General Terms And Conditions

1. Preconditions to the loan

 

1.1 We do not have to lend the Amount of Credit to you unless all of the following requirements are satisfied:

• (a) at the time we propose to make the advance, we have no reason to believe there has been or will be a significant adverse change in your financial circumstances;
• (b) this contract complies with all legal requirements relating to it and you have received all statements and information required by law to be given to you;
• (c) we are satisfied that any security that we have asked for is valid and binding and either registered or capable of being registered and that there are no defaults under the terms governing such security; and
• (d) you are not in default under any agreement with us; and
• (e) you have signed all documents we have required you to sign and satisfied all other reasonable requirement we have made of you.

 

2 Mortgage and other Security

 

 

Security over Interest

You hereby transfer to us by way of mortgage the whole of your right, title and interest over your Interest (the mortgaged property) to secure the performance by you of your obligations under this contract.

 

3 What you must pay

 

 

Obligation to pay

• 3.1 You must repay all amounts you borrow from us and pay interest charges and other amounts payable under this contract.
  Direct Debit authority
• 3.2 Each payment under this contract must be made to us in one of the following manners:
  (a) by direct debit on your bank account; or
  (b) in such other manner as we direct in writing.
  You must sign any forms required by us to effect repayments by direct debit or any other manner as we direct in writing. The amount of each repayment does not include any applicable direct debit fees, or similar taxes or charges.
  What we can do with your payments
• 3.3 We may use any payment we receive relating to this contract to reduce the unpaid balance in any order we choose.
  Payment in full
• 3.4 You may not claim or exercise any set-off, counterclaim or any similar right in relation to any amount of any nature that may be due and payable in relation to this contract, either against us or against any person to or for whom we:
  (a) create or allow to exist a security interest over, or an interest in, this contract; or
  (b) assign or otherwise deal with our rights in relation to this contract.
  If you are in default we may set-off against the unpaid balance any money we owe you.

 

4 Repayments

 

Amount and time of Repayments

• 4.1 You must make the repayments in the amounts and at the times specified in the Contract Details.
  Prepayments
• 4.2 You may prepay any amounts payable under this contract. You may not re-borrow any amounts which you prepay. If you make a prepayment, you must still make the repayments in the amounts and at the times specified in the Contract Details, unless we notify you in writing otherwise.
  Early Repayment
• 4.3 You may pay out this contract at any time by paying to us the unpaid balance of the loan together with any other amounts we are entitled to charge you under this contract.
  Dishonour
• 4.4 A payment by direct debit will not be considered to have been made if the direct debit is dishonoured or charged back to us. You authorise us to debit your loan account with the Direct Debit Dishonour Fee set out in the Contract Details each time a payment by you is dishonoured.
  Payments due on a non-business day
• 4.5 If a payment is due on a day which is not a business day, you may make the payment on the next business day. If a payment is received by us after 4.00 pm on a given day, it will be credited to the unpaid balance of your loan the next business day.
  Final Repayment

• 4.6 You must pay the unpaid balance on or before the last day of the contract term.

 

5 Other amounts

 

Other amounts

• 5.1 You must pay us:
  (a) all fees and charges in the circumstances described in the Contract Details and any changed or new fee or charge notified to you;
  (b) an amount equal to any stamp duty which becomes payable in connection with this contract and disclosed in the Contract Details whether or not you are primarily liable for such duty under the applicable legislation;
  (c) any GST payable in accordance with clause 11; and
  (d) when we ask, any reasonable enforcement expenses we reasonably incur in enforcing this contract or security under this contract after you are in default.

• 5.2 You authorise us to debit the amounts you must pay under clause 5.1 to the loan account to form part of the unpaid balance which you must pay.

 

6 Interest charges

 

Obligation to pay

• 6.1 You must pay interest charges which are calculated on the unpaid balance as at the end of each day at the daily percentage rate. The daily percentage rate is the Annual Percentage Rate disclosed in the Contract Details divided by 365.
  When debited
• 6.2 Interest accrues daily from the day we disburse the funds. Interest is debited to your account on last business day of each month and when you pay out the loan.

 

7 Your Undertakings

 

You undertake:

(a) not to mortgage, charge, encumber, sell, assign or otherwise dispose of any right or interest in the mortgaged property without our prior written consent;
(b) to comply with all obligations whether statutory, contractual or otherwise which bind you in relation to the mortgaged property;
(c) to direct the Responsible Entity to forward to us any certificate or other document evidencing your interest in the mortgaged property;
(d) to deliver to us upon request any title or entitlement certificate, or other document evidencing or creating any of your rights in connection with the mortgaged property;
(e) to execute any instrument which we consider necessary to enable us to enforce our mortgage over the mortgaged property, or to perfect our mortgage over the mortgaged property;
(f) to execute and deliver to us any authority which we reasonably require in order to give effect to payment by Direct Debit;
(g) to notify us immediately of any change to your address;
(h) to provide to us any information we reasonably request from you about your financial position; and
(i) to do anything which we reasonably request of you to give effect to the transaction contemplated by this contract.

 

8 Warranties

 

You warrant the truth of all statements made by you or on your behalf to us or our agents.

 

9 Default

 

You are in default if:

(a) you do not pay on time any amount due under this contract or any other loan contract you have with us; or
(b) you breach any term of this contract or any other contract with us or with the Responsible Entity in relation to your Interest; or
(c) you or another person gives us information which we reasonably believe to be incorrect or misleading in connection with this contract or any other contract you have with us; or
(d) we reasonably believe you or another person have acted fraudulently in connection with this contract or any other contract you have with us; or
(e) you are declared bankrupt or become insolvent or steps are taken to make you insolvent or bankrupt; or
(f) you enter into any scheme of arrangement or composition with your creditors; or
(g) our security over the mortgaged property is unenforceable for any reason; or
(h) we are unable to locate you having made all reasonable efforts to do so; or
(i) you are charged with any criminal offence.

 

10 Consequences of Default

 

Notice of Default

 

• 10.1 If you are in default, we may give you a notice advising you of the default and requiring you to remedy the default within specified period, or, if the default cannot be remedied, requiring you to pay out the loan, in each case in accordance with the National Credit Code.
  If you do not, or cannot, remedy the default within any period allowed in the notice, or you commit another default of the same kind before that period expires, then at the end of that period and without further notice to you, the unpaid balance becomes immediately due for payment and we may enforce any security which secures the contract.
  We may also sue you for any amount payable under this contract which you fail to pay us.
  In addition to anything we are allowed to do by law or under the terms of this document or any security, we may enforce our security by doing anything an owner of the secured property could do, including taking possession of or selling it on terms we choose, appointing one or more receivers to do any of these things, or by doing any combination of these things.
  We may also give notice of your default to other credit providers and credit reporting agencies.
  Exceptions to notice and grace period
• 10.2 We may decide not to serve a default notice on you in circumstances where we are not required to do so under the National Credit Code.
  These circumstances include where we believe on reasonable grounds that we have been induced by fraud to enter this contract, or we have been unable to locate you despite reasonable attempts, or we are authorised by a court.
  Enforcement Expenses
• 10.3 Enforcement expenses may become payable under the Contract if you default. You must pay on demand and we may debit your account with our costs in connection with any exercise or non-exercise of rights arising from any default, including:
  (a) Legal costs and expenses on a full indemnity basis or solicitor and own client basis, whichever is higher; and
  (b) Our internal costs.
  These costs will not exceed our reasonable enforcement costs including internal costs.

 

General Matters

 

11 GST

 

Unless expressly stated otherwise, the amount of any consideration you are required to provide to us does not include GST. We may be required to account for GST on any taxable supply made by us as a result of entering into this contract. If we are required to account for GST in these circumstances, you must pay us an additional amount equal to the GST. You must pay this additional amount at the same time that you are required to pay us for the taxable supply. In this clause, words and expressions have the meaning given under GST Law. “GST Law” has the meaning given to that term in A New Tax System (Goods and Services Tax) Act 1999.

 

12 National Credit Code

 

To the extent that this Contract is regulated under consumer legislation (eg the National Credit Code), any provisions which do not comply with that legislation have no effect, and to the extent necessary, this Contract is to be read so it does not impose obligations prohibited by that legislation.
We encourage you to obtain independent legal advice and independent financial advice.

 

13 Financial difficulty or problems

 

You should inform us as soon as possible if you are in financial difficulty. We will discuss your problems with you, with a view to finding an acceptable solution.
If you have a problem concerning your loan, please consult our internal dispute resolution officers. If your problem cannot be satisfactorily resolved by us you may refer the issue to the Credit Ombudsman Service Limited.

 

14 Variations

 

We may vary the amount or frequency of payment of a credit fee or charge or impose a new credit fee or charge without your consent by giving you 20 days written notice setting out the particulars of the change in accordance with clause 16.
Without your agreement, we will not vary any of the following:
(a) the Amount of Credit; or
(b) the Annual Percentage Rate.

 

15 Assignment

 

We may assign or deal with our rights under this contract and any security in any way we choose. We may disclose or hand over information or documents relating to you to any person to whom your loan is assigned or to that person’s agents for the purposes of the assignment and for the purposes of taking over our rights under this contract.
You must sign anything or do anything which we require to enable any dealing with the Contract. Any dealing with this agreement does not change your obligations under this Contract in any way.
You may not assign your rights under this contract.

 

16 Notices

 

• 16.1 We may give you any notice or document regarding this contract:
  (a) by handing it to you personally; or
  (b) by leaving it at, or by sending it by post, facsimile or similar facility to the address nominated in writing by you or, if there is no such nomination, the address of your place of residence last known to us at the time the notice is given.
• 16.2 You may give us any notice or document regarding this contract by:
  (a) sending it by post to,
  (b) P O Box 469 Mudgeeraba QLD 4213;
  (c) leaving it, or delivering it to, our office at our office at: Level 2, Central, 240 Varsity Parade, Varsity Lakes QLD 4227; or
  (d) faxing to our office using 07 5556 3099 or such other fax number as we notify to you.
• 16.3 A notice or other document given by us to you or by you to us will be taken to have been given:
  (a) if it is given personally – on the date it bears or the date it is received by the addressee, whichever is the later;
  (b) if it is sent by post – on the date it bears or the date when it would have been delivered in the ordinary course of post, whichever is the later; or
  (c) if it is sent by facsimile transmission or some other form of electronic transmission – on the date it bears or the date on which the machine from which the transmission was sent produces a report indicating that the notice or other document was sent to the facsimile number or other number of the addressee, whichever is the later.

 

17 Applicable law

 

This agreement is governed by the law in force in the State or Territory in which you reside at the time you offer to enter into this contract. You and we submit to the non-exclusive jurisdiction of the courts of that State or Territory.

 

18 Definitions and Interpretation

 

In this document:
business day means any day other than a Saturday, Sunday or a day gazetted as a public holiday in the State or Territory in which you have indicated you reside at the time you offer to enter into this contract;
insolvent means being unable to pay debts when they fall due;
Interest means the points interest in ULTIQA Lifestyle ARSN 097 961 174 set out in the Security for the Loan section of the Contract.
mortgaged property means the Interest specified in the Contract Details;
Responsible Entity means the responsible entity (as that term is defined in Corporations Act 2001 (Cth)) of ULTIQA Lifestyle ARSN 097 961 174.
unpaid balance means, at any time, the difference between all amounts credited and all amounts debited to you;
we and us means Future Holiday Finance Pty Ltd ACN 108 475 298 and its successors and assigns;
you means the person or persons identified as the borrower at the commencement of this contract and that person’s successors. If there are more than one, you means each person individually and all of them jointly.
In this document:
(a) a reference to a document includes any variation or replacement of it;
(b) law means common law, equitable principles, statute law and laws made under statute law and consolidations and amendments of them;
(c) other grammatical forms of a defined word have a like meaning;
(d) unless otherwise defined, words have the meaning given to them in the National Credit Code;
(e) a reference to a person includes companies and trusts and any other kind of body; and
(f) singular words include the plural and vice versa.

 

INFORMATION STATEMENT

 

THINGS YOU SHOULD KNOW ABOUT YOUR PROPOSED CREDIT CONTRACT

This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract.
If you have any concerns about your contract, contact your credit provider and, if you still have concerns, your credit provider’s external dispute resolution scheme, or get legal advice.

 

THE CONTRACT

 

1. How can I get details of my proposed credit contract?

 

Your credit provider must give you a precontractual statement containing certain information about your contract. The precontractual statement, and this document, must be given to you before—
• your contract is entered into; or
• you make an offer to enter into the contract;
whichever happens first.

 

2. How can I get a copy of the final contract?

 

If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep.
Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply, if the credit provider has previously given you a copy of the contract document to keep.
If you want another copy of your contract write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy—
• within 14 days of your written request if the original contract came into existence 1 year or less before your request; or
• otherwise within 30 days of your written request.

 

3. Can I terminate the contract?

 

Yes. You can terminate the contract by writing to the credit provider so long as—
• you have not obtained any credit under the contract; or
• a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract.
However, you will still have to pay any fees or charges incurred before you terminated the contract.

 

4. Can I pay my credit contract out early?

 

Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract.

 

5. How can I find out the payout figure?

 

You can write to your credit provider at any time and ask for a statement of the payout figure as at any date you specify. You can also ask for details of how the amount is made up.
Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement.

 

6. Will I pay less interest if I pay out my contract early?

 

Yes. The interest you can be charged depends on the actual time money is owing. However, you may have to pay an early termination charge (if your contract permits your credit provider to charge one) and other fees.

 

7. Can my contract be changed by my credit provider?

 

Yes, but only if your contract says so.

 

8. Will I be told in advance if my credit provider is going to make a change in the contract?

 

That depends on the type of change. For example—
• you get at least same day notice for a change to an annual percentage rate. That notice may be a written notice to you or a notice published in a newspaper.
• you get 20 days advance written notice for—
• a change in the way in which interest is calculated; or
• a change in credit fees and charges; or
• any other changes by your credit provider;
except where the change reduces what you have to pay or the change happens automatically under the contract.

 

9. Is there anything I can do if I think that my contract is unjust?

 

Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement.
If that is not successful you may contact your credit provider’s external dispute resolution scheme. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. Your credit provider’s external dispute resolution provider is the AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY WHICH CAN BE CONTACTED ON 1800 931 678 OR VIA THE WEBSITE AT WWW.AFCA.ORG.AUemail info@afca.org.au OR BY MAIL AT: AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY  GPO Box 3, Melbourne VIC 3001
Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid.
You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC’s website at http://www.asic.gov.au.

 

INSURANCE

 

10. Do I have to take out insurance?

 

Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over property covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not. If you take out insurance, the credit provider cannot insist that you use any particular insurance company.

 

11. Will I get details of my insurance cover?

 

Yes, if you have taken out insurance over mortgaged property or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal.
Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance.
You can always ask the insurer for details of your insurance contract. If you ask in writing your insurer must give you a statement containing all the provisions of the contract.

 

12. If the insurer does not accept my proposal, will I be told?

 

Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected.
13. In that case, what happens to the premiums?
Your credit provider must give you a refund or credit unless the insurance is to be arranged with another insurer.

 

14. What happens if my credit contract ends before any insurance contract over mortgaged property?

 

You can end the insurance contract and get a proportionate rebate of any premium from the insurer.

 

MORTGAGES

 

15. If my contract says I have to give a mortgage, what does this mean?

 

A mortgage means that you give your credit provider certain rights over any property you mortgage. If you default under your contract, you can lose that property and you might still owe money to the credit provider.

 

16. Should I get a copy of my mortgage?

 

Yes. It can be part of your credit contract or, if it is a separate document, you will be given a copy of the mortgage within 14 days after your mortgage is entered into.
However, you need not be given a copy if the credit provider has previously given you a copy of the mortgage document to keep.

 

17. Is there anything that I am not allowed to do with the property I have mortgaged?

 

The law says you cannot assign or dispose of the property unless you have your credit provider’s, or the court’s, permission. You must also look after the property. Read the mortgage document as well. It will usually have other terms and conditions about what you can or cannot do with the property.

 

18. What can I do if I find that I cannot afford my repayments and there is a mortgage over property?

 

See the answers to questions 22 and 23.

 

Otherwise you may—
• if the mortgaged property is goods—give the property back to your credit provider, together with a letter saying you want the credit provider to sell the property for you;
• sell the property, but only if your credit provider gives permission first;
OR
• give the property to someone who may then take over the repayments, but only if your credit provider gives permission first.
If your credit provider won’t give permission, you can contact their external dispute resolution scheme for help.
If you have a guarantor, talk to the guarantor who may be able to help you.
You should understand that you may owe money to your credit provider even after mortgaged property is sold.

 

19. Can my credit provider take or sell the mortgaged property?

 

Yes, if you have not carried out all of your obligations under your contract.

 

20. If my credit provider writes asking me where the mortgaged goods are, do I have to say where they are?

 

Yes. You have 7 days after receiving your credit provider’s request to tell your credit provider. If you do not have the goods you must give your credit provider all the information you have so they can be traced.

 

21. When can my credit provider or its agent come into a residence to take possession of mortgaged goods?

 

Your credit provider can only do so if it has the court’s approval or the written consent of the occupier which is given after the occupier is informed in writing of the relevant section in the National Credit Code.

 

GENERAL

 

22. What do I do if I cannot make a repayment?

 

Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways —
• to extend the term of your contract and reduce payments; or
• to extend the term of your contract and delay payments for a set time; or
• to delay payments for a set time.

 

23. What if my credit provider and I cannot agree on a suitable arrangement?

 

If the credit provider refuses your request to change the repayments, you can ask the credit provider to review this decision if you think it is wrong. If the credit provider still refuses your request you can complain to the external dispute resolution scheme that your credit provider belongs to. Further details about this scheme are set out below in question 25.

 

24. Can my credit provider take action against me?

 

Yes, if you are in default under your contract. But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact the credit provider’s external dispute resolution scheme or ASIC, or get legal advice.

 

25. Do I have any other rights and obligations?

 

Yes. The law will give you other rights and obligations. You should also READ YOUR CONTRACT carefully.
IF YOU HAVE ANY COMPLAINTS ABOUT YOUR CREDIT CONTRACT, OR WANT MORE INFORMATION, CONTACT YOUR CREDIT PROVIDER. YOU MUST ATTEMPT TO RESOLVE YOUR COMPLAINT WITH YOUR CREDIT PROVIDER BEFORE CONTACTING YOUR CREDIT PROVIDER’S EXTERNAL DISPUTE RESOLUTION SCHEME. IF YOU HAVE A COMPLAINT WHICH REMAINS UNRESOLVED AFTER SPEAKING TO YOUR CREDIT PROVIDER YOU CAN CONTACT YOUR CREDIT PROVIDER’S EXTERNAL DISPUTE RESOLUTION SCHEME OR GET LEGAL ADVICE.

EXTERNAL DISPUTE RESOLUTION IS A FREE SERVICE ESTABLISHED TO PROVIDE YOU WITH AN INDEPENDENT MECHANISM TO RESOLVE SPECIFIC COMPLAINTS. YOUR CREDIT PROVIDER’S EXTERNAL DISPUTE RESOLUTION PROVIDER IS THE AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY WHICH CAN BE CONTACTED ON 1800 931 678 OR VIA THE WEBSITE AT WWW.AFCA.ORG.AUemail info@afca.org.au OR BY MAIL AT:  AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY  GPO Box 3, Melbourne VIC 3001.
PLEASE KEEP THIS INFORMATION STATEMENT. YOU MAY WANT SOME INFORMATION FROM IT AT A LATER DATE.

Future Holiday finance has developed an internal dispute resolution policy to ensure compliance with the internal dispute resolution obligations in accordance with Future Holiday Finance Pty Ltd.’s
Australian Credit Licence conditions, the National Consumer Credit Protection Act 2009 and its Regulations.

The procedures are designed to incorporate the requirements of ASIC regulatory guide 165 licensing: internal and external dispute resolution procedures ‘RG165‘
The Company has a documented internal dispute resolution (IDR) policy that has been approved by the Company’s directors. The company’s management ensure that staff understand the commitment to fare and efficient complaints handling.
The Complaints Officer

Future Holiday Finance Pty Ltd
PO Box 469 Mudgeeraba, QLD, 4213
T: (07) 5556 3000
E: admin@futureholidayfinance.com.au
Internet: futureholidayfinance.com.au
Case Management Service

Future holiday Finance Pty Ltd
PO Box 469 Mudgeeraba, QLD, 4213
T: (07) 5556 3000
E: admin@futureholidayfinance.com.au
Internet: futureholidayfinance.com.au

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