Private School Fee Funding Terms and Conditions as follows:
- Terms Used
Amount of Loan means the funds that the Applicant seeks to borrow from Gramercy as outlined in the attached supporting documentation from the Applicant’s Child’s School, being the school fee and boarding fee (if applicable) only and not including any additional fees or levies imposed by the Child’s School all of which must be paid before Gramercy will advance any funds.
Applicant means the persons specified and identified in Section 1 of the Application Form.
Application means the attached application by the Applicant to Gramercy for the Amount of Loan on the terms set out herein.
Application Fee means the fee required by Gramercy of the Applicant to consider the Application, being $399 at the date of this document.
Child means the legal son or daughter of the Applicant, including adopted children or any children that the Applicant is the legal guardian of.
Fees means the Application Fee, Late Fees and any other fee reasonably imposed by Gramercy from time to time.
Gramercy means Gramercy Partners and its related bodies corporate (as defined in the Corporations Act 2001 (Cth)), associates and affiliates.
Late Payment Fee means $29 per month.
Purpose means the payment of the school fee tuition fees only for the Applicant’s Child at the School and does not include additional or ancillary fees or charges levied by the School
Relevant Information means any information that Gramercy may request of the Applicant or that the Applicant would reasonably be required to disclose to Gramercy that may impact the Application.
School means the primary or secondary school in Australia attended (or to be attended) by the Child.
The Applicant submits the attached Application to request that Gramercy advance the Amount of Loan. Gramercy is under no obligation to grant the Amount of Loan even where the Applicant has provided all materials requested in the Application.
In receiving or agreeing to process the Application, Gramercy make no warranty or representation that they will accept the Applicant or agree to advance the Amount of Loan. The decision to accept or reject this Application is reserved by Gramercy in its absolute discretion.
Gramercy is under no obligation to disclose why an Application may be accepted or rejected. A previous acceptance or rejection of an earlier application is not an indicator that a subsequent application will be accepted or rejected.
By submitting this Application, the Applicant warrants to Gramercy that it has disclosed all Relevant Information that may affect Gramercy’s decision to advance the Amount of Loan.
If the Applicant has failed to disclose Relevant Information, Gramercy may retract any previous acceptance or reject the Application in the first instance.
By submitting this Application, the Applicant warrants to Gramercy that all information submitted in the Application is true and correct and that any changes to the contents of the Application will be immediately reported to Gramercy. Any changes to the content of the Application made by the Applicant may result in Gramercy rejecting the Application.
4. Application Fee
The Application Fee may be applied to any search costs or enquiries that Gramercy may make in considering the Application. However, Gramercy is under no obligation to disclose what the Application Fee was applied to.
5. Consent to Credit Rating Enquiry
The Applicant consents to Gramercy carrying out a credit history or credit rating check regarding the Applicant and agrees to provide Gramercy with whatever information is required by Gramercy to carry this out.
The Applicant acknowledges that Gramercy may confirm the details of the information provided in the Application which includes contacting the Applicant’s employer to confirm salary, address or other personal details.
The Applicant acknowledges that where an Applicant has provided information about another individual, that Applicant must make the other party aware of that fact and the contents of the Privacy Statement.
The Applicant acknowledges that the Application is not an offer or acceptance of credit.
7. Additional Disclosures
The Applicant agrees that they will disclose any information that may be requested by Gramercy and which affect the Application and Gramercy’s decision to progress the Application. Such information includes but is not limited to:
- other Assets or Liabilities that the Applicant may hold in a different name than that shown in Part 1 of the Application;
- other loans, securities or debts that the Applicant may indirectly control through company or trust structures
- other information relevant to any security that is offered as part of the Application.
Gramercy will only consider the Application once the Applicant has provided all Relevant Information, the Application Fee and completed the Application form.
The Applicant authorises Gramercy to make any further enquiries in relation to the Applicant that Gramercy (in their absolute discretion) deems necessary to consider and assess the Application and to confirm that all Relevant Information has been disclosed.
8. Conditional Approval
Upon Gramercy being satisfied with the Application, Gramercy may issue an conditional approval which will remain subject to finalisation of the Amount of Loan, the process of payment with the School and the School’s acceptance of payment on behalf of the Applicant by Gramercy on the terms required by Gramercy.
On final approval being granted by Gramercy, the Applicant will be required to enter into Gramercy’s standard security documents setting out the terms of the grant and repayment of the loan and any security provided.
The Applicant agrees and acknowledges that Gramercy may or may not require security from the Applicant by way of a mortgage over the Applicant’s real or personal property or similar security to secure repayment of the Amount of Loan and any interest, fees and other charges imposed by Gramercy. This decision is subject to Gramercy’s absolute discretion and will depend on the Amount of Loan, the details in the Application, the Applicant’s financial circumstances and any other criteria utilised by Gramercy.
The Applicant must not withdraw their Child from the School without the prior written consent of Gramercy.
The Applicant must immediately notify Gramercy if the Child has been expelled from the School.
The Applicant agrees and acknowledges that the Applicant will remain liable to repay the Amount of Loan regardless of whether the Child remains at the School for the entire period the school fees have been paid for.