Mortgage Loan and Renovation Loan Terms & Conditions

Update to Residential and Commercial Property Loan Standard Terms and Conditions

Please refer to the following updates with effect from 1 June 2021:

Clause

Purpose of update
  • Definitions - 2.27, 2.41
  • Conditions Precedent – 4.1.5 (l)
  • Insurance - 23.1.1

Update for clarity
  • Definitions - 2.39
  • Warranties and Representation – 24.1.7

Update “Bankruptcy Act” to "Insolvency, Restructuring, and Dissolution Act”
  • Interest - 5.4
 When reference rate is negative, it shall be floored to zero for that interest period
  • Variation of Interest and Instalment Repayment on the Facility – 7.1
 Notify you 30 days before implementing any changes, taking into consideration market conditions and in the event of unavailable reference rate
  • Other Fees – 14.1.3
 Notify you 30 days before implementing any changes
  • Prepayment - 16.1
 Shorten full redemption notice from 3 months to 2 months
  • Discharge of Mortgage - 27.1
 Shorten discharge of mortgage notice from 3 months to 2 months