Australian Institute of Architects – Monthly Payment Option Terms & Conditions
1. Payment of Amount Financed
Victory Funding must pay the total amount of the Amount Financed to the Introducer. The Borrower acknowledges that payment of the Amount Financed to the Introducer is a full and complete discharge of Victory Funding’s obligations under this Agreement. For the purposes of this clause, “the Introducer” includes the Borrowers agent as the context requires taking account of the facts matters, and circumstances as to how and by and through whom this Agreement came into being, or such other person as nominated in this Agreement by Victory Funding.
2. Amount Financed by Instalments
Victory Funding may pay the Total Amount Financed by instalments to the Introducer on or before the dates due. Victory Funding is not obliged to pay any instalments after an Event of Default occurs.
3. Preconditions to Payment of Total Amount Financed
Prior to Victory Funding paying the Total Amount Financed (a) the Borrower must pay to Victory Funding the amount of the Total Initial Payment, and (b) Victory Funding must be satisfied that the Products funded have been issued on terms that allow Victory Funding to exercise its rights upon the occurrence of an Event of Default and (c) Victory Funding has completed its assessment and approval of the Loan. Victory Funding may terminate this Agreement and refuse to pay the Total Amount Financed or any instalment of the Total Amount Financed if these preconditions have not been satisfied.
The Borrower must pay to Victory Funding the Total Amount Payable to be repaid, which includes the Credit Charges, by equal instalments. The first instalment is due on the date indicated in this Agreement. Subsequent instalments must be paid on the same day of each interval thereafter. If an instalment date falls on a day that is not a banking day, we may process your instalment on the next business day. For the purposes of this clause “Credit Charges” means the total of all interest charges made by Victory Funding for the provision of the Amount Financed by the Borrower.
5. Additional Charges
Victory Funding may demand from the Borrower an additional charge for overdue interest on money not paid (“Additional Charge”) when payable. The overdue interest will be calculated at the discretion of Victory Funding. If any repayment is returned as dishonoured, the Borrower will incur a dishonour fee for every payment returned unpaid. The Borrower may, if the law permits, terminate this contract early. A termination fee may be payable in addition to any other monies owing. A cancellation fee may also be payable if this contract is terminated early.
6. Security and Power of Attorney
To secure its obligations under this Agreement and any other Agreement with Victory Funding, the Borrower: (a) absolutely assigns to Victory Funding the right to claim, demand, sue for, recover, settle and receive money payable at any time by the Introducer in relation to any of the Products funded by the Agreement to the extent allowed by law. (b) for valuable consideration irrevocably appoints Victory Funding and any director, secretary or employee of Victory Funding or any related corporation as the Borrower’s true and lawful attorney with power after the occurrence of an Event of Default to the extent allowed by law to cancel or otherwise deal with Introducers, to make, pursue and settle any claims in connection with any Products, to receive and give receipts for Products and otherwise deal with any Introducers as the attorney considers necessary to ensure the Borrower pays all money owing under this Agreement to Victory Funding. Upon payment of all money owing to it, Victory Funding must reassign the rights to the Borrower; and (c) for valuable consideration irrevocably appoints the Introducer and any director, secretary or employee of the Borrower’s Introducer as the Borrower’s true and lawful attorney with power to request Victory Funding to fund other Amounts and/or to renew any of the Products Financed on behalf of the Borrower on the same terms and conditions in these General Terms and Conditions. If Victory Funding, in its absolute discretion, agrees to fund other Amounts it will provide the Borrower with the documents setting out the details of that Finance and that Finance will be made available by Victory Funding to the Borrower on terms and conditions contained in that document and these Terms and Conditions.
7. Events of Default
An Event of Default occurs if (a) the Borrower fails to make a payment to Victory Funding when due and payable (b) a payment made by the Borrower to Victory Funding is dishonoured (c) a Product Financed does not provide for Victory Funding to exercise its rights upon the happening of an Event of Default (d) a corporate Borrower becomes or may (on the granting of an application made or the passing of any resolution) become an externally administered body within the meaning of the Corporations law (e) an individual Borrower commits an act of bankruptcy (f) a Product is cancelled or becomes void or voidable (g) the Borrower is not able to perform its obligations under this Agreement or Victory Funding security under this Agreement is not exercisable in the manner intended by Victory Funding or has been or is likely to be prejudiced in some way.
8. Victory Funding’s rights upon Event of Default
In an Event of Default (a) Victory Funding may terminate this Agreement (b) the Borrower must upon demand by Victory Funding immediately pay all money owing under this Agreement (c) Victory Funding may cancel or otherwise deal with Products financed in this Agreement and obtain any money payable to the Borrower in such way as it considers desirable to protect Victory Funding's position and recover money owing under this Agreement or any other Agreement (d) Victory Funding may apply any money received from or on account of the Borrower against any of the Borrower's indebtedness to Victory Funding, under this Agreement or any other loan or facility provided by Victory Funding (e) Victory Funding is not obliged to pay the Amount Financed to the Introducer.
9. General Payment Obligations
Any amount owing to Victory Funding under this Agreement must be paid by the Borrower in full without any deduction. The Borrower waives all rights of set-off, combination or counterclaim in relation to money owing under this Agreement. Without limiting the foregoing, if an event occurs or a circumstance arises entitling the Borrower to make a claim under a Product financed in this Agreement, then nothing shall affect Victory Funding’s (a) rights under this Agreement to claim the Amount Financed to be repaid or (b) ability to exercise any of its rights under this Agreement (unless specifically stated otherwise).
10. Demands and Notices
Any demand by Victory Funding may be signed under seal, or by an officer or employee of Victory Funding or related corporation. Victory Funding may serve notice upon the Borrower by hand delivery, post, delivery to the Borrower's last known facsimile number or to the email address nominated by the Borrower in this application for finance. A notice posted will be deemed received on the 3rd business day after posting. A notice sent by email will be deemed to be received immediately after sending. A notice sent by facsimile transmission will be deemed received on production of a transmission report showing the facsimile was sent to the Borrower's facsimile number without error.
11. Borrower's Obligations and Waiver
Time is of the essence in relation to the performance of the Borrower's obligations under this Agreement. No waiver or period of grace will apply unless given in writing by Victory Funding.
Victory Funding may pay a commission or rebate to the Introducer as a result of this Agreement. The Borrower consents to the payment of a commission or rebate by Victory Funding to the Introducer, or to the Introducers agent or associates as a result of this Agreement.
13. Completion of Blanks/ Alterations
The Borrower authorises the Introducer and Victory Funding to complete any blanks or to alter incorrect details on the Agreement to ensure the accuracy and completeness of information.
14. Stamp Duties and Finance’s costs
The Borrower must pay (a) all stamp duty, taxes or fees payable as a result of this Agreement (whether or not disclosed in this Agreement) (b) all costs, fees and interest incurred by Victory Funding following an Event of Default.
Victory Funding may at any time assign its interest in this Agreement.
16. Joint and Several Obligation and General Interpretation
Where the Borrower is 2 or more persons, this Agreement binds them jointly and each severally. References to the singular include the plural and vice versa. The law of New South Wales governs this Agreement. The parties irrevocably and unconditionally submit to the jurisdiction of the courts of New South Wales.
17. Credit Card Fee
Credit Card payments are accepted for all instalments but any fee incurred by Victory Funding for Visa/MasterCard/ American Express will be passed to the Borrower.
18. Quotation of Agreement Terms
The terms of this Agreement are valid for 15 days and approval is subject to a credit risk assessment. We reserve the right to amend the Agreement if approval is outside the agreed terms.
19. Further Insurance and Automatic Renewal option
The Borrower agrees that an Introducer specified in this Agreement is authorised on their behalf to 1) make applications to Victory Funding to add further amounts to the terms of this Agreement 2) to automatically renew in subsequent years any Product upon its expiry.
20. Credit Inquiry
The Borrower agrees and approves that Victory Funding can make enquiries in relation to this loan application or to any subsequent loan applications that may be deemed required by Victory Funding to any persons including any credit reporting agency or bank and provide these persons with details of this loan application or any matter arising from this loan or any subsequent loans.
21. Products Financed by this Agreement
The Borrower agrees that it will not (a) cancel or terminate any Product financed by this Agreement without the Introducer obtaining Victory Funding’s consent (b) assign, charge or otherwise deal with its rights in any proceeds of Products cancelled or terminated.
22. Privacy Statement
Victory Funding may collect the personal information of the Borrower from Finance Brokers, Insurance Brokers, Banks and other financial institutions; Accountant(s) and other professional service providers; current and past employer(s); credit reporting agencies; collection agents and Victory Funding related entities. Victory Funding may disclose the Borrower’s personal/private information to its agents and contractors and others that provide administrative or other services such as: its bankers and other financial institutions; credit reporting agencies; collection agents; Where we collect your information from someone else, we may disclose your personal information to that person or entity; and relevant complaints tribunals and government agencies including the Australian Taxation Office, in accordance with its regulatory obligations.
The Borrower can request access to personal/private information by contacting Victory Funding 1300 582 809 or by mail L3, B7 570-588 Swan St Richmond VIC 3121. You may ask us at any time to correct information where you believe it is incorrect or out of date. You may be charged reasonable expenses incurred in giving you any information you have requested (such as searching and photocopying costs). By completing the Victory Funding application form, you consent to Victory Funding collecting, using, disclosing and handling your personal information in accordance with this privacy statement, whether collected on the application form or any other form completed now or in the future. You also agree that where you have supplied information (such as a name) about any other person, you will tell that other person that you have provided the information to us and show the person this document.
23. Direct Debit Service Agreement
If the Borrower has elected to pay Victory Funding by direct debit or credit card the Borrower (or the relevant account or card holder, as applicable) acknowledges that, unless otherwise agreed: (a) your financial institution may, in its absolute discretion, at any time by notice in writing to you, terminate the direct debit arrangement as to future debits; (b) either party may, by giving 3 days written notice to the other party, vary the timing of future debits; (c) you can stop or cancel the regular debits at any time by giving Victory Funding or your financial institution 3 days’ notice in writing; (d) if at any time you believe that a direct debit (or credit) against your nominated account or credit card is inappropriate or incorrect it is your responsibility to notify Victory Funding as soon as possible; (e) it is your responsibility to ensure that there are sufficient cleared funds in your nominated account or sufficient credit available on your credit card to meet debits, and Victory Funding may cancel the debit arrangement on 3 days written notice if 2 payments are dishonoured because of insufficient funds or declined credit card transactions within a 12 month period. Victory Funding will charge the cost of dishonoured payments against your account or credit card; (f) Victory Funding may need to pass on details of your direct debit request to its sponsor bank in the Bulk Electronic Clearing System to assist with the checking of any incorrect or wrongful debits to your nominated account or Credit Card. (g) Victory Funding may vary this clause by providing 14 days’ notice in writing; (h) you must immediately notify Victory Funding or your financial institution if you believe an error has occurred in relation to a direct debit (or credit); and (i) any direct debit that is scheduled to occur on a day that is not a business day will occur on the next business day. If you are uncertain as to when a debit will be processed, you should enquire with your financial institution.