Terms and Conditions

  1. This document does not contain all of the information MiFin Pty Ltd is required to give the Borrower before the Borrower enters into the contract. The rest of the information is set out in Part 1-Schedule which will be emailed to you or presented digitally.

  2. What MiFin lends the Borrower and what the Borrower owes
    • a. MiFin agrees to lend the Borrower the amount of credit.
    • b. MiFin can debit all or any part of the amount of credit to the loan account. MiFin can debit all or any part of the amount of credit (so that the Borrower pays interest charges on it) on the settlement date.
    • c. MiFin debits an amount to the loan account (if it is not already owed), the Borrower owes MiFin that amount.

  3. Interest charges
    Under SACC credit regulations no interest is charged. Establishment and monthly fees are applied. The annual percentage rate is set out in the Schedule. It is fixed and cannot be changed. The annual percentage rate is divided by 365 to get a daily percentage rate.
    • a. Interest charges for each day are calculated on a daily basis by applying the daily percentage rate to the daily balance.
    • b. MiFin can debit interest charges to the loan account at the following times:
      1. immediately before the Borrower pays the loan account balance or under any other right the Borrower has to pay the loan account balance;
      2. on any day on which a repayment is due under the contract; and
      3. on the day the loan account balance becomes due and monthly after that.
      c. The amount of interest charges debited to the loan account will be the sum of interest charges calculated for each day in the period commencing on:
      1. the day all or any part of the amount of credit is first debited to the loan account; in the case of the first interest debit
      2. otherwise, the day following the last day on which an interest charge was debited, and ending the day before the day on which the interest charge is debited.

  4. Repayments
    • a. The Borrower must pay the repayments MiFin determines at the times MiFin determines. As at the disclosure date the repayments are those set out in the Schedule and they must be paid at the times set out in the Schedule.
    • b. The Borrower must pay to MiFin the loan account balance plus any amounts charged, accrued or payable but not yet debited to the loan account on the last day of the term if they have not become due and payable any earlier.
    • c. The Borrower can pay the loan account balance at any time. If the Borrower does this, the Borrower must also pay any amounts charged, accrued or payable but not yet debited to the loan account at that time.
    • d. MiFin does not treat a payment as made until it is credited to the loan account.

  5. Fees and Charges
    • a) The Borrower must pay:
      1. the fees and charges set out in the Schedule; and
      2. any government charges or duties on receipts or withdrawals in respect of the loan account whether or not the Borrower is primarily liable to pay these charges or duties.
      3. b. MiFin can debit fees and charges the Borrower must pay under this contract to the loan account.

  6. If the Borrower is in default
    • a. The Borrower is in default if:
      1. the Borrower does not pay on or before its due date for payment any amount payable under this contract; or
      2. the Borrower is in breach of any other provision of this contract; or
      3. the Borrower gives MiFin incorrect or misleading information in connection with this contract;
      4. MiFin reasonably believes the Borrower has acted fraudulently in connection with this contract; or
      5. the Borrower becomes insolvent or steps are taken to make the Borrower so.
    • b. If the Borrower is in default, then subject to any law (including requirements as to notice) the loan account balance plus any amounts charged, accrued or payable but not yet debited to the loan account automatically becomes due and payable. Enforcement expenses may become payable under this contract in the event of a breach. The Borrower must pay MiFin all reasonable enforcement expenses MiFin reasonably incurs arising from any default under this contract, including any GST MiFin has to pay in respect of such enforcement expenses (less the amount of any related input tax credit or reduced input tax credit to which MiFin is entitled). MiFin can debit these amounts to the loan account. Enforcement expenses that are debited to the loan account will become due and payable at the time they are debited. MiFin does not need to ask the Borrower for them first.

  7. What happens to payments MiFin receives?
    MiFin may apply any payment or other credit it receives to any amount the Borrower owes under this contract in any order MiFin chooses.

  8. Changes
    • a. MiFin can change this contract, such as varying an existing provision or adding a new provision, at any time without the Borrower’s consent including by imposing a credit fee or charge or changing the Borrower’s payment obligations. However, if any law regulates that change, MiFin may only change this contract to the extent permitted by, and subject to, the requirements of that law.
    • b. MiFin will notify the Borrower when MiFin:
      1. changes the manner in which interest is calculated or applied under this contract. Where such a change does not reduce the Borrower’s obligations or does not extend the time for payment, MiFin will give the Borrower at least 20 days. prior written notice.
      2. changes the amount or frequency of payment of a credit fee or charge or imposes a new credit fee or charge. Where a change to the amount of a credit fee or charge or the imposition of a new credit fee or charge does not reduce the Borrower’s obligations or does not extend the time for payment, MiFin will give the Borrower at least 20 days prior notice either by advertisement in a newspaper or in writing to the Borrower. Where a change to the frequency of payment of a credit fee or charge does not reduce the Borrower’s obligations or does not extend the time for payment, MiFin will give the Borrower at least 20 days prior notice in writing.
      3. change the amount or frequency of payment of a repayment. Where such a change does not reduce the Borrower’s obligations or does not extend the time for payment, MiFin will give the Borrower at least 20 days prior written notice.

  9. Mortgage
    • a. The Borrower promises that they own the security property and mortgages the security property to MiFin to secure the Borrower’s obligations under this contract, which include an obligation to pay to MiFin:
      1. the loan account balance plus any amounts charged, accrued or payable but not yet debited to the loan account from time to time; and
      2. enforcement expenses, including MiFin’s reasonable costs of repossessing or taking steps to protect its interest in the security property.
    • b. If the security property can be insured, the Borrower must ensure that insurance over the security property is taken out and maintained and that MiFin’s interest in the security property is notified to the insurer. If the Borrower does not take out or maintain insurance over the security property, MiFin may take out that insurance and any premium paid by MiFin for such insurance will be an enforcement expenses.

  10. General
    • a. If MiFin does not exercise a right or remedy fully or at a given time, MiFin can still exercise it later.
    • b. The Borrower warrants that all statements made and documents provided in or in connection with this contract and all representations which the Borrower has made or may make are true and correct. The Borrower acknowledges that MiFin has relied on the correctness of those statements, documents and representations in entering into this contract and will continue to do so in dealing with the Borrower.
    • c. MiFin may choose at any time to waive any of its rights under this contract. Subject to the requirements of any law, a waiver by MiFin is not a change to, and does not reduce MiFin’s rights, under this contract.
    • d. If MiFin gives the Borrower a certificate which states the amount owing by the Borrower under this contract or any other act, matter or thing relating to this contract, the certificate will be sufficient evidence of those matters unless the Borrower proves it to be incorrect.
    • e. The Borrower agrees that MiFin may give information about the Borrower to any related entity of MiFin.
    • f. If the Borrower comprises more than one individual, the Borrower’s obligations under this contract apply to each of those individuals separately, to all of them as a group, and to any of them.
    • g. The Borrower must notify MiFin as soon as possible if the Borrower changes or intends to change the Borrower’s name or address. MiFin may give any correspondence, notice or other document to the Borrower by sending it to the Borrower’s last mailing address appearing in MiFin’s records, or by any other method permitted by law. The Borrower may nominate an address at which documents may be served on the Borrower.
    • h. The Borrower cannot assign the Borrower’s rights under this contract without MiFin’s written consent.
    • MiFin may assign, transfer or novate to any person, trust or other entity, or otherwise deal in any manner with, any of MiFin’s rights, obligations or interest under this contract.
    • j. This contract is to be read and interpreted as consistent with all laws and if any provision of this contract is invalid or unenforceable in whole or in part the rest of this contract will remain valid and enforceable.
    • k. In this contract the singular includes the plural and vice versa, and a reference to a document (including a document that forms part of this contract) includes any variation or replacement of it.

Meaning of words

  • amount of credit is the amount MiFin lends or will lend the Borrower under this contract. As at the disclosure date it is the amount stated in the Schedule and described as the “amount of credit”.
  • Borrower means the person(s) specified in the Schedule as “The Borrower” and their successors and assigns.
  • business day means a day other than a Saturday, Sunday or public holiday in Queensland and/or Australia.
  • contract means the contract (as varied from time to time) the Borrower make with MiFin when MiFin accepts the offer in the Schedule.
  • daily balance on any day means the loan account balance at the end of that day.
  • disclosure date means the date specified in the Schedule as the disclosure date.
  • GST means any goods and services tax or any similar tax, impost or duty imposed by any law of the Commonwealth of Australia or any State or Territory of the Commonwealth of Australia (whether in force before or coming into force after the date this contract comes into existence).
  • including or include when introducing an example, does not limit the meaning of the words to which the example relates to that example or similar examples.
  • insolvent means being insolvent, including without limitation being bankrupt, or subject to any assignment or composition, protected from creditors under any statute, or otherwise unable to pay debts as and when they fall due.
  • law means common law, principles of equity and laws made by any parliament (and includes regulations and other instruments under laws made by any parliament and consolidations, amendments, re-enactments or replacements of any of them).
  • loan account means the account or accounts MiFin establishes in the Borrower’s name for the purposes of this contract.
  • loan account balance means the difference between all amounts credited and all amounts debited to the loan account.
  • repayment day means the day of the week or the date in a month (as the case may be) specified in the Schedule.
  • MiFin means MiFin Pty Ltd ACN 132 429 595), the credit provider and broker under this contract, and their successors and assigns.
  • security property means the goods (if any) described under the heading Security Property in the Schedule.
  • Schedule means the document entitled “Part 1 – Schedule.”
  • settlement date means the date on which all or any part of the amount of credit is first lent to the Borrower. For the purposes of the information disclosed in the Schedule, it is assumed that the amount of credit will be lent on the day after the Disclosure Date specified in the Schedule.
  • Standard Terms and Conditions means this document.
  • term means the period specified in the Schedule as the term.