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.
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1. Parties: Identifies the lender and borrower(s) with their full legal names and addresses
2. Background: Sets out the context of the loan agreement, including the purpose of the loan and property details
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies loan amount, interest rate, term, and purpose
5. Interest: Details interest calculation method, rate changes, and payment terms
6. Repayment Terms: Outlines payment schedule, frequency, and method of payment
7. Security: Describes the mortgage security over the property
8. Borrower's Covenants: Lists borrower's obligations including property maintenance and insurance
9. Events of Default: Defines circumstances constituting default and consequences
10. Lender's Rights and Remedies: Outlines lender's rights in case of default or breach
11. General Provisions: Includes standard clauses like notices, amendments, and governing law
12. Execution: Signature blocks and attestation requirements
1. Guarantor Provisions: Required when there are guarantors for the loan
2. Additional Security: Used when other assets besides the primary property are provided as security
3. Construction Provisions: Required for construction loans or renovations
4. Fixed Rate Terms: Included when offering fixed interest rate options
5. Offset Account Provisions: When an offset account facility is offered
6. Insurance Requirements: Detailed insurance requirements beyond standard provisions
7. Early Repayment: Terms for early loan repayment if different from standard terms
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rate, term, and payment schedule
2. Schedule 2 - Property Details: Legal description of the secured property
3. Schedule 3 - Payment Schedule: Amortization schedule showing payment breakdown
4. Schedule 4 - Fees and Charges: Complete list of applicable fees and charges
5. Schedule 5 - Insurance Requirements: Detailed insurance requirements and minimum coverage
6. Appendix A - Disclosure Statement: Initial disclosure statement required under CCCFA
7. Appendix B - Direct Debit Authority: Direct debit setup form for loan payments
8. Appendix C - Privacy Statement: Privacy policy and information handling procedures
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