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Private Mortgage Agreement

Private Mortgage Agreement Template for Australia

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Key Requirements PROMPT example:

Private Mortgage Agreement

"I need a Private Mortgage Agreement for a $750,000 loan secured against a residential property in Sydney, with a fixed interest rate of 7.5% for the first three years starting March 2025, including provisions for early repayment and a guarantor."

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Document background
Private Mortgage Agreements are essential legal instruments in Australian property financing, used when arranging loans secured against real property outside of traditional banking channels. This Private Mortgage Agreement template is designed for use in Australian jurisdictions, incorporating requirements from the National Consumer Credit Protection Act 2009, relevant state property laws, and other applicable legislation. The document is typically used for private lending arrangements, property investments, or refinancing situations where traditional bank financing isn't suitable or desired. It includes comprehensive provisions for loan terms, security arrangements, borrower and lender obligations, default scenarios, and enforcement mechanisms. The agreement must be properly executed and registered to create an enforceable security interest in the mortgaged property, making it a crucial document for protecting both lender and borrower interests in private lending arrangements.
Suggested Sections

1. Parties: Identifies and provides full details of the Lender and Borrower, including legal names, addresses, and ACN/ABN if applicable

2. Background: Outlines the context of the agreement, including the purpose of the loan and brief description of the security property

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation

4. Loan Amount and Purpose: Specifies the principal amount being lent and its approved purpose

5. Interest: Details the interest rate, calculation method, and payment terms

6. Repayment Terms: Specifies repayment schedule, payment methods, and early repayment provisions

7. Security: Describes the property being mortgaged and the nature of the security interest

8. Borrower's Warranties and Representations: Lists the Borrower's confirmations regarding their capacity, property ownership, and other material facts

9. Borrower's Obligations: Details ongoing obligations including property maintenance, insurance, and rates payments

10. Events of Default: Lists circumstances constituting default and consequences

11. Enforcement Rights: Outlines the Lender's rights and remedies upon default

12. Costs and Expenses: Allocates responsibility for legal costs, registration fees, and other expenses

13. General Provisions: Includes standard clauses on notices, assignment, governing law, etc.

14. Execution: Formal signing section with witness requirements

Optional Sections

1. Guarantor Provisions: Required when a third party guarantees the loan, detailing guarantor obligations and rights

2. Construction Provisions: Needed when the loan is for property construction, including draw-down conditions and construction requirements

3. Multiple Security Properties: Required when more than one property is offered as security

4. Company Borrower Provisions: Additional provisions required when the borrower is a company

5. Trust Borrower Provisions: Specific provisions when the borrower is acting as trustee of a trust

6. Priority Arrangements: Required when there are multiple mortgages or security interests over the property

7. Fixed/Variable Rate Options: Included when the agreement offers rate type flexibility

8. Redraw Facility: Optional provisions for allowing redraw of additional payments

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the security property including title references

2. Schedule 2 - Payment Schedule: Detailed repayment schedule including payment dates and amounts

3. Schedule 3 - Interest Rate Calculations: Methodology for interest calculations and adjustments

4. Schedule 4 - Fees and Charges: Comprehensive list of all applicable fees and charges

5. Schedule 5 - Insurance Requirements: Detailed insurance requirements for the security property

6. Appendix A - Required Forms: Standard forms for notices, payment variations, etc.

7. Appendix B - Property Valuation: Independent valuation report for the security property

8. Appendix C - Certification of Independent Legal Advice: Certificates from legal advisors confirming independent advice to borrower

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























































Clauses









































Relevant Industries

Financial Services

Real Estate

Banking

Legal Services

Insurance

Property Development

Construction

Wealth Management

Private Lending

Professional Services

Relevant Teams

Legal

Credit Risk

Compliance

Loan Operations

Property Services

Document Management

Mortgage Administration

Risk Management

Client Services

Settlement Operations

Portfolio Management

Private Banking

Relevant Roles

Mortgage Broker

Legal Counsel

Credit Manager

Loan Officer

Property Manager

Risk Assessment Officer

Compliance Officer

Financial Advisor

Real Estate Agent

Settlement Officer

Trust Officer

Private Banker

Credit Analyst

Portfolio Manager

Document Controller

Legal Administrator

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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