Direct Debit Request Service Agreement
• Please ensure you’ve read the following agreement before submitting a Direct Debit Request.
• Please retain this document for your records as it forms part of the terms and conditions of your Direct Debit Request (DDR).
Things you should know
• By submitting a Direct Debit Request, you authorise and request us to arrange for funds to be debited from your nominated account.
• We’ll arrange for funds to be debited from your nominated account for your loan repayments and any fees (e.g. if applicable,
an application fee, loan service fees, a rate lock fee or a trust investigation fee) as outlined in your loan contract (as varied from
time to time). You also authorise us to make any other debits permitted by this agreement or your DDR. If you instruct us to,
wecan also debit a higher amount.
• You can still make other payments to your loan account outside of your Direct Debits and if you do, we will continue to debit
your nominated account (as if you hadn’t made those additional repayments). Fees may apply to additional repayments
depending on your product type, e.g. on ﬁxed rate loans where the repayments exceed annual limits.
• For Principal and Interest home loans, when we process your request, a new minimum required repayment will be calculated
at (andbecome effective from) the time of processing. This won’t apply where you’re only changing account details. Your new
minimum required repayment will be a monthly amount that will, if paid each month on the date it is due, repay your loan in
full by the end of the contracted loan term (based on your loan balance, interest rate and any applicable loan fees or insurance
premiums at the time of processing). The effective date may be delayed where we consider it necessary.
• If a repayment amount is provided at the time of this request, this is an indicative amount only. Your minimum required
repayment will be determined when your request is processed.
• Where the amount due under the loan agreement decreases, at our discretion we may decrease the amount drawn from your
account or, unless you instruct us to decrease it, continue to draw the higher amount.
• If the amount we debit at the end of the loan term results in an overpayment to us, we’ll refund the overpayment, usually within
7 business days.
• If a Direct Debit due date falls on a non-working day, we’ll process the debit on the next working day. If you’re unsure about
which day your account has been, or will be, debited, you should speak to your ﬁnancial institution.
• We may send notices either electronically or by ordinary post to the address you have given us. If sent electronically,
communications are taken to be received when they enter the ﬁrst information system outside CommBank; if sent by mail,
theyare taken to be received on the day they would be received in the ordinary course of post.
• We’ll give you at least fourteen (14) days’ notice if we vary the terms of this agreement.
• You agree that only an authorised borrower may make changes to your Direct Debit arrangement.
• All notiﬁcations relating to changes to your Direct Debit arrangement will be sent in accordance with the loan’s nominated
notiﬁcation preference. This means that changes to Direct Debit arrangements are notiﬁed via a message on the loan
statement. As such, if you’re not a co-borrower on the loan (or you are a co-borrower, but not a nominated recipient for
communications), you won’t receive notice of changes.
• We may disclose your account and Direct Debit details at the request of your ﬁnancial institution (e.g. in connection with
• Be aware Direct Debiting through Bulk Electronic Clearing System is not available on all accounts. If in doubt, contact your
Meaning of terms we use in this document
Nominated Account: The account held at the ﬁnancial institution you’ve nominated in your Direct Debit Request, andfrom
which we are authorised to arrange for funds to be debited.
Agreement: This Direct Debit Request Service Agreement between you and us.
Authorised borrower: The person or persons authorised to operate the loan account in accordance with its method ofoperation.
Debit payment: A particular transaction where a debit is made. A debit is an amount that is deducted from an account.
Direct Debit Request or DDR: The written, verbal or online request you give us to debit funds from your account.
Us, We or Debit User: Commonwealth Bank of Australia.
You: The nominated accountholder/s who have authorised the Direct Debit Request.
Your Financial Institution: The ﬁnancial institution at which you hold the account you’ve authorised us to debit.
The Loan: The home loan or personal loan outlined in your Direct Debit Request.
This document outlines the Direct Debit arrangement between us, Commonwealth Bank of Australia ABN 48 123 123 124
(CommBank), and you, for your Home Loan or Personal Loan. It also explains your rights and obligations when undertaking
aDirectDebit arrangement with us and what our obligations are to you.
Commonwealth Bank of Australia
ABN 48 123 123 124 AFSL and
Australian credit licence 234945
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