The Credit Approval Letter is a crucial document in New Zealand's lending landscape, used when a financial institution has completed its credit assessment and wishes to formally offer credit to an applicant. This document must strictly comply with New Zealand's regulatory framework, particularly the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and its associated regulations. The letter serves multiple purposes: it confirms the successful credit application, details all terms and conditions of the offered facility, provides required statutory disclosures, and outlines any conditions that must be met before the credit becomes available. A Credit Approval Letter is typically issued following internal credit assessment and approval processes, and precedes the execution of formal credit documentation.
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1. Letterhead and Date: Credit provider's details including registered name, address, and financial service provider registration number
2. Recipient Details: Customer's full name and address
3. Credit Facility Details: Specific details of the approved credit facility including amount, purpose, and type
4. Key Terms: Interest rate, term of the facility, and repayment requirements
5. Fees and Charges: All applicable fees and charges as required by CCCFA disclosure requirements
6. Conditions Precedent: Any conditions that must be met before the credit facility becomes available
7. Acceptance Method: Instructions on how to accept the offer and deadline for acceptance
8. Contact Information: Details of who to contact for queries or further information
1. Security Requirements: Include when the credit facility requires specific security or guarantees
2. Insurance Requirements: Include when insurance is required as a condition of the credit facility
3. Special Conditions: Include when there are specific conditions unique to this credit facility or borrower
4. Regulatory Warnings: Include specific warnings required for certain types of credit products under CCCFA
5. Direct Debit Authorization: Include when automatic payments are being set up as part of the facility
1. Schedule 1 - Standard Terms and Conditions: Detailed terms and conditions applicable to the credit facility
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges that may apply
3. Schedule 3 - Initial Disclosure Statement: Statutory initial disclosure information required under CCCFA
4. Appendix A - Repayment Schedule: Detailed breakdown of repayment amounts and dates
5. Appendix B - Security Details: Detailed description of any security requirements and terms
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