The Payoff Demand Statement is a crucial document in Australian lending practices, required whenever a borrower seeks to fully discharge their loan obligations. It is governed by the National Consumer Credit Protection Act 2009 and the National Credit Code, which mandate specific content and disclosure requirements. The statement provides a comprehensive breakdown of all amounts payable to completely satisfy the loan, including the principal balance, accrued interest, fees, and any early termination charges. This document is typically requested during loan refinancing, property sales, or early loan termination, and must be provided by lenders within statutory timeframes. The Payoff Demand Statement serves as the definitive record of the amount required to close the loan account and, where applicable, release any associated security.
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1. Lender Information: Full legal name, contact details, and Australian Credit License number of the lending institution
2. Borrower Details: Full name and contact information of the borrower(s), including loan account number
3. Loan Information: Original loan details including initial amount, purpose, and origination date
4. Current Loan Balance: Principal balance as of the statement date
5. Interest Calculation: Breakdown of interest charges, including daily rate and amount accrued
6. Fees and Charges: Itemized list of all applicable fees and charges
7. Total Payoff Amount: Final payoff figure including all principal, interest, and fees
8. Valid Until Date: Expiration date of the payoff quote and daily interest accrual after this date
9. Payment Instructions: Detailed instructions for making the payoff payment, including bank details and reference requirements
1. Early Termination Fees: Include when there are break costs or early repayment fees applicable to the loan
2. Security Release Information: Include for secured loans, detailing process for release of security upon payment
3. Multiple Loan Accounts: Include when the borrower has multiple loans with the institution that need to be addressed
4. Third Party Authorization: Include when the statement is being provided to an authorized third party rather than the borrower directly
5. Government Charges: Include when there are government charges or duties applicable to the loan termination
1. Payment Calculation Schedule: Detailed breakdown of how the final payoff amount was calculated
2. Fee Schedule: Itemized list of all fees and charges included in the payoff amount
3. Security Details: For secured loans, list of all security items and their release conditions
4. Direct Debit Cancellation Form: Form for cancelling automatic payment arrangements upon loan payoff
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