1. Your Personal Loan Contract with Alex
- This document contains the terms and conditions for your personal loan from Alex Bank Pty Ltd ABN 13 627 244 848, Australian Credit Licence 510805 (Alex, We, Our, Us).
- Your Loan Contract with Alex comprises the following documents: the Letter of Offer, the Authority Notice and these Personal Loan Terms and Conditions. You should read them carefully.
- The Letter of Offer sets out the specifics of your loan including the loan amount, repayment term, repayment frequency, interest rate and repayment amount. These terms and conditions on their own do not constitute an offer to you in relation to a loan.
The following definitions apply to the Loan Contract, unless the context implies otherwise:
- Advance Date means the date the Loan Amount (less the establishment fee) is deposited by us into your Bank Account.
- Amount Owing means at any time all money you owe to Alex or will or may owe to Alex in the future under your Loan Contract (including the Balance Owing at that time, plus all accrued interest charges, default interest charges and other amounts which you must pay under your Loan Contract but which have not been debited to your Loan Account at that time).
- Balance Owing means for the Loan Account, at any time, the difference between all the amounts credited and all the amounts debited to the Loan Account at that time. When this amount is to be calculated at the end of a day, it includes all debits and credits assigned to that day.
- Bank Account means the bank account nominated by you in your application for personal loan as the account for payment of the Loan Amount. Repayments and interest will be automatically deducted from that account.
- Business Day means a day that is not a Saturday, Sunday or an Australian national public holiday.
- Letter of Offer means the letter of offer of a personal loan accepted by you.
- Loan Account means, for a Loan Amount, an account we establish in your name for recording all transactions in connection with it.
- Loan Amount means the credit made available to you under this Loan Contract, as set out in the Letter of Offer.
- Loan Contract means the Letter of Offer, the Authority Notice and the Personal Loan Terms and Conditions. References to credit contract in the Information Statement means a reference to the Loan Contract.
- Loan Term means the period set out in the Letter of Offer starting on the Advance Date. The loan must be repaid to us by the last day of the term.
- National Credit Code means the National Credit Code set out in Schedule 1 of the National Consumer Credit Protection Act 2009 (Cth) (as amended from time to time) and includes all regulations made under that legislation from time to time.
- You or your means the person(s) named as the Borrower(s) in the Letter of Offer, including your successors and permitted assigns.
Other capitalised terms are as set out in the Letter of Offer.
3. Establishing your loan
- Before we fund your loan, you must satisfy our requirements including:
- The purpose of loan is not unacceptable to us;
- Provision of all financial information requested by us;
- You are employed and have the means to repay the loan under the agreed terms without experiencing undue hardship; and
- There has not been a significant adverse change in your financial position since your loan application.
- Unless we advise otherwise, we will fund the Loan Amount within seven (7) Business Days of being satisfied with all requirements set out in clause 3a of this Loan Contract.
- You may cancel this Loan Contract by written notice to us at any time before the Loan Amount is paid by us. If you cancel your Loan Contract before we deposit the Loan Amount in accordance with the instructions you have given us, you must pay our reasonable costs of cancellation which have been incurred by us.
4. How we fund your loan
- We will lend you the Loan Amount for the Loan Term in accordance with the terms and conditions set out in this Loan Contract. This Loan Contract will only terminate on receipt of all monies owing to us under the terms of this Loan Contract being paid in full.
- You must use the Loan Amount for the purpose of the loan as set out in the Letter of Offer.
- We will debit the Loan Amount to your Loan Account and you authorise us to pay the Loan Amount on the Advance Date in accordance with the instructions you have given us. We will only deposit the Loan Amount in accordance with the instructions you have given us.
- We will make statements of account available to you on our website at least every 6 months. On your request, we will send statement of account to your postal or email address.
- Your Letter of Offer contains a schedule that tells you your repayment amount, the frequency repayments are made, and the date of each of your repayments. You must pay to Alex the repayments set out in the Letter of Offer on the dates shown for each repayment; the balance on the date the final payment is due; and all other amounts at the time(s) specified in the Loan Contract.
- By accepting our offer and entering the Loan Contract, you authorise us to debit the Loan Amount, any interest and fee/or charges from your Bank Account as and when payable.
- If any due date for payment is not a Business Day, then we may debit such payments on the next Business Day, unless the next Business Day falls to the following month in which case we may debit such payments on the previous Business day.
- If a repayment is dishonoured, we will treat it as if it had never been made. We may attempt to debit your Bank Account for the Repayment Amount and/or other amounts payable by you for up to 30 days after the due date.
- Amounts received by us from you will be applied as between principal, interest and other amount due and payable to us as we determine in our absolute discretion.
- We will charge you interest on the Balance Owing of the Loan Amount at the Annual Interest Rate specified in the Letter of Offer until the Loan Amount is paid in full.
- The interest rate is fixed for the term of the loan. The daily percentage rate is this interest rate divided by 365. Interest charges will be calculated daily on the Balance Owing and added to your loan principal on each date a loan repayment is due. We may also debit interest charges immediately before the balance of your loan is repaid by you. Any interest charges debited to your loan account will become part of the balance on which interest charges are calculated.
- We will debit accrued interest from your Bank Account on each Repayment Date or otherwise on the early repayment of the Loan Amount.
- The fees you must pay to us under this Loan Contract are an Establishment Fee and any other fees as stated in the Letter of Offer. The Establishment Fee must be paid on or before the Advance Date and you authorise us to deduct the Establishment Fee from the Loan Amount if it is unpaid on the Advance Date.
- You must pay any government charges and duties on receipts or payments to or from your Bank Account.
- You consent that we may make payment of a commission or fee to a broker, financial institution or other referrer who have introduced your credit business to us, as disclosed in our Letter of Offer.
- Any fees which are not stated to be included in the Loan Amount must be paid on the next Business Day after the fee being incurred and you authorise us to charge such fees to your account. We will debit such fees from your Bank Account.
8. Early Repayment
You can make extra repayments at any time. Early payments are not available for redraw unless agreed otherwise by us, in our absolute discretion. You can repay your loan in full at any time on written request not less than 1 Business Day before the date you intend to payout the loan. We will calculate and advise you of the Balance Owing and any unpaid interest and fees accrued up to the date nominated for discharge of the loan. After you have paid that amount, your loan obligations will be finalised.
9. Default and Enforcement
- If you are experiencing financial difficulty, you should contact us on 1800 462 363 to discuss options that may be available to you.
- You must notify us in writing if you are aware of any fact, matter, circumstance which becomes known to you on or after the date of this Loan Contract which continues, or may be reasonably likely to lead to, a default of this Loan Contract.
- You are in default of this Loan Contract if you do not pay any amount payable under this Loan Contract by the due date for payment or you breach any other obligation under this Loan Contract, if any information you have provided to us in connection with this Loan Contract is or becomes untrue; if we believe on reasonable grounds that you induced us to enter into this Loan Contract by fraud (by providing false information when completing your application) or if you become insolvent or die.
- If you are in default and the default has not been remedied within the period set out in a notice from us stating what the default is and given you at least 30 days in which to remedy it (or such other time as a law or a court shall authorise) or if we cannot locate you after making reasonable efforts to do so, then we may cancel or limit any undrawn portion of the Loan Amount without written notice and all monies owed or loaned under the Loan Contract are immediately due and payable including principal, interest and fees. Interest will accrue on all outstanding amounts from the date of default at the Annual Interest Rate specified in your Letter of Offer on a daily basis until all amounts owing to us have been repaid in full. We may begin enforcement proceedings for recovery of the amount due and payable.
- You must pay us all expenses (including legal costs on an indemnity basis) which are incurred by us in enforcing and preserving our rights under your Loan Contract or any security provided by you (including if we commence legal proceedings). We will debit your loan account any expenses we reasonably incur, and they will be payable and accrue interest from that date.
10. Changes to your contract
We can vary existing fees, introduce new fees, or make changes to your repayments to ensure your loan is repaid by the repayment date or change any other term of your Loan Contract. Should we need to do this we will notify you in writing via email or SMS thirty (30) days prior to making the change(s). We undertake to act reasonably in exercising these rights and will only do so for a legitimate business purpose. We may offer to reduce your Annual Interest Rate specified in your Letter of Offer during the period of this agreement for the balance of the term of the loan. Any offer to reduce your Annual Interest Rate specified in your Letter of Offer will be made in writing via email or SMS thirty (30) days prior to making the change(s).
11. Updating Information
If any of the information which you have provided to us changes, you must notify us as soon as possible (including any change to your address or contact details such as your phone number or email address). We may require you to provide information concerning your financial circumstances at any time to demonstrate that your financial circumstances have not materially changed in a way which may affect your ability to meet your obligations under this Loan Contract.
- We may give or serve any notice or document on you by giving it to you in person, or by sending it by post, facsimile or email to you at your address stated in the Letter of Offer or any other address that you have notified us in writing.
- You may give or serve any notice to us by sending it by mail to the following address: Customer Relations GPO BOX 2705 Brisbane QLD 4001
13. Transfer of your loan
You may not assign or transfer your rights under this Loan Contract to another person without our prior written consent, which we may give in our absolute discretion. We may assign, transfer or otherwise deal with any of our rights under or in connection with this Loan Contract and you agree that we may disclose any information or documents necessary to exercise this right. If we assign all or any of our rights under this Loan Contract, other than a change of party to the Loan contract, that will not affect your obligations under the Loan Contract or the obligations to you unless you otherwise agree.
15. Limitation of Liability
- Subject to clause 15b., Alex will undertake all promises, terms and conditions which it is required to fulfil solely in its capacity as credit provider.
- To the maximum extent permitted by law, the aggregate liability of Alex, whether in contract (including this Loan Contract), in tort (including negligence), at common law, in equity, under statute, under an indemnity or otherwise, is limited to an amount equal to:
- the amount of repayments paid by you to Alex; or if that limitation is unenforceable;
- the amount loaned under the Loan Contract.
- The loan offer is subject to Alex receiving funds from third parties and we will not be liable to you (even if you have informed us of the adverse consequences) if the loan is not provided or be otherwise required to satisfy any liability arising under the Loan Contract out of our personal assets. Alex is not obliged to do or refrain from doing anything under the Loan Contract (including incurring any liability) unless our liability is limited in the manner set out in this clause 15.
- Alex is not liable to any person because of:
- not exercising any power which is reasonably impracticable to exercise;
- not making any payment to any person in good faith, even if a payment ought or need not have been made;
- the acts, omissions or default of any person;
- acting in good faith on the advice or opinion of or information obtained from, any person;
- the misconduct, mistake, oversight or error of judgment of any person;
- any act performed or omission made by it in reliance on any document or information which was reasonably believed by it to be accurate, genuine, properly signed or signed by a person with appropriate authority; and
- waiving, exercising, not exercising or delay in the exercise of any function.
16. Other Important Information
- Jurisdiction. This Loan Contract is governed by the laws of the State of Queensland.
- Waiver. If we do not exercise any right under this Loan Contract when we are allowed to do so, we are not prevented from exercising that right at any later time. We are only bound by an undertaking not to exercise a right if it is in writing.
- Capacity. If you are trustee of a trust at any time during the Loan Contract, you acknowledge and agree that you are liable under the Loan Contract both personally and as trustee of the trust. You also warrant that the loan is for a proper purpose under the trust, you have the power and authority under the trust to enter into the Loan Contract, as trustee you have the ability to borrow and raise monies under the trust and you are entitled to be indemnified fully for all liabilities you incur under the Loan Contract out the property of the trust, in priority to the beneficiaries of the trust. If you die or are otherwise incapable of continuing to manage your own affairs, we will seek from your executor, administrator or successor (as the case may be) to meet your obligations under the Loan Contract from your estate.
- Joint and several liability. If more than one person is party to this Loan Contract as Borrower, then you are jointly and severally liable for the obligations under this Loan Contract and we may require any one of you, or any combination of you to perform any of the obligations or pay any amounts owing under this Loan Contract.
- Bank Account. If the Bank Account is owned by more than one person named in the Letter of Offer, any person can authorise changes to any payment automatically debited from the Bank Account except the Repayment Amount cannot be reduced. If the Bank Account is jointly held, the person who requests the amendment must be authorised by all other owners of the Bank Account to individually operate the Bank Account on behalf of the other person and the person who requests the amendment must accept any authorisation documents requested by us.
- National Credit Code. This Loan Contract is subject to the National Credit Code and any regulations made under that Code. If any term or condition of the Loan Contract is void or unenforceable (including because of the National Credit Code), that term or condition will be severed from the Loan Contract and the remaining terms will remain in force.
- Complaints. Should you be unhappy with the Loan Contract which you have entered into, you should contact us, and we will endeavour to remedy your concerns. If we are unable to come to an agreement, Alex is a member of the Australian Financial Complaints Authority (AFCA). AFCA provides fair, free and independent dispute resolution for consumers with financial complaints.
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
- Counterparts. This Loan Contract is to be executed and delivered by way of electronic acceptance and the receiving party may rely upon same as if it was an acceptance of the original document.
- Consent to Electronic Communication. If you provide us with an email address or mobile phone number, you consent to us using them to send you notices or other documents. Electronic communications must be regularly checked for notices from us. Your consent to the giving of documents by electronic communication may be withdrawn at any time, however a decision to receive communications by paper documents may result in an additional cost of doing so being passed on to you. You also agree that we are entitled to rely upon and accept any information or documentation that you send to us by electronic communication as an original document or communication from you to the extent necessary.
- Entire Agreement. This Loan Contract supersedes all previous agreements, discussions and representations and constitutes the entire agreement in relation to the agreement for the advance of credit between Alex and you. All prior correspondence, negotiations or representations do not bind either party and either party is not entitled to rely upon them.