A Refinance Agreement is a crucial document used in New Zealand when a borrower seeks to replace their existing loan with new financing arrangements. This may be motivated by the desire to secure better interest rates, consolidate debt, release security, or change lenders. 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 relevant banking regulations. The document outlines the termination of the existing loan, establishes new financing terms, addresses security arrangements, and includes mandatory disclosures. It's essential for both residential and commercial refinancing transactions and requires careful consideration of existing security interests, registration requirements, and borrower protections under New Zealand law.
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1. Parties: Identifies the lender, borrower, and any other relevant parties to the agreement
2. Background: Outlines the existing loan arrangement, the purpose of refinancing, and any relevant history
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Refinancing Terms: Details of the new loan amount, interest rate, term, and payment arrangements
5. Conditions Precedent: Conditions that must be satisfied before the refinancing takes effect
6. Security Arrangements: Description of security interests and their continuation or replacement under the new arrangement
7. Representations and Warranties: Statements of fact and assurances given by the borrower
8. Borrower Covenants: Ongoing obligations and commitments of the borrower
9. Events of Default: Circumstances that constitute default and their consequences
10. Costs and Expenses: Allocation of refinancing costs and ongoing fees
11. General Provisions: Standard clauses covering notices, amendments, governing law, etc.
1. Guarantor Provisions: Required when there are guarantors for the refinanced loan
2. Additional Security: Used when new security is being added as part of the refinancing
3. Break Fees: Needed when early repayment of the existing loan involves break fees
4. Interest Rate Switch Provisions: Required when the agreement includes options to switch between fixed and floating rates
5. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required
6. Cross-Collateralization: Used when multiple securities are linked across different loans
7. Debt Consolidation Terms: Required when the refinancing involves consolidating multiple debts
1. Schedule 1 - Existing Loan Details: Details of the loan(s) being refinanced, including outstanding amounts
2. Schedule 2 - New Loan Terms: Detailed terms of the new loan including interest rates, payment schedules, and fees
3. Schedule 3 - Security Details: Description of all security properties or assets and their registered interests
4. Schedule 4 - Payment Schedule: Detailed repayment schedule showing dates and amounts
5. Schedule 5 - Fees and Charges: Comprehensive list of all applicable fees and charges
6. Appendix A - Disclosure Statement: Required disclosure under the Credit Contracts and Consumer Finance Act
7. Appendix B - Direct Debit Authority: Form for setting up automatic payments for the new loan
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