Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p26
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 26/51)
Character Range: 227454–230334

rate and the total principal outstanding;
         9.4.3 providing it remains secured by the first mortgage the Borrower may increase the principal outstanding by drawing from his Subsidised Advance Loan Account any amount by which the Limit exceeds the Balance;
         9.4.4 the Bank will permit the Borrower to withdraw funds at any time by way of cheque; and
         9.4.5 the Bank will permit four (4) free withdrawals or debits for each quarter of each Calendar Year.
    9.5 Banking Account
    If the Bank provides a banking account then:
       (a) the Bank will deposit Excess Credits in an interest bearing deposit account with funds at call;
    (b) the account will have bill paying facilities, and
    (c) the account will have a direct credit facility.
    9.6 Obligations of Bank
    The Bank agrees to advise Borrowers of the purposes for which either a loan interest offset arrangement as described in Sub‑clause 9.4 or a banking account as described in Sub‑clause 9.5 can be used, (such purposes being described in Schedule E to this Agreement) and further agrees not to charge any fees (excluding statutory charges) to Borrowers in respect of withdrawals or debits made from these accounts which are directly attributable to the Portfolio Asset and/or Subsidised Advance instalment repayments.
    9.7 Prepayments
    In the event that the Borrower pays to the Bank an amount in excess of that required to meet the monthly instalment on the Specified Portfolio Asset and/or Subsidised Advance, and the Borrower specifically elects for that amount to be treated as a prepayment then the Bank shall treat that amount as a prepayment. Such prepayments are to be applied by the Bank at the direction of the Borrower to reducing the principal and interest outstanding under the Borrower's Specified Portfolio Asset and/or Subsidised Advance without penalty to the Borrower.
    9.8 Effect of prepayment
    The Bank agrees that where a Borrower has made the election referred to in Sub‑clause 9.7 the prepayment will not affect the monthly instalments payable by the Borrower, but shall reduce the term applicable to the Specified Portfolio Asset and/or Subsidised Advance.
    9.9 Prepayment on a loan
    In the event that the Borrower makes a prepayment on a loan account applicable to his Specified Portfolio Asset and/or Subsidised Advance which has more than one interest rate then the Bank shall credit that prepayment on a proportionate basis in accordance with the relationship between the amount of principal which attracts a single interest rate and the total principal outstanding.

    10. PROVISION OF INFORMATION
    10.1 Obligations of Bank to notify the Commonwealth
    The Bank shall notify the Comonwealth when the Bank Manager responsible for a Borrower's account becomes aware of or receives in the ordinary course of banking business any of