Rapid Refinance Important Information

About the Unloan Rapid Refinance Process

Where possible, your new Unloan home loan will be funded more quickly than with a traditional refinance. We do this by paying the funds from your new Unloan home loan directly into your Current Lender Loan Account(s) before their existing mortgage over the Security Property(ies) is formally released. This allows you to obtain the benefits of refinancing to Unloan sooner while we work through the exchange of your title and mortgage registration in the background.

Terms

Current Lender: The financial institution, bank, or credit provider that currently holds your home loan(s) and mortgage(s) over the Security Property(ies) that you intend to refinance to Unloan.

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Current Lender Loan Account(s): The home loan account(s) or facility(ies) you hold with your Current Lender that are to be paid out and refinanced by Unloan using the Unloan Rapid Refinance Process. This includes any sub-accounts, split loans, or other accounts secured by the Current Lender’s mortgage over the Security Property(ies).

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Security Property(ies):  The property or properties offered as security for your new Unloan home loan(s), which are also subject to the mortgage(s) currently held by your Current Lender and to be refinanced by Unloan.

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Unloan: Unloan is a fully owned division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL /Australian credit licence 234945.

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You: means the borrower or borrowers named in the Unloan home loan agreement(s) to which this document relates, and includes any person who has applied for, accepted, or is otherwise responsible for the Unloan home loan(s) or any related obligations under this document. Where there is more than one borrower, references to “you” apply to each borrower individually and to all borrowers collectively, and each borrower’s obligations under this document are joint and several.

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Eligibility

To be eligible for the Unloan Rapid Refinance Process:

• You must be refinancing. New purchases and top-ups are ineligible.
• Your property(ies) is in NSW, QLD, VIC, SA or ACT.
• Your loan(s) being refinanced on a variable rate.
• There cannot be multiple land titles attached to the property(ies) being refinanced.
• No conditions at settlement including liability closure or reduction (e.g. closure of credit cards)
• Your Current Lender must not have restrictions on accepting Unloan’s Rapid Refinance pay-outs.  
• All borrower names on the property title must exactly match against the approved Unloan application. You cannot be completing a change of name or updating the ownership on the property title.
• You must only be submitting a single home loan application to Unloan.  

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You will be informed if you are eligible for the Rapid Refinance process when your loan is approved.

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Obligations Prior to and at Settlement

1. You will refinance the loan(s) with the Current Lender and discharge the mortgage(s) held by the Current Lender with respect to the Security Property(ies).
2. You confirm that all other debts, linked and contingent liabilities (such as bank guarantees or overdrafts) (“linked liabilities”) secured by the mortgage(s) over the Security Property(ies) to be refinanced have been disclosed to Unloan.
3. If there are any linked liabilities, you will refinance those to enable the prompt discharge of the mortgage(s) with respect to the Security Property(ies).
4. If there are other debts not secured by the mortgage(s), you understand that it’s your responsibility to ensure the Current Lender does not require these debts to be repaid to release the mortgage(s).  You are required to pay all accrued interest, fees, and charges (including break costs and discharge/document handling fees) to close the Current Lender Loan Account(s) and any linked liabilities.
5. Unloan will rely on the payout figure provided by you or obtained from your Current Lender, together with information from your comprehensive credit report, to calculate the final amount required to close your Current Lender Loan Account(s). You must promptly provide Unloan with any information requested in relation to your Current Lender Loan Account(s), mortgage(s), linked liabilities, and Security Property(ies), including the most recent payout figure and details of any outstanding amounts.
6. If the amount Unloan pays to close your Current Lender Loan Account(s) is insufficient to fully discharge your Current Lender’s mortgage over the Security Property(ies) (the “shortfall amount”), you must immediately resolve the shortfall before settlement can proceed, as follows:
   
   1. If the shortfall amount is under $10,000:
      
      1. Unloan will first attempt to debit the shortfall amount from the available funds in your Unloan redraw account prior to settlement, provided sufficient funds are available.
      2. If there are insufficient funds in your redraw account, Unloan will request that you transfer the shortfall amount to a nominated Unloan account before settlement. You must provide Unloan with satisfactory evidence (for example, a screenshot of the transfer), confirming that the transfer has been made. If Unloan elects, at its discretion, to make the shortfall payment on your behalf to enable settlement to proceed, and you do not reimburse Unloan for that amount as requested, the shortfall amount will be deemed to be a debt immediately owing to Unloan. This debt must be repaid to Unloan upon demand. While this debt is separate from, and does not form part of, your Unloan home loan, you authorise Unloan to debit the shortfall amount from the available funds in your Unloan redraw account whenever sufficient funds are available.
   2. If the shortfall amount is $10,000 or more: You must pay the shortfall amount directly into your Current Lender Loan Account(s) prior to settlement. Once the payment is made, Unloan will request an updated payout figure from your Current Lender.
7. If the shortfall is not resolved before the scheduled settlement, the settlement may be cancelled and rescheduled for the next available date. Unloan is not responsible for any delays, cancellations, or costs arising from your failure to resolve a shortfall amount in accordance with the above clauses.
8. Once the funds in relation to the Unloan home loan is paid into the Current Lender Loan Account(s), you will do all things necessary to ensure these funds are applied to pay out the existing loan(s) with the Current Lender and to assist Unloan to obtain a first registered mortgage over the Security Property(ies). Any subsequent redraws or transfers out of your Current Lender Loan Account is likely to trigger additional contributions from you before the loan can be closed and could delay the settlement process.  
9. You must complete and submit the prescribed discharge authority form to Unloan before settlement, or within one (1) week of funding if otherwise agreed by Unloan.
10. If there is any excess amount owing to you by the Current Lender, it is your responsibility to obtain these funds from the Current Lender.

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Security and Title Documents Obligations

• You irrevocably authorise Unloan to hold and have possession of any certificate(s) of title, discharge(s) of mortgage, and other security documents, and to obtain these directly from the Current Lenders. You will do all things necessary to assist Unloan in obtaining these documents, including signing authorities and providing information as requested. If you receive these documents, you will forward them immediately to Unloan and not otherwise deal with them.
• You understand that Unloan may lodge a caveat on the title to the Security Property(ies) pending receipt of the certificate(s)of title and any relevant security documents.

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Insurance

• You confirm that evidence of acceptable building insurance with respect to the Security Property(ies) will be submitted to Unloan within one (1) week of the Unloan home loan being funded, unless otherwise advised by Unloan.

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Liability and Loss

• Failing to complete the required steps outlined in this Agreement may cause delays in releasing your Current Lender’s mortgage over the Security Property(ies) and could result in additional costs or interest being incurred by you.
• If you fail to fulfil your obligations under this Agreement, or if you provide Unloan with incorrect information during this process and Unloan suffers a loss as a result, you understand that you may be held liable for that loss, including any costs incurred by Unloan in recovering such loss.

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If you have any questions or require further information before proceeding, please contact Unloan hello@unloan.com.au.