The Private Mortgage Loan Agreement is essential for private lending transactions in Australia where real property is provided as security for a loan. This document is typically used when individuals or private entities, rather than traditional banking institutions, provide mortgage financing. It must comply with Australian federal legislation including the National Consumer Credit Protection Act 2009 and relevant state-specific property laws. The agreement covers crucial elements such as loan terms, security arrangements, borrower obligations, and enforcement rights, while incorporating necessary consumer protections. It's particularly relevant in situations where traditional bank financing may not be available or desired, offering an alternative funding source while maintaining legal protections for all parties. The document requires careful consideration of both federal and state jurisdictional requirements to ensure enforceability and compliance with Australian lending regulations.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement, including purpose of the loan and acknowledgment of security property
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Details: Principal amount, interest rate, term of loan, and purpose
5. Interest and Repayment Terms: Calculation of interest, repayment schedule, payment methods and dates
6. Security Arrangements: Details of the mortgage security, property description, and registration requirements
7. Borrower's Covenants: Obligations of the borrower including property maintenance, insurance, and financial commitments
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Events of Default: Circumstances constituting default and consequences
10. Enforcement Rights: Lender's rights and remedies in case of default
11. Costs and Expenses: Allocation of legal costs, registration fees, and ongoing expenses
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Guarantee Provisions: Required when there is a guarantor for the loan
2. Construction Provisions: Required when the loan is for construction purposes, including draw-down conditions
3. Multiple Borrowers: Additional provisions for joint and several liability when there are multiple borrowers
4. Direct Debit Authority: Required when automatic payment arrangements are established
5. Insurance Requirements: Detailed insurance obligations beyond standard requirements when specific coverage is needed
6. Pre-payment Provisions: Terms for early repayment including any fees or calculations
7. Redraw Facility: Terms and conditions for redraw facility if offered
1. Schedule 1 - Loan Details: Key financial terms including loan amount, interest rate, term, and repayment schedule
2. Schedule 2 - Property Details: Legal description of the security property including title details
3. Schedule 3 - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
4. Schedule 4 - Special Conditions: Any special or additional terms specific to this loan
5. Schedule 5 - Fee Schedule: Breakdown of all applicable fees and charges
6. Appendix A - Required Insurance: Detailed insurance requirements and minimum coverage
7. Appendix B - Direct Debit Request Form: Form for setting up automatic payments
8. Appendix C - Mortgage Documents: Standard mortgage documentation for property security
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