Changes to ANZ Terms and Conditions

Section 5: Your agreement to provide information

Subsection: 5.2

Page: 8

Replace the first paragraph in this section with the following:

You agree to provide any other information that we reasonably require from time to time. This includes any information required to comply with any laws.

Section 7: Events of Default

Subsection: 7.1(c)

Page: 11

Replace the existing section with the following:

ANZ believes on reasonable grounds that you or a Security Provider has not complied with the law or any requirement of a statutory authority, or it becomes unlawful for you or us to continue with the loan.

Section 7: Events of Default

Subsection: 7.2 (a)

Page: 12

Replace the first two sentences in this section with the following:

If an Event of Default occurs under section 7.1(a) and, where relevant, the additional requirement in this section 7.2(a) has been met, we may exercise our Default Rights.

The additional requirement is that either:

• if we demand that you pay all or part of the Outstanding Money for your Facilities then the payment date we tell you will be at least 30 days after we give you the demand, or
• we will not exercise our Default Rights under section 7.3(f) or (g) unless we first give you 30 days’ notice.

Section 10: Formal communications between us are called notices

Subsection: 10.2

Page: 24

Insert the following at the end of the last paragraph in this section:

Where we give you a notice under clause 6 or 7 of these terms and conditions we will leave it at, or post it to, the relevant address in your Letter of Offer (or the last notified updated address, as appropriate), or send it to your email address.

Schedule 1: Dictionary and Interpretation

Section 1: Definitions

Page: 31

Delete the following definition in its entirety:

AML-CTF and Sanctions Laws and Policies

ANZ Business Banking

ANZ Agribusiness Banking

ANZ Internet Banking for Business

Page: 38

Replace the operating hours with the following:

8am to 6pm (AEST), Weekdays

Section 5: Indemnity guarantee fees

New subsection: 5.3

Page: 4

Insert new subsection 5.3 as follows:

5.3 Changes to your Facility or bank guarantee

If changes are made to your Facility or a bank guarantee before the end of the period for which the Indemnity Guarantee Facility Fee or Indemnity Guarantee Fee has already been paid, you may be entitled to a refund of the unused portion of the relevant fee. The types of changes that might trigger a partial refund include:

Indemnity Guarantee Facility Fee

• The Facility Limit is reduced or cancelled.
• The Facility becomes dormant (for example, no bank guarantees are issued under the Facility for a period of 180 days).

Indemnity Guarantee Fee

• The bank guarantee is cancelled or called upon.

ANZ Business Banking

ANZ Agribusiness Banking

ANZ Internet Banking for Business

Page: 6

Replace the operating hours with the following:

8am to 6pm (AEST), Weekdays

Section 7: Interest and Fees

Subsection: 7.7

Page: 8

Replace the first paragraph in this subsection with the following:

(Commitment Fee) The fees for the Facility include a commitment fee. It is payable in advance at the frequency (for example, quarterly) specified in your Letter of Offer (unless we agree another frequency with you). It is payable from the Commencement Date, unless otherwise agreed between you and ANZ.

Insert the following language as a new paragraph at the end of this subsection:

If changes are made to your Facility (such as the Facility Limit is reduced or cancelled) before the end of the period for which the commitment fee has already been paid, you may be entitled to a refund of any unused portion of that fee.

Section 10: Processing Instructions BPAY Payments

Subsection (c) 

Page: 6

Insert the following language as a new sixth dot point:

• For future dated payments, the date on which you want the payment to be made.

Section 10: Processing Instructions BPAY Payments

Subsection (e) 

Page: 6

Insert the following language as a new subsection:

ANZ may reject a payment direction if the relevant biller no longer offers BPAY payment facilities.

Section 10: Processing Instructions BPAY Payments

Subsection (f) 

Page: 6

Replace the existing section with the following:

A delay may occur in processing a BPAY® Payment where:

• You tell ANZ to make a BPAY® Payment on a non-business day;
• You tell ANZ to make a BPAY® Payment after ANZ’s cut-off time; or
• Another participant in the BPAY® Scheme, such as another financial institution or a biller does not process a BPAY® Payment as soon as it receives details of the payment or does not otherwise comply with its obligations under the BPAY® Scheme.

There may also be a delay in the biller processing the payment if the day after you tell ANZ to make a BPAY® Payment is a non-business day.

Section 10: Processing Instructions BPAY Payments

Subsection (j) 

Page: 6

Insert new subsection as follows:

Billers have an obligation to treat a BPAY® Payment as received:

• if the BPAY® Payment is made before ANZ’s cut-off time, on the date you make the BPAY® Payment; or
• if the BPAY® Payment is made after ANZ’s cut-off time or on a non-business day, on the next business day.

Section 10: Processing Instructions BPAY Payments

Subsection (l) 

Page: 6

Insert new subsection as follows:

The longer it takes you to tell ANZ about a BPAY® Payment which was unauthorised, may have been fraudulently induced, or any delay or mistake in processing the BPAY® Payment, the more difficult it may be for ANZ to investigate and/or recover the payment. For example, if the biller does not have sufficient records to assist ANZ to investigate. In this case, you may need to liaise directly with the biller to resolve the issue.

Section 10: Processing Instructions BPAY Payments

Subsection (m) 

Page: 6

Insert new subsection as follows:

You must provide ANZ such assistance as may be reasonably necessary to investigate any BPAY® Payment which was not unauthorised, may have been fraudulently induced, or any delay or mistake in processing the BPAY® Payment.

Section 15: Cancellation of cards, security devices or electronic access

Subsection (c)

Page: 7

Replace the existing subsection with the following:

Without limiting any other rights of ANZ under applicable terms and conditions, we may also at any time suspend or terminate your ability to make BPAY® Payments in the following circumstances:

• We, or BPAY, suspect on reasonable grounds that you, or a person acting on your behalf is:
  • being fraudulent;
  • in breach, or will cause you to be in breach, of these Electronic Banking Conditions of Use;
  • using BPAY Payments in a manner that will, or is likely to, adversely affect the integrity, stability or reputation of BPAY Payments, the BPAY Scheme, or the quality of services offered to you or to other customers; or
  • using BPAY Payments in connection with any activities which are unlawful
  • BPAY or any regulatory authority requires or requests us to do so; or
• Our membership to the BPAY Scheme or our subscription to BPAY Payments is suspended, ceases or is cancelled for any reason.

Section 22: Liability under the BPAY scheme

Subsection 22.3: BPAY® Payments

Page 11

Replace the existing subsection with the following:

Except where a BPAY® Payment is an Unauthorised payment, a Fraudulently induced payment or a Mistaken payment, BPAY® Payments are irrevocable. No refunds will be provided through the BPAY® Scheme where you have a dispute with the biller about any goods or services you may have agreed to acquire from the biller. Any dispute must be resolved with the biller. This is the case even where your BPAY® Payment has been made with a credit card account, no chargeback rights apply to BPAY® Payments.

Section 22: Liability under the BPAY scheme

Subsection 22.4: Unauthorised BPAY® Payments

Page 11

Replace the existing subsection with the following:

If a BPAY® Payment is made in accordance with a payment direction, which appeared to ANZ to be from you or on your behalf, but which you did not in fact authorise, ANZ will credit your Account with the amount of that unauthorised payment. However, you must pay ANZ the amount of that BPAY® Payment, or part of that payment (as applicable):

• To the extent that ANZ cannot recover the amount from the person who received it within 20 business days of ANZ attempting to do so; and
• If the payment was made as a result of a payment direction which did not comply with ANZ’s security requirements. 

Section 22: Liability under the BPAY scheme

Subsection 22.5: Fraudulent BPAY® Payments

Page 11

Replace the subsection heading with the following:

Fraudulently induced BPAY® Payments

Replace the existing subsection with the following:

If a BPAY® Payment is induced by the fraud of a person involved in the BPAY® Scheme, then that person should refund you the amount of the fraudulently-induced payment. However, if that person does not refund you that amount, you must bear the loss unless some other person involved in the BPAY® Scheme knew of the fraudulent inducement or would have detected it with reasonable diligence, in which case that person must refund you the amount of the fraudulently-induced payment. 

Section 22: Liability under the BPAY scheme

Subsection 22.6(a): Mistaken BPAY Payments

Page 11

Replace the existing subsection with the following:

If you discover that a BPAY® Payment has been made to a person, or for an amount, which is not in accordance with your instructions (if any), and your Account was debited for the amount of that payment, ANZ will credit that amount to your Account. However, if you were responsible for a mistake resulting in that payment (e.g. due to entering the wrong details as part of the payment direction) and ANZ cannot recover the amount of that payment, or part of that payment (as applicable) from the person who received it within 20 business days of ANZ attempting to do so, you must pay ANZ the amount that ANZ cannot recover. 

Section 22: Liability under the BPAY scheme

Subsection 22.7: Consequential Loss

Page 11

Insert the following language at the start of the subsection:

This clause does not apply to the extent that it is inconsistent with or contrary to any applicable law or code of practice to which we have subscribed. If those laws or that code would make this clause illegal, void or unenforceable or impose an obligation or liability which is prohibited by those laws or that code, this clause is to be read as if it were varied to the extent necessary to comply with those laws or that code or, if necessary, omitted.

Section 26: PayTo Payment Agreements

Subsection: ANZ’s Liability Under PayTo

Page: 16

Replace the existing subsection with the following:

In addition to and without limiting any other clause in these conditions, ANZ will not be liable for any loss that you suffer as a result of, or in connection with the following:

a) any payments processed by the Payee in accordance with the terms of a PayTo Payment Agreement you have authorised;

b) any payments processed by the Payee outside the payment frequency you have authorised;

c) any payments processed by the Payee that do not reflect the amount you owe the Payee (but which are within any “Maximum” amount specified in the PayTo Payment Agreement);

d) acting on any instruction from you in relation to your PayTo Payment Agreement;

e) acting on your request to transfer a Payment Agreement to an account held at another financial institution;

f) your failure to respond within the relevant time period to any notice or instruction from us;

g) acting on a notice or an instruction from the Mandate Management Service, a Payee (via their financial institution or payment processor) in relation to you or a PayTo Payment Agreement,

unless such loss is directly caused by a processing error by ANZ, or ANZ’s negligence, fraud or wilful misconduct or its employees, officers, contractors, agents or any receiver appointed by ANZ.

ANZ is not liable for any consequential loss or damage you suffer as a result of using PayTo, other than due to any loss or damage you suffer due to ANZ’s or its officers', employees’, contractors’ or agents’ negligence or in relation to any breach of a condition or warranty implied by law in contracts for the supply of goods and services and which may not be excluded, restricted or modified at all or only to a limited extent.

Contact Details

ANZ Business Banking

Page: 19

Replace the operating hours with the following:

(8am to 6pm, Mon – Fri)

Throughout booklet

Loan Approval Fee or Limit Approval Fee (as applicable)

Subsection: Residential Investment Loan in a Company Name

Page: 3

Replace footnote (ii) with the following:

For the purposes of this booklet, unless otherwise specified, ANZ Residential Investment Loan in a Company Name (formerly ANZ Business Residential Investment Loan) means:

• ANZ Variable Rate Residential Investment Loan in a Company Name,
• ANZ Fixed Rate Residential Investment Loan in a Company Name,
• ANZ Residential Investment Land Loan in a Company Name, or
• ANZ Interest-in-Advance Residential Investment Loan in a Company Name.

Credit Facility Fee

Subsection: ANZ Business Overdraft

Page: 4

Replace the first sentence of the second dot point with the following:

on a pro-rata basis whenever there is a change to the facility limit or as detailed in your Letter of Offer or as otherwise agreed with ANZ.

Credit Facility Fee

Subsection: ANZ Business Advantage Overdraft

Page; 4

Replace the first sentence of the second dot point with the following:

on a pro-rata basis whenever there is a change to the facility limit or as detailed in your Letter of Offer or as otherwise agreed with ANZ.

Credit Facility Fee

Subsection: ANZ Revolving Agri Line

Page: 5

Replace the first sentence of the second dot point with the following:

on a pro-rata basis whenever there is a change to the facility limit or as detailed in your Letter of Offer or as otherwise agreed with ANZ.

Credit Facility Fee

Subsection: ANZ Business Credit Facility

Page: 5

Replace the first sentence of the second dot point with the following:

on a pro-rata basis whenever there is a change to the facility limit or as detailed in your Letter of Offer or as otherwise agreed with ANZ.

Throughout booklet

Insert the following footnote reference mark for all references to ANZ Business Advantage Overdraft, ANZ Business Credit Facility and ANZ Revolving Agri Line throughout booklet:

#

Insert the following corresponding footnote:

#Product no longer available for sale