Once in receipt of your completed Application (below), we will immediately provide the nominated Vendor with a Terms Sheet for completion and return for acceptance, amendment or otherwise.
An Application/Processing Fee of $330.00 (Inc GST) will become due & payable only if and when agreement to the terms of the loan has been reached by both parties.
- Once a Vendor Bond Application has been completed and returned, a Terms Sheet is then prepared & forwarded to the parties to the Loan. TheTerms Sheet sets out the terms and conditions of the Loan and what security will be provided (if any).
- Once both parties have signed off on the Terms Sheet, Vendor Bonds administration will prepare the Vendor Bond, which is then sent by registered post to the Borrower to be signed and witnessed. The Lender (Payee) receives & holds the signed and witnessed original and the Borrower keeps a copy. The parties will each receive a loan repayment schedule.
- Vendor Bonds keep a register of each Vendor Bond issued in the event it becomes destroyed, lost or stolen.
Allow 3 to 5 days after submitting your Application for the Vendor Bond to issue.