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Home Mortgage Contract

Home Mortgage Contract Template for Australia

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Key Requirements PROMPT example:

Home Mortgage Contract

"I need a Home Mortgage Contract for a $750,000 property purchase with a variable interest rate and offset account facility, including provisions for a self-employed borrower with additional income verification requirements."

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Document background
The Home Mortgage Contract is a fundamental document in Australian residential property financing, designed to comply with the National Consumer Credit Protection Act 2009 and related state property laws. It is used when individuals or entities seek to purchase residential property with borrowed funds secured against the property itself. The contract serves multiple purposes: it documents the loan terms and conditions, establishes the security interest over the property, outlines the rights and obligations of all parties, and incorporates mandatory consumer protection provisions. This document is essential for both lenders and borrowers as it provides legal certainty and protection while ensuring compliance with Australian lending regulations. The contract typically includes provisions for loan disbursement, repayment schedules, interest calculations, default procedures, and property maintenance requirements, making it a comprehensive agreement that governs the entire mortgage relationship.
Suggested Sections

1. Parties: Identifies the lender, borrower(s), and any guarantors with their full legal names and addresses

2. Background: Sets out the context of the loan agreement, including the property purchase and loan purpose

3. Definitions: Defines key terms used throughout the contract for clarity and legal certainty

4. Loan Details: Specifies the loan amount, interest rate type (fixed/variable), term, and purpose

5. Security Arrangements: Details the property being mortgaged and the nature of the security interest

6. Repayment Terms: Outlines payment frequency, amounts, methods, and application of payments

7. Interest: Details interest calculation methods, rates, changes, and charging periods

8. Fees and Charges: Lists all applicable fees and charges, including establishment fees, ongoing fees, and default charges

9. Borrower Covenants: Sets out the borrower's obligations regarding property maintenance, insurance, and other ongoing commitments

10. Events of Default: Defines what constitutes default and the consequences thereof

11. Lender's Rights and Remedies: Outlines the lender's rights in various scenarios, including default

12. Property Insurance Requirements: Specifies required insurance coverage and related obligations

13. General Provisions: Contains standard contract clauses including notices, governing law, and severability

Optional Sections

1. Guarantor Provisions: Required when there are guarantors for the loan, detailing their obligations and rights

2. Construction Provisions: Included for construction loans, detailing progress payments and construction requirements

3. Fixed Rate Loan Terms: Required when the loan includes a fixed rate period, detailing specific terms and break costs

4. Offset Account Provisions: Included when an offset account facility is offered with the loan

5. Package Benefits: Required when the loan is part of a broader banking package with special benefits or discounts

6. Security Pool Provisions: Included when multiple properties secure the loan

7. Electronic Communication Consent: Optional section for borrowers to consent to electronic communications and transactions

Suggested Schedules

1. Schedule 1 - Loan Details: Contains variable loan information including amount, term, interest rate, and repayment details

2. Schedule 2 - Fee Schedule: Detailed listing of all fees and charges applicable to the loan

3. Schedule 3 - Property Details: Legal description of the mortgaged property and title particulars

4. Schedule 4 - Special Conditions: Any special or custom conditions applying to the specific loan

5. Appendix A - Direct Debit Request: Form for setting up automatic loan repayments

6. Appendix B - Privacy Consent: Detailed privacy consent and credit reporting authorizations

7. Appendix C - Insurance Requirements: Detailed specifications for required property insurance coverage

8. Appendix D - Information Statement: Mandatory information statement required under the National Credit Code

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Additional Security
Advance
Amount Owing
Annual Percentage Rate
Application
Approved Valuation
Bank
Banking Day
Borrower
Break Cost
Business Day
Certificate of Title
Charge
Collateral Security
Commencement Date
Costs
Credit Limit
Default
Default Interest Rate
Default Notice
Discharge
Disclosure Date
Drawing
Electronic Communication
Encumbrance
Event of Default
Facility
Fixed Rate Period
Government Agency
Government Requirement
Guarantee
Guarantor
Improvements
Insolvent
Insurance Policy
Interest Only Period
Interest Rate
Land
Legal Requirements
Lender
Loan
Loan Account
Loan Term
Mortgaged Property
National Credit Code
Offset Account
Outstanding Balance
Payment Date
Permitted Security Interest
Person
PPSA
Principal
Property
Redraw
Reference Rate
Related Entity
Repayment
Schedule
Security
Security Interest
Security Provider
Settlement Date
Special Conditions
Taxes
Term
Title Document
Total Amount Owing
Transaction
Variable Rate
Works
Clauses
Loan Facility
Security
Interest
Repayment
Fees and Charges
Property Obligations
Insurance
Representations and Warranties
Borrower Covenants
Default
Enforcement
Privacy and Information Sharing
Assignment and Transfer
Property Dealings
Construction and Improvements
Guarantees
Electronic Communications
Set-off Rights
Payment Administration
Notices
Variation
Discharge
Further Assurances
Severability
Jurisdiction
Force Majeure
Entire Agreement
Counterparts
Compliance with Laws
Dispute Resolution
Relevant Industries

Financial Services

Banking

Real Estate

Legal Services

Mortgage Broking

Property Development

Insurance

Construction Finance

Relevant Teams

Legal

Compliance

Credit Assessment

Mortgage Operations

Risk Management

Document Processing

Property Valuations

Settlement Operations

Customer Service

Product Development

Quality Assurance

Relevant Roles

Credit Manager

Loan Officer

Mortgage Specialist

Legal Counsel

Compliance Officer

Property Valuer

Mortgage Broker

Banking Operations Manager

Risk Assessment Officer

Contract Administrator

Property Lawyer

Settlement Officer

Credit Analyst

Lending Manager

Documentation Specialist

Industries
National Consumer Credit Protection Act 2009 (Cth): Primary legislation governing consumer credit in Australia, including mortgage lending. Contains the National Credit Code and sets out responsible lending obligations, licensing requirements, and disclosure obligations for credit providers.
Real Property Act 1900: State-based legislation (with variations across states) that governs the registration and transfer of land titles, mortgages, and other interests in land under the Torrens Title system.
Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010): Provides general consumer protections including against misleading or deceptive conduct, unfair contract terms, and unconscionable conduct in financial services.
Privacy Act 1988 (Cth): Regulates how personal information must be handled, including credit reporting and credit-related personal information in mortgage applications and management.
Electronic Transactions Act 1999 (Cth): Enables electronic execution of documents and contracts, including mortgage documentation, and sets requirements for valid electronic signatures.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth): Imposes obligations on mortgage lenders regarding customer identification, verification, and reporting of suspicious transactions.
Sex Discrimination Act 1984 (Cth): Ensures non-discriminatory lending practices in mortgage provision based on gender, marital status, or other protected attributes.
Banking Act 1959 (Cth): Regulates banking activities including mortgage lending by authorized deposit-taking institutions (ADIs).
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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