Closing your loan

Before closing your account

Before closing your account please consider the benefits of leaving the facility open for future use. It costs you nothing to leave the facility open and it can provide you with a line of credit for investment or business should you need it. To use the facility in the future all you will need to do is provide security for the loan. Just request us to keep your loan at a 'nil balance' and once the loan is repaid we will send you any credit balance on your account and/or release your portfolio to you.

How to close your loan

You can close your loan at any time by providing us with written notice, signed by the appropriate signatories. Before you can close your account you must repay the loan. You can repay the loan by:

  • sending us a cheque payable to BT Securities Limited
  • instructing your broker to sell listed shares
  • asking us to redeem managed fund investments

Please include with your notice, instructions for any remaining credit balance or security:

  • credit balances can be paid by direct credit to your nominated bank account or by cheque
  • listed shares can be transferred to your broker or to an issuer sponsored holding
  • managed fund investments will be transferred back to the owner or the Notice of Mortgage restrictions will be lifted

 

Calculating the amount owing

There may be items not reflected in the balance on your statement, such as recent transactions and accrued interest. If you would like a final balance quotation, please call BT Customer Relations on 1800 816 222 .

Please be aware that if a regular gearing facility is closed within twelve months after the commencement of the facility, a $150 fee applies. If a standard facility is closed within two months after the commencement of the facility an additional interest charge will apply.

Interest that may have been prepaid on the loan is not refundable regardless of the commencement date of the loan. (See also fees and charges.)