Mortgage Loan and Renovation Loan Terms & Conditions

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Mortgage Loan and Renovation Loan Terms & Conditions

Update to Residential and Commercial Property Loan Standard Terms and ConditionsPlease refer to the following updates with effect from 1 June 2021:

Clause	Purpose of update
Definitions - 2.27, 2.41 Conditions Precedent – 4.1.5 (l) Insurance - 23.1.1	Update for clarity
Definitions - 2.39 Warranties and Representation – 24.1.7	Update “Bankruptcy Act” to "Insolvency, Restructuring, and Dissolution Act”
Interest - 5.4	When reference rate is negative, it shall be floored to zero for that interest period
Variation of Interest and Instalment Repayment on the Facility – 7.1	Notify you 30 days before implementing any changes, taking into consideration market conditions and in the event of unavailable reference rate
Other Fees – 14.1.3	Notify you 30 days before implementing any changes
Prepayment - 16.1	Shorten full redemption notice from 3 months to 2 months
Discharge of Mortgage - 27.1	Shorten discharge of mortgage notice from 3 months to 2 months