Consumer Mortgage Lending Products - CommBank

Consumer Mortgage Lending Products

Terms and Conditions

Effective 13 December 2019

These products are issued by the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945

Introduction

? This booklet contains information to help you make an informed decision about the consumer mortgage lending product(s) that best suit your needs, and to help you compare with others that you may be considering.

? This booklet also contains the terms which govern those products. ? This booklet should be read in conjunction with the separate brochure containing standard

fees and charges for Home Loans, Investment Home Loans, Viridian Line of Credit, Equity Unlock Loan for Seniors and Mortgage Interest Saver Account. ? Section 2 contains our Usual Terms and Conditions (UTC) for Consumer Mortgage Lending, including for investment purposes. They do not contain all the information we are required to give you before you enter into the Contract. ? If your loan is regulated by the National Credit Code please read the Information Statement ? Part F in Section 1. ? The rest of the information is contained in the Schedule. Please read the Schedule first before reading this booklet. ? Other terms and conditions may also apply to the Loan Account by operation of law. ? Applications for finance are subject to the Bank's normal credit approval. ? Full terms and conditions will be included in the Bank's loan offer. Fees and charges are payable.

Contents

Section 1: Useful information

About the National Consumer Credit Protection Act Credit Guide Individuals have rights when they borrow money

Banking Code of Practice We abide by the Banking Code of Practice established by the banking industry

ePayments Code We comply with ASIC's ePayments Code when you carry out an electronic transaction

About our contractual relationship Sections of this booklet that apply when you enter into a contract with the Bank

Updating this booklet Information in this booklet may change

Information about your Schedule Quick reference guide to your credit contract

How we can help ? Buy your first home ? Refinance your home ? Buy your next home ? Renovate your home ? Build your home ? Manage your home loan ? Invest in property ? You could save with a Home Loan Wealth Package ? Flexible repayment options for your home loan

Information statement ? Part F Things you should know if your proposed credit contract is regulated by the National Credit Code

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12 12 12

12 12 12 13 14 14 15

Section 2: These are the Usual Terms and Conditions (UTC) for Consumer Mortgage Lending

Page

Section 2: General Terms and Conditions that apply to all Loans

19

General and specific terms and conditions that apply to all consumer mortgage lending products.

1. Meaning of words

19

Definition of terms used in this booklet

2. Before we provide a loan

24

The things you need to do before we can give you a loan

3. What we require from you for the loan to operate

25

What we need to know about your identity, financial position and the security property, compliance with any additional requirements and authority to operate

4. What you must tell us each time you ask for credit

27

Representations and warranties you make to us under the contract

5. Funding your loan

28

How the loan is funded and when we may not fund the loan

6. What interest do I pay?

29

Interest you pay on the loan and how we debit interest

7. Fees and charges that may apply

30

Information about fees and charges, when they are charged and how we use your payments to repay the loan

8. Capitalising unpaid interest, fees and charges

31

Information about how unpaid interest, fees and charges are added to your loan

9. Default

31

When you could be in default under the Contract, how we will tell you, how it could affect your loan and what you and we can do if this happens

10. Variations

33

Changes to your loan that we can make (e.g. to interest rates, fees, features, terms and conditions etc), how and when we will tell you and changes that you can request (e.g. switch loan type, portability or splitting)

11. General

36

Our rights and your obligations, valuations, how notices are sent and tax obligations

12. Insurance

40

13. Your Loan Options

41

A summary table so you can compare loan types and features

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