t required to make any progress payment (including the first and the final progress payments) unless the valuer or quantity surveyor makes the required certification. 17.16 We may refuse to make any further progress payments at any time if you have not satisfied the conditions in this part or are in default. (a) we receive a copy of an insurance policy (or certificate of currency) satisfactory to us noting our security interest, which shows that the property is insured on a replacement and reinstatement basis (b) a valuer or quantity surveyor nominated by us inspects the construction site and certifies that the construction works have been satisfactorily completed in accordance with the council approved plans and specifications provided to us, and (c) if we request, you provide a certificate of compliance or occupancy or similar certificate in relation to the completed construction works. Part D: Default and what happens if you default Part D of these terms and conditions sets out: • when you are in default under this contract; and • what happens when you’re in default.

Redraw Facility. 16.1 15.1 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 13 (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 15.2 A fee may be payable for redraw. 16.3 15.3 You can request a redraw by visiting a branch, through online banking or by any other method we approve. 16.4 15.4 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 15.5 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 15.6 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 15.7 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 15.8 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 construction works must only be built on the property for which the works have been formally approved and in accordance with applicable laws, and the requirements of any entity responsible for administering those laws. 17.7 Within 12 months (or longer if we both agree) of the date you enter into this contract you must complete the construction works specified in the plans and specifications you provided to us. 17.8 If the amount of credit payable to your builder stated in the contract is less than the full construction cost detailed in your construction contract then the difference that you’re contributing is what we call the customer contribution amount. Before we advance any loan funds to the builder we require evidence satisfactory to us that you’ve paid the customer contribution amount in full. 17.9 If you vary your construction contract in a way that increases the customer contribution amount, you’ll need to pay the shortfall immediately and provide us with evidence that you have. 17.10 You must not begin construction until all our requirements for the first progress payment are met (see clause 17.11) and we tell you that you can start construction. 17.11 We won’t make the first progress payment available unless: (a) your builder has builders’ insurance for the construction work for its full insurable value, which covers the period until completion, and (unless we allow otherwise) is expressed to insure our security interest. You agree to provide proof of the insurance to us when we request it (b) you provide us with a certificate from the relevant authority proving that your builder is licensed (c) you provide us with a copy of the building contract in relation to the construction between you and the builder, including all variations (d) you provide us with council approved plans and specifications to a valuer nominated by us (e) if we request, you provide a survey showing that the construction works are correctly sited on the land and will conform with the relevant government regulations, and (f) if we request, you arrange for your builder to provide a certificate from a licensed pest exterminator showing that the building site has been treated for pests in accordance with the relevant Australian standard. 17.12 You must ensure the insurance required under clause 17.11(a) is maintained. 17.13 You must not have any changes made to the council approved plans and specifications without our consent. 17.14 You and your builder must allow us or our agents to inspect the property where construction is taking place at any time we require, acting reasonably. 17.15 We may require at any stage that a valuer or quantity surveyor selected by us, inspects the construction site and certifies that the construction works have been satisfactorily completed to the agreed extent and in accordance with the approved plans and specifications provided to us (you must provide any additional information or documentation reasonably required by the valuer or quantity surveyor). We aren’t required to make any progress payment (including the first and the final progress payments) unless the valuer or quantity surveyor makes the required certification. 17.16 We may refuse to make any further progress payments at any time if you have not satisfied the conditions in this part or are in default. (a) we receive a copy of an insurance policy (or certificate of currency) satisfactory to us noting our security interest, which shows that the property is insured on a replacement and reinstatement basis (b) a valuer or quantity surveyor nominated by us inspects the construction site and certifies that the construction works have been satisfactorily completed in accordance with the council approved plans and specifications provided to us, and (c) if we request, you provide a certificate of compliance or occupancy or similar certificate in relation to the completed construction works. Part D: Default and what happens if you default Part D of these terms and conditions sets out: • when you are in default under this contract; and • what happens when you’re in default.