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A Loan Termination Letter is a crucial document in Australian lending practices used to formally conclude a loan agreement between a lender and borrower. This document is typically issued when a loan is being paid off, whether through regular completion, early repayment, refinancing, or other circumstances requiring the loan's termination. The letter must comply with Australian financial regulations, including the National Consumer Credit Protection Act 2009 and the National Credit Code. It contains essential information such as loan reference details, outstanding balance, termination date, payment instructions, and procedures for releasing any securities. The document serves as official confirmation of the loan's conclusion and outlines all necessary steps for both parties to complete the termination process. It's particularly important in maintaining clear records and ensuring all parties understand their obligations in concluding the loan agreement.

1. Sender's Details: Full name, address, and contact information of the lending institution

2. Date: Date of the letter

3. Recipient's Details: Full name and address of the borrower

4. Loan Reference Details: Original loan agreement details including date, reference number, and initial loan amount

5. Termination Statement: Clear statement of loan termination including effective date

6. Outstanding Balance: Statement of final balance including principal, interest, and any fees

7. Payment Instructions: Details of how and when the final payment should be made

8. Account Closure Confirmation: Statement confirming the loan account will be closed upon final settlement

9. Next Steps: Clear instructions on any actions required by the borrower

10. Contact Information: Details of whom to contact for queries

11. Signature Block: Authorized signatory details and signature