Changes to ANZ rates, fees and agreements

Effective from 16 August 2022

We’ve reviewed and made changes to our standard form small trade loan contracts to comply with certain changes to the Fair Trading Act 1986. Those changes extend protections that currently apply to customers who have standard form consumer contracts to customers on standard form small trade contracts. 

Small trade contracts are defined in section 26C of the Fair Trading Act 1986 and standard form contracts are defined in section 46J of the Fair Trading Act 1986. If your loan or facility with us is a small trade contract and is documented on any of the ANZ template standard form contracts set out at the end of this notice, then that is a standard form small trade loan contract for the purposes of this notice. 

Generally, we’ve made the following changes to our standard form small trade loan contracts covered by this notice:

• Events of default clauses: Where our standard form small trade loan contracts include default clauses, we’re including remedy periods or materiality thresholds into some of the circumstances that could result in you being in default
• Indemnities: Where you’ve given us an indemnity, we’re generally limiting the scope of costs we can recover from you under that indemnity 
• Unilateral changes: We’re:
  - clarifying the changes we can make to standard form small trade loan contracts and what you can do if you’re not happy with the changes we’re making; and
  - limiting when we can make those changes immediately and generally extending the notice period to 30 days’ notice for other changes
•  Limitation of liability: We’re generally not limiting our liability for loss or damage that arises from our gross negligence or wilful misconduct
• Entire agreement clauses: We’re not excluding prior statements or representations that may have been made 
• Conclusive evidence clauses: Where we determine an amount, such as how much you owe us, and we say it is conclusive or binding on you, you’ll be able to ask us how we’ve calculated that amount if you think it’s incorrect.

New and existing small trade customers will both benefit from these changes we have made. From 16 August 2022 the standard form small trade loan contracts we issue, and the processes we apply to the existing standard form small trade loan contracts that are signed, varied or renewed from that date, will reflect the changes we’ve outlined above.

• Commercial and Corporate Facility Agreements (and associated general conditions or general conditions – development) 
• Agri Loan Agreements 
• Agri Current Account Agreements 
• Business Overdrafts (and associated overdraft terms and conditions) 
• Commercial and Corporate Development and Investment Facility Agreements and Investment Facility Agreements (and associated general conditions)

If you have received a Loan Summary or Flexible Facility Summary from us that’s issued under the Business Loan Terms and Conditions or the Business Flexible Facility Terms and Conditions, we’ve separately updated those terms and conditions effective from 16 August 2022 – please visit our business agreements page to view those terms and conditions.