FIRST HOME BUYER BANKING PLAN. Terms and Conditions

Transcription

1 FIRST HOME BUYER BANKING PLAN Terms and Conditions

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3 1. INTRODUCTION 1.1 This document contains the terms and conditions of the agreement known as the First Home Buyer Banking Plan ( Banking Plan or Plan ). 1.2 Unless the contrary intention appears, a term or phrase which is capitalised has the meaning given to it in clause 11 (Definitions). 1.3 Unless expressly stated, nothing in this agreement amends or modifies any loan contract You have with SERVICE ONE Members Banking (SOMB). 1.4 By signing the attached Application, You agree to be bound by these terms and conditions if the Application is accepted by SOMB. 2. ELIGIBILITY REQUIREMENTS 2.1 This agreement s commencement is conditional on You: (a) qualifying for the First Home Buyers Grant; (b) applying and having your application funded for a Classic Home Loan of $75,000 or more; and (c) not being a party to another Banking Plan with SOMB. 3. CONCESSIONS 3.1 Subject to clause 3.2, and unless otherwise specified in this agreement, the Concessions available under clauses 4 to 7 (inclusive) will only apply during the Term. 3.2 The Concessions will not apply in conjunction with any other concessions or discounts or benefits given to You by SOMB. (For example, if You have a discounted interest rate loan or if You have a negotiated interest rate in relation to a Term Deposit You will not be entitled to a further interest rate concession in relation to that loan or Term Deposit under this agreement). 4. FEES 4.1 You will not be charged: (a) a Membership Service Fee; (b) fees for Withdrawals made by You from your Nominated Account(s); or (c) an application fee for new Personal Loans of $10,000 or more or for new Overdrafts of $10,000 or more. 5. FIRST HOME BUYER - HOME LOAN 5.1 You will be charged half the prevailing Mortgage Preparation Fee if You apply and receive funding of a new Classic Home Loan of $75,000 or more. 5.2 The interest rate charged on a new Classic Home Loan of $75,000 or more will, during the second and third year of the term of the loan, be the prevailing Standard Variable Interest Rate from time to time, less 0.25% per annum.

4 5.3 To avoid doubt, the discounted interest rate referred to in clause 5.2 applies only in relation to the Classic Home Loan and not other borrowings, such as, for example, loans for investment purposes, and will cease when the Term ends. 6. VISA CARD 6.1 If You enter a new Visa Card contract with an Overdraft You will be charged interest under the contract during the Term at the prevailing Standard Variable Interest Rate from time to time. 7. OTHER BENEFITS 7.1 Any Term Deposits made by You with SOMB prior to or during the Term will, during the Term, receive SOMB s prevailing Term Deposit interest rate from time to time plus 0.1% per annum. 7.2 The premium payable by You for an Eligible CUNA Mutual Group Insurance Product is the base premium as assessed by CUNA Mutual Group less 10% of that base premium. 7.3 The fee You pay for a Travelex Product is the fee as assessed by Travelex Ltd for that product less 10% of the commission. 7.4 You will be given an Entertainment Book every calendar year free of charge. 7.5 You will be given 1 copy of Budgeting: Making It Easy free of charge. 8. VARIATION 8.1 SOMB may unilaterally vary: (a) the eligibility requirements in clause 2; (b) the type of Concession available under the Plan (including, but not limited to removing a Concession or introducing a new Concession); (c) the amount or frequency of a Concession; and/or (d) the method of calculating a Concession. 8.2 If any of these variations increases or varies your obligations, We must give You Notice at least 20 days before the variation takes effect. 8.3 If a variation reduces your obligations, You will be notified in your next statement of account. 9. TERMINATION 9.1 This agreement and the Concessions will end immediately without notice if You: (a) cease to be a member of SOMB; (b) breach the terms of any loan contract You have with SOMB.

5 9.2 Either of us can end the agreement on an Anniversary Date by giving the other party prior Notice. 9.3 Where this agreement ends, You will receive 20 days prior Notice of the new or increased interest rate that will apply to your affected loans with SOMB or the new fees or charges that will apply. 10. MISCELLANEOUS 10.1 You should also read the following SOMB publications which contain information which is relevant to this agreement, but does not form part of this agreement: (a) Operation of Accounts General Descriptive Information, which contains useful information on a range of SOMB matters; (b) Schedule of Fees and Charges, which contains information on the prevailing standard fees and charges of SOMB; and (c) Schedule of Interest Rates containing information on SOMB s prevailing interest rates You may obtain copies of the publications in clause 10.1 by telephoning us on (between 8am and 5.30pm Canberra time Monday to Friday and between 9am and 12 pm Canberra time on Saturday), by fax request on (02) , from any SOMB branch or from our website: If You need to change your Nominated Account(s), call into any branch of SOMB or call us on (between 8am and 5.30pm Canberra time Monday to Friday and 9am and 12pm Canberra time on Saturday) or send us a fax request on (02) This agreement will not alter or affect how SOMB assesses any loan application by You or what lending criteria it applies to such a loan application If any part of the Plan or a Concession available under it, varies an existing loan contract You have with SOMB, the variation will only take effect after You are given 20 days prior Notice of it SOMB is not responsible for, and does not endorse, warrant or guarantee, the quality, accuracy or reliability of any Eligible CUNA Mutual Group Insurance Product, Travelex Product, Entertainment Book or information published in Budgeting: Making It Easy. 11. DEFINITIONS In this agreement: Application means the document titled Request to Take Up a Banking Plan completed and signed by You. Anniversary Date means each date which is the anniversary of the Commencement Date.

6 11. DEFINITIONS continued Budgeting: Making It Easy means a publication by CUSCAL Limited (ABN ) identified by that name. Classic Home Loan means a loan for the purposes of purchasing a first home that is secured by, amongst other things, the property purchased, and which has a fixed interest rate for the first 12 months and a Standard Variable Interest Rate for the remainder of the loan. Commencement Date means the date of the letter from SOMB advising You that your Application is accepted. Concessions means a benefit or reduction under clauses 4 to 7 (inclusive) of this agreement. Eligible CUNA Mutual Group Insurance Product means any travel, motor vehicle, home and contents or strata title insurance offered by CUNA Mutual Group (ABN ; AFSL ) purchased by You during the Term through SOMB. Entertainment Book is a book published by Entertainment Publications of Australia Pty Ltd (ABN ) which contains discounted or introductory offers to a range of dining, tourist and recreational activities. First Home Buyers Grant means the grant available under the First Home Owners Scheme established by the Australian Government. Membership Service Fee means the fee charged in relation to each SOMB membership. The basis of its calculation is stated in SOMB s Schedule of Fees and Charges. Mortgage Preparation Fee means the fee charged by SOMB or our solicitors to prepare a mortgage. Nominated Account means a SOMB transaction account and/or a Visa account(s) that You designate to be the Nominated Account or Nominated Accounts for the purposes of this agreement. Notice means a written notice. Overdraft means a line of credit from SOMB. Personal Loan means a SOMB loan for individual or other personal use and not for a business purpose.

7 Standard Variable Interest Rate means the Standard Variable/Investment Home Loan rate of interest determined by SOMB from time to time or any other interest rate which SOMB notifies You as having replaced that interest rate. Term means the period being the lesser of the period from the Commencement Date until the agreement ends under clause 9, or 3 years from the Commencement Date. Term Deposit means a SOMB investment product with a fixed interest rate for deposits of funds over a specified period of time. Travelex Products means travelers cheques, foreign cash, Visa Travel Money Card or telegraphic transfers provided by Travelex Ltd (ABN ; AFS Licence No ) applied for by You through SOMB. Visa Card is a SOMB non-cash payment facility identified by that name. Visa Travel Money Card means a Visa debit card identified by that name. We or SERVICE ONE Members Banking means Service One Credit Union Ltd (ABN ; AFS Licence No ). Withdrawal means: (a) (b) (c) (d) an over the counter withdrawal from a branch of SOMB; personal cheque withdrawal; direct debit; or EFTPOS and Rediteller ATM withdrawal. You means the person or persons named in the Banking Plan application as the applicant.

8 ADMINISTRATION CENTRE Address: Mon Fri: 75 Denison Street Deakin ACT am 5.00pm TELEPHONE RESPONSE CENTRE Phone: Mon Fri: 8.00am 5.30pm Sat: 9.00am 12.00pm Facsimile: (02) BRANCHES Australian National University Batemans Bay Belconnen Mall Bemboka Calvary Hospital Civic Cooma Deakin Narooma Queanbeyan The Canberra Hospital Tuggeranong Hyperdome Tumut University of Canberra Woden Plaza Any advice provided here is not personal financial product advice. You should first consider the Product Disclosure Statement (PDS) before acquiring the product. A copy of the PDS can be obtained from your local branch. Depending on the products or services we offer you, we will give you the following information; Schedule of Fees and Charges, and Operation of Accounts. All applications are subject to SERVICE ONE Members Banking s lending criteria. Subject to full Terms and Conditions Service One Credit Union Limited operating as SERVICE ONE Members Banking. ABN AFS Licence No BSB