Document background
The Home Loan Agreement is a fundamental document used in New Zealand residential property financing transactions. It is required whenever a financial institution provides mortgage financing to individuals or entities for residential property purchases, refinancing, or equity release. The agreement must comply with New Zealand's regulatory framework, particularly the Credit Contracts and Consumer Finance Act 2003, the Property Law Act 2007, and related legislation. It includes essential elements such as loan details, interest calculations, repayment schedules, security arrangements, borrower covenants, and default provisions. This document serves as the primary contract governing the lending relationship and provides security interest over the financed property.
