Early Redemption Charges (Portable Products)
Portable products – where customer is unable to sell and buy simultaneously.
If a customer is unable to sell and buy simultaneously, we will charge the Early Redemption Charge (ERC) when the existing account is repaid. However, provided the new loan completes using the balance and terms of the portable product within 6 months of the old loan being repaid, the ERC will be refunded.
The customer must be made aware that the terms of the new Offer will be for the remaining ERC period. The refund of the ERC won't be made until a couple of weeks after completion of the new loan so it won't be available to help with the purchase.
For situations which fall outside the 6 month period, please contact your usual New Business Service Centre.
