The Co-Borrower Agreement is essential in Australian lending practices where multiple parties seek to share responsibility for a loan or credit facility. This document is commonly used in scenarios such as property purchases, business loans, or personal lending where multiple borrowers combine their financial capacity. The agreement must comply with Australian consumer credit legislation, particularly the National Consumer Credit Protection Act 2009 and the National Credit Code. It outlines the joint and several liability of co-borrowers, meaning each borrower is individually responsible for the entire debt, not just their share. The document includes critical information about loan terms, repayment obligations, default consequences, and the relationships between co-borrowers, while incorporating necessary consumer protections and disclosure requirements under Australian law.
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1. Parties: Identifies all co-borrowers and the lender with their full legal names and addresses
2. Background: Explains the context of the co-borrowing arrangement and the purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies the loan amount, interest rate, term, and repayment schedule
5. Joint and Several Liability: Establishes that each co-borrower is independently liable for the entire loan amount
6. Repayment Obligations: Details the repayment responsibilities of co-borrowers, including payment methods and timing
7. Default Provisions: Explains what constitutes a default and the consequences for all co-borrowers
8. Communications and Notices: Specifies how formal communications between parties should be made
9. Representations and Warranties: Statements of fact and promises made by the co-borrowers
10. Termination: Conditions under which the agreement can be terminated and the consequences
11. Governing Law: Specifies that Australian law governs the agreement and jurisdiction for disputes
1. Security Provisions: Required when the loan is secured against specific assets
2. Death or Incapacity: Provisions dealing with what happens if one co-borrower dies or becomes incapacitated
3. Property Purchase Provisions: Required when the co-borrowing is specifically for property purchase
4. Business Purpose Declaration: Required when the loan is for business purposes
5. Relationship Statement: Required when clarification of the relationship between co-borrowers is necessary
6. Exit Provisions: Detailed procedures for when one co-borrower wishes to exit the arrangement
7. Refinancing Provisions: Required when refinancing options need to be addressed
8. Guarantor Provisions: Required when there are additional guarantors to the loan
1. Schedule 1 - Loan Details: Detailed breakdown of the loan amount, interest rates, fees, and charges
2. Schedule 2 - Repayment Schedule: Detailed repayment schedule showing dates and amounts
3. Schedule 3 - Security Details: Details of any security provided for the loan
4. Schedule 4 - Key Fact Sheet: Summary of key information as required by consumer credit law
5. Schedule 5 - Direct Debit Request: Authorization for automatic payment arrangements
6. Appendix A - Privacy Consent: Consent forms for handling personal and financial information
7. Appendix B - Statement of Financial Position: Financial statements from each co-borrower
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Property Development
Mortgage Lending
Consumer Finance
Business Lending
Legal Services
Private Lending
Relevant Teams
Legal
Compliance
Credit Assessment
Risk Management
Loan Operations
Documentation
Customer Relations
Mortgage Services
Consumer Lending
Commercial Lending
Relevant Roles
Loan Officer
Credit Manager
Mortgage Broker
Banking Relationship Manager
Legal Counsel
Compliance Officer
Credit Analyst
Financial Advisor
Property Finance Manager
Lending Specialist
Risk Assessment Officer
Documentation Specialist
Consumer Credit Officer
Banking Operations Manager
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