Chattel Mortgage contracts have not traditionally displayed the annual percentage rate used to calculate the total repayment instalments payable by you. From May 2019, we made changes to our Chattel Mortgage contracts to provide greater transparency around the relevant customer rate and the cost of your Chattel Mortgage.

However, there may be instances where contract documents printed before 2 March 2021 display a customer rate rounded to the nearest 2 decimal places. For example:
  • if the rate used to calculate the repayments was 5.433%, the rate displayed on the contract will be 5.43% (rounded to the nearest 2 decimal places)
  • if the rate used to calculate the repayments was 5.455%, the rate displayed on the contract will be 5.46% (rounded to the nearest 2 decimal places).

This change does not impact the amount of the repayment instalments specified in your Chattel Mortgage.

Effective from 2 March 2021, changes have been made so that any contracts printed from this date will have a customer rate rounded up to the nearest 2 decimal places displayed on the contract. For example:
  • if the rate used to calculate the repayments is 5.433%, the rate displayed on the contract will be 5.44%.

Please note this does not have an impact on your annual percentage rate used to calculate the total repayment instalments under your Chattel Mortgage.
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