Could you help me with this section of the information booklet please.
I'm stumbling on how to contextualize it.
"About this booklet Finding the information you want 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. The booklet also contains the terms which govern those products. The booklet is organised in sections and 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."
Once again, they are saying that the terms and conditions in the booklet "govern those products".
What do you think?
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
The booklet also contains the terms which govern those products. The booklet is organised in sections and 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."
Once again, they are saying that the terms and conditions in the booklet "govern those products".
It doesn't say every term in the booklet applies to every loan product.
If that was the case there would be no difference between Home Loans, Investment Loans, Lines of Credit, Equity Unlock Loan for Seniors and MISA Accounts.
You need to read the actual contract to know which terms from the booklet apply to each individual loan product.
It doesn't say every term in the booklet applies to every loan product.
If that was the case there would be no difference between Home Loans, Investment Loans, Lines of Credit, Equity Unlock Loan for Seniors and MISA Accounts.
You need to read the actual contract to know which terms from the booklet apply to each individual loan product.
God! The big property purchasing uber bull has no idea of how a mortgage contract works.
You are hilarious.
Can I walk you through this.
You get a meridian loan. You with me so far.
The "usual terms and conditions" in what you call the 'information booklet' for the meridian loan then become part of your contract. You ignore all others (e.g. home loan, seniors equity unlock etc) other than the bit that says at part A (p.14 ....) "General Terms and conditions that apply to all loans".
Next step then, (obviously this being a housing forum) is to look at the section immediately above (the general terms and conditions that apply to all loans) and then the section on home loans.
You can ignore all the other bits in the booklet because you are not signing a contract for those things.
Do you understand this?
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
The "usual terms and conditions" in what you call the 'information booklet' for the meridian loan then become part of your contract
So you think there's no difference at all between an NCCP Regulated loan, and a non-regulated loan, because all the terms and conditions are identical for both.
OK, you had better tell the government to scrap the NCCP Act, since it doesn't do anything. And you can tell CBA to stop referencing the separate documentation that customers need to read if they have an NCCP Regulated loan, since that additional documentation makes no difference to the loan. In fact CBA should remove all mention of the National Credit Act, because the concept is meaningless - there's no difference between regulated and non-regulated loans, according to 'Golly' from APF.
Here's how it really works (quoting Sydneyite's earlier post)...
Rastus and all, I have no idea what the CBA mortgage contract is that you have dug up. But here I have copied 3 pages from my own (LOC based) standard / regulated mortgage contract from ANZ. You will notice that the contract talks about the default conditions and actions for both regulated AND unregulated contracts - just so they only have a single mortgage document.
You will also notice (I hope) that this document is categoric in stating that under a REGULATED arrangement, that a default is constituted by only:
1) Mortgagor fails to pay "secured money" under the regulated arrangement on time 2) Mortgagor breaches any other conditions of a regulated mortgage. (Note that these are documented earlier and include such things as not notifying the bank if I knock my house down and so on).
Also, only in the case of an UNREGULATED mortgage does the bank have the right to demand all money owing based on a property revaluation ( See section 7.1, b), vi) ). This is 100% clear that this condition applies to an unregulated mortgage, but does not apply to a regulated one. You may also notice that the conditions of default under an unregulated mortgage are generally much broader.
Barns, Strindberg, Shadow, Peter, myself etc are 100% correct on this issue. The hysterical bears are dead wrong (and so are the less hysterical ones!).
EDIT: Trying to post scanned images but they are too big... working on a way to post them.
So you think there's no difference at all between an NCCP Regulated loan, and a non-regulated loan, because all the terms and conditions are identical for both.
OK, you had better tell the government to scrap the NCCP Act, since it doesn't do anything. And you can tell CBA to stop referencing the separate documentation that customers need to read if they have an NCCP Regulated loan, since that additional documentation makes no difference to the loan. In fact CBA should remove all mention of the National Credit Act, because the concept is meaningless - there's no difference between regulated and non-regulated loans, according to 'Golly' from APF.
It didn't matter what I think about the NCCP.
What you or I think has no bearing on it.
Given you are the one who has expended years being wrong on this, I suggest you tell them.
Given you are the one who has expressed years being wrong on this, I suggest you tell them.
Read the post by Sydneyite that I quoted above. It proves beyond doubt that YOU are wrong.
It shows very clearly that the list of potential defaults under a regulated loan is much smaller than a non-regulated loan.
That's why you need to read your actual contract, and not rely on an info booklet that includes every broad term and condition under the sun, and is simply designed to explain and educate on CBA's entire range of terms and conditions. The info booklet is not a contract - it's a catch-all guidebook, and its purpose is clearly explained on the very first page of the booklet...
Read the post by Sydneyite that I quoted above. It proves beyond doubt that YOU are wrong.
It shows very clearly that the list of potential defaults under a regulated loan is much smaller than a non-regulated loan.
That's why you need to read your actual contract, and not rely on an info booklet that includes every broad term and condition under the sun, and is simply designed to explain and educate on CBA's entire range of terms and conditions. The info booklet is not a contract - it's a catch-all guidebook, and its purpose is clearly explained on the very first page of the booklet...
So what's the troll now? That banks can't foreclose on borrowers who're paying their mortgages even if the value of their property is below market value?
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