Terms and Conditions

Medium Amount Credit Contract

1. The Loan Agreement

1.1 By executing this Loan Agreement, you acknowledge and agree to borrow the specified credit amount under the conditions outlined herein. This agreement becomes legally binding upon your signature, regardless of whether funds have been disbursed or goods delivered.

1.2 We maintain the right to withdraw from this transaction if you do not fulfil any prerequisite conditions of our offer. Furthermore, this offer may be rescinded if it is not formally accepted within 14 days of the Disclosure Date, if the initial loan disbursement does not occur within 20 days of the Disclosure Date, or if, in our reasonable judgment, any circumstance arises that makes the completion of the settlement undesirable.

2. Loan Repayments

2.1 You are obliged to make all payments associated with this Loan Agreement by their respective due dates. Beyond the scheduled repayments in the Loan Schedule, you must settle the entire outstanding amount at the conclusion of the Loan Term. The Loan Term expires on the final day specified in the Schedule, or on any alternative date we mutually agree upon. The total outstanding amount encompasses all principal, accrued interest, and applicable fees and charges, including any amounts due upon final settlement.

2.2 You can make repayments by cash, cheque or other form of cleared funds by:

(a) paying us at the branch described in the Financial Table;

(b) direct debit from your bank account if you have authorised us to do so in your application form;

All repayments must be made in full. If we have transferred our rights under this agreement (for instance, for funding or securitisation purposes), payments must be made without any deduction or offset for amounts you believe we owe you.

2.3 Should a repayment fall due on a day that is not a Business Day, the payment will be due on the next Business Day. If a repayment is due on a date that does not exist in a given month (e.g., 31st of June), the repayment will be due on the last Business Day of that month.

2.4 If you utilise direct debit for your loan repayments, you must not cancel the direct debit authorisation or close the linked account without first establishing alternative payment arrangements. If any direct debit or cheque used for a repayment is dishonoured, the repayment will be deemed not to have been made, and interest will continue to accrue on the outstanding balance daily until we receive actual payment.

2.5 We reserve the right to apply any payment you make to any amount you owe us, in any order we reasonably deem appropriate, which is usually the oldest debt first.

2.6 If you maintain multiple accounts with us and make a payment without providing written instructions on its allocation, we may apply it to one or more of your accounts as we reasonably determine.

2.7 We will not pay interest on any credit balance held in your account.

2.8 You have the option to repay the entire or a portion of the amount owing at any time.

3. Interest Charges

3.1 Interest on your loan will accrue daily, commencing from the Settlement Date, based on the outstanding debit balance of your loan. The daily interest rate applied is calculated by dividing the applicable annual percentage rate by 365.

3.2 Interest charges will be calculated on a daily basis on the unpaid balance by applying the daily

percentage rate shown in the Financial Table and will be debited to the account at the end of each day.

3.3 Interest debited to your loan will be added to the outstanding balance and will itself accrue interest at the same rate and in the same manner as the principal amount of your loan.

3.4 In addition to daily interest debits, we may, acting reasonably, debit interest whenever your loan is in default, there is a repayment of the loan, a principal increase, a variation to your Loan Agreement, or a change to the loan terms.

4. Fees and Charges

4.1 You are responsible for paying all fees and charges that become payable under this Loan Agreement.

4.2 If a fee or charge is payable directly to us, you authorise us to debit your loan account for the relevant amount.

4.3 If a fee or charge is payable to a third party (e.g., an insurer), you authorise us to debit your loan account for that amount and remit it to the relevant third party.

5. Events of Default

You will be in default under this Loan Agreement if any of the following occur. We may, acting reasonably, determine that a default has occurred where:

you fail to make any payment by its due date;
any representation or statement made by you to us or our agents proves to be untrue or misleading in a material way;
you die, become bankrupt, enter into any form of administration, or are jailed;
you breach any material undertaking provided to us at any time;
you breach any of terms in clauses 12, 13 and/or 14 of this Consumer Credit Contract in relation to the Mortgaged Goods.

If you are in default under this Consumer Credit Contract, subject to the provisions of the National Credit Code, we may:

take possession of and sell the Mortgage Goods at the best price reasonably obtainable;
apply the proceeds of sale of the Mortgage Goods towards any amounts owed by you under this Consumer Credit Contract; and/or
carry out any repairs, maintenance or other works reasonably necessary to prepare the Mortgaged Goods for sale.
Any cost, expense or outlay incurred by us in order to locate, secure, repair or take possession and prepare for sale of the Mortgaged Goods or otherwise enforcing our rights under this Consumer Credit Contract, as disclosed in the Schedule, become amounts owed by you under this Consumer Credit Contract.
You authorise us to execute any document necessary to give effect to any sale of the Mortgage Goods.
Upon us taking possession of the Mortgaged Goods, whether as a result of a default under this clause 5 or a voluntary surrender by you, you will give us all documents of title, registration papers, owner’s logs and manuals and other documents relevant to the ownership and maintenance of the Mortgaged Goods.
Any proceeds, credits or amounts received by the Lender arising from or in connection with the sale of the Mortgaged Goods under clause 5 will be applied:
as a first priority, towards payment of all costs, fees, charges and expenses incurred by the Lender and due and owing under this Consumer Credit Contract (including enforcement and recovery costs); and
then, only to the extent that those amounts have been paid in full, any remaining balance must be paid to you.
if you are a company:
there is any change in the ownership or control of your company, or any subsidiary company of yours;
a receiver and/or manager, administrator, controller, provisional liquidator, or liquidator is appointed to any part of your assets;
any action is initiated to strike your company’s name off any register of companies; or
your company reduces or proposes to reduce its authorised capital; or
Unless specified otherwise (such as for events in paragraphs (a) and (c)), an event listed above will only constitute a default if it is inherently material, or if we reasonably consider that the event has had or is likely to have a material adverse impact on:
your ability to fulfil your financial obligations to us.
(in the case of paragraph (c)) our legal or reputational risk.

6. Our Rights on Default

If you are in default, we can, subject to any applicable law, take any of the actions listed below. Our failure to promptly exercise any right or forgive any default does not constitute a waiver unless expressly stated by us in writing.

(a) demand and require immediate payment of any money due under this Loan Agreement.;

(b) declare the entire loan immediately due and payable, requiring payment of the total amount outstanding under this Loan Agreement;

(d) terminate this Loan Agreement.

We are generally required to provide a default notice in accordance with the National Credit Code, allowing you at least 30 days to remedy the default before taking most of these actions. However, a notice may not be required if:

(a) we reasonably believe we were induced by fraud on your part to enter into this consumer credit contract;

(b) we have made reasonable attempts to locate you without success; and/ or

Acting reasonably, we can take action even if we do not do so immediately after the default occurs, provided the default remains unrectified.

You agree that until all money owed (or claimed to be owed) by you to us, you may not raise any defence available to you or exercise any right of set-off or make a counterclaim or cross-demand against us in reduction of your liability under this Contract. Your right to raise any defence, set off, cross demand or counterclaim is wholly suspended until such time as the monies owed (or claim to be owed by you to us) is paid in full to us.

7. Enforcement Expenses

7.1 Enforcement expenses may become payable under this Loan Agreement if you are in default. We may, acting reasonably, debit your account with our reasonable costs incurred in connection with any exercise or non-exercise of rights arising from a default. This includes reasonable legal costs and expenses on a full indemnity basis, or solicitor and own client basis, whichever is higher.

7.2 You must pay these costs on demand. These costs will not exceed our reasonable enforcement costs, including internal costs. Enforcement expenses can encompass a range of costs such as mercantile agency fees, legal fees, fees for settling a repairer’s lien over mortgaged goods, costs associated with taking possession, preserving, and auctioning mortgaged goods, and the reasonable costs we incur using our staff and facilities, along with any government charges, fees, taxes, or duties related to those expenses.

8. Variations to This Contract

8.1 We may, acting reasonably and subject to Clause 8.2, vary any term of this Loan Agreement, including altering credit fees or charges, and repayment amounts. We may also introduce new credit fees or charges. You will receive at least 20 days’ written notice of any such change, unless the change reduces your obligations or extends your payment time under the Loan Contract. We may provide notice of changes to credit fees and charges (including new ones) by publishing such notice in a national newspaper. You may not be specifically notified of changes that reduce your obligations or extend your payment time.

8.2 We are prohibited from changing the Annual Percentage Rate or increasing/altering the calculation method of any fee or charge in a way that increases a fee or charge payable by you upon early termination or prepayment of an amount under this Loan Contract.

8.3 Subject to Clause 8.1, we can change any term of this Contract without your consent:

(a) to accommodate a change in law, regulatory guidance, or decision by a regulator, similar authority, external dispute resolution scheme, or court;

(b) where, in our reasonable opinion, the change is necessary or appropriate to protect us, you, or any other person from fraudulent or illegal activity, to enhance the security of the product, or to prudently manage a material credit, operational, or compliance risk;

(c) to accommodate a change in business or operational systems or processes, payment methods, technology, or other communication methods, or to migrate the product to a new system; or

(d) to make any other change that is reasonably necessary to protect our legitimate business interests.

9. General Matters

9.1 Governing Law and Interpretation: This Loan Agreement is governed by the laws of Queensland, unless we agree otherwise. If any provision of this Contract is invalid or breaches the Law, in whole or in part, that provision will be severed, and the remaining provisions of this Contract will remain in full force and effect. We encourage you to obtain independent legal and financial advice.

9.2 Dealing with This Loan Agreement: We may assign, novate, or otherwise deal with our rights and obligations under this Loan Agreement in any way we reasonably choose. We may, acting reasonably, disclose personal and credit information about you in connection with any such dealing. You must sign any documents and perform any actions we reasonably require to enable any dealing with this Loan Agreement. Any dealing with our rights does not alter your obligations under this agreement.

9.3 Consumer Legislation: To the extent that this Loan Agreement is regulated by consumer legislation (such as the National Credit Code), any provisions that do not comply with that legislation have no effect. To the necessary extent, this Loan Agreement is to be read so that it does not impose obligations prohibited by that legislation.

9.4 Notices and Communications:

(a) How We May Give You Notice: We may give you a notice or communicate in writing to you by personal delivery, prepaid ordinary post, facsimile, or email sent to your address shown on your Loan Agreement, or your last known address. We may also provide notice in any other manner permitted by law. The notice may be signed by any employee, solicitor, or agent on our behalf.

(b) Electronic Communication: If you have provided an email address in the Loan Schedule, you consent to us sending you notices, information, or documents electronically, and we are not required to provide paper copies. You should regularly check your emails for any notices we may send. You are free to revoke your consent at any time by notifying us in writing.

(c) When Documents are Received: A document or communication is deemed given to you: if given personally, when received by you; if left at your address, when left; if posted, when it would be delivered in the ordinary course of post; or if sent electronically, on the date it bears or the date it is received at your Nominated Email Address, whichever is later.

(d) How You Must Give Us Notice: If you need to provide us with a document or communicate in writing, you must do so by posting it via ordinary mail in a prepaid envelope to our office address as shown in the Loan Schedule (unless we advise an alternative address); delivering it to, or serving it on (for court documents) one of our employees at our office; or emailing it to our designated email address or any other email address we provide.

(e) Cancelling Electronic Communication: You may cancel your authorisation to receive documents electronically at any time by notifying us in writing.

9.5 Updated Details: You must promptly inform us if you change your residential, postal, or email address, or if there is any information you believe we should be aware of regarding your ability to comply with your Loan Agreement.

9.6 Joint Borrowers: If there are two or more borrowers, each of you is individually liable, and all of you are jointly liable. This means we may pursue any one of you for the entire amount you owe us. References to a “person” include companies, trusts, and any other type of entity. You agree that each borrower can bind every other borrower. WARNING: This implies that any one of you may be required to repay the full amount, even if you have internal arrangements or do not all benefit equally.

9.7 Financial Difficulties: You should notify us as soon as possible if you anticipate or experience difficulties in making repayments so that we can work with you to explore potential solutions.

9.8 Counterparts: This Contract may be executed in any number of counterparts. If signed in counterparts, each counterpart constitutes an original, and together they form one and the same document.

9.9 Electronic Signing: The parties agree that this document may be signed electronically in accordance with the provisions of the Corporations Act 2001 (Cth) and the Electronic Transactions Act 1999 (Cth). Each party consents to the use of electronic signatures and agrees that such signatures shall have the same legal effect as handwritten signatures, provided that the method of signing identifies the signatory and indicates their intention in respect of the information recorded in the document, and the method used is either as reliable as appropriate for the purpose or proven in fact to fulfil these functions.

10. Internal Dispute Resolution

We aim to provide excellent service. However, if you have any complaints, you should notify our Resolutions Team immediately. You can reach them by:

Phone: (02) 8551 4335

Website: www.gustocash.com.au/feedback

Email: feedback@gustocash.com.au

Post: c/o Resolutions Team, 1130 Kingsford Smith Dr, Eagle Farm, QLD 4009

or by speaking to any of our representatives, who will make every effort to resolve your issue promptly. Please explain your complaint clearly, either verbally or in writing.

Upon receipt of a complaint, we will endeavour to resolve it swiftly to prevent unnecessary escalation of minor issues. If you remain dissatisfied with the outcome, you retain the right to escalate your dispute to our external disputes resolution scheme, or to a court of competent jurisdiction.

11. Acknowledgements

11.1 Any provisions of this Consumer Credit Contract which are rendered void or illegal or otherwise unenforceable or which give rise to a penalty, whether civil or otherwise, by law will only be ineffective to the extent required by law and are otherwise effective and all other clauses not effected by such law shall remain as fully effective.

11.2 You acknowledge and agree that:

(a) from the contract date and while any amount remains owing under this contract, you will take reasonable steps to reduce discretionary spending so that you can meet your repayment obligations. Including any non-essential payments and services such as “buy now pay later” services (including AfterPay and similar), gym memberships, streaming and other subscriptions, discretionary online purchases, and other non-essential personal expenditure;

(b) a failure to reduce discretionary spending is not, of itself, an event of default. However, if you experience difficulty meeting repayments, you agree to promptly notify us so the parties can discuss available options (including varying payment arrangements or hardship assistance, where applicable); and

(d) the MACC is suitable for your purposes and objectives disclosed to us, and that you have decided to enter into this contract having regard to your own circumstances;

(e) before signing this contract, you have had the opportunity to make (and have made or chosen not to make) your own enquiries and obtained any independent advice you consider necessary (including legal, financial or accounting advice) about the MACC, its terms, and your obligations;

(f) to the extent permitted by law, other than as expressly set out in this contract or in any written representations provided by us, you have not relied on any statement or representation by us about the suitability of the MACC for the Borrower; and

(g) nothing in this clause limits any rights or remedies you may have under the National Credit Code or the Australian Consumer Law.

12. The Mortgage

If your Consumer Credit Contract is subject to a Mortgaged Good:

12.1 You transfer and assign the Mortgaged Goods described in the Schedule to us by way of mortgage in return for the loan of the Amount of Credit.

12.2 Upon repayment of all monies owing under this Consumer Credit Contract and provided you are not in breach of this Consumer Credit Contract, we shall discharge this mortgage over the Mortgaged Goods and transfer and assign our rights under this mortgage over the Mortgaged Goods back to you.

12.3 You agree that our interest in the Mortgaged Goods shall be a security interest for the purpose of any law of the Commonwealth or any State or Territory and that we may exercise any powers described in such laws for holders of such interests.

12.4 You will not transfer, assign, lease, sell, charge or further mortgage or secure the Mortgaged Goods for or to any other person during the term of this Consumer Credit Contract without our consent which shall not be unreasonably withheld.

12.5 You may keep and enjoy quiet possession and use of the Mortgaged Goods subject to you not being in default or otherwise in breach of this Consumer Credit Contract.

12.6 You may provide other Goods to replace the Mortgaged Goods subject to our consent which shall be at our absolute discretion and, if our consent is granted, you shall transfer and assign the replacement Goods in accordance with Clause 12.1 which shall then be treated by this Consumer Credit Contract as if they were the Mortgaged Goods in the Finance Table of this Consumer Credit Contract.

12.7 Upon the transfer and assignment in Clause 12.6 above, we shall discharge the mortgage over the original Mortgaged Goods as provided in Clause 12.2 above.

13. Insurance

If your Consumer Credit Contract is subject to a Mortgaged Good:

13.1 If we require it, you will comprehensively insure and keep insured the Mortgaged Goods at replacement value on such terms and with such an insurer as approved by us, which approval shall not unreasonably be withheld, and we will be noted as the mortgagee on the insurance policy over the Mortgaged Goods.

13.2 You will notify us immediately of any damage, loss or other event affecting the Mortgaged Goods which gives rise to a claim under the Insurance Policy.

13.3 You will not do anything which will breach any term of the Insurance Policy or otherwise allow the insurer to refuse a claim on the Insurance Policy.

13.4 You will pay any excess or deductable or similar amount required under the Insurance Policy.

13.5 You authorise us to make, negotiate or settle any claims under the Insurance Policy and to receive any payment made under the Insurance Policy subject to our obligation to account to you for any surplus funds after all monies due and owing under this Consumer Credit Contract have been paid.

14. The Mortgaged Goods

14.1 You will keep the Mortgaged Goods in good repair and maintain them in a reasonable state.

14.2 You acknowledge that this Contract constitutes a security agreement for the purposes of the Personal Property Securities Act 2009 (PPSA).

14.3 Unless the context requires otherwise, the terms used in this clause 5 have the meanings given to them in, or by virtue of, the PPSA.

14.4 In consideration of us agreeing to enter into a Consumer Credit Contract with you for a MACC loan, you:

(a) grant to us a first-ranking security interest under the PPSA to the Mortgaged Goods provided by you under the Contract;

(b) agree to treat our security interest in the Mortgaged Goods as a continuing and subsisting security with priority over a registered general security and any unsecured creditors;

ensure that the Consumer Credit Contract or any security interest or PMSI arising under it for the Mortgaged Goods, is enforceable against you;
protect, perfect, record, or better secure our position under the Contract as a first ranking security; and

(d) acknowledge that we reserve the right to register a financing statement and that you shall be liable to pay the cost and expense of registering a financing statement (as set out above);

(e) will receive a copy of any notice, verification statement confirming registration of a financing statement relating to the security interest or PMSI under the Contract, once registered; and

(f) if Chapter 4 of the PPSA would otherwise apply to the enforcement of a security interest arising out of the Contract, we and you agree that to the extent permitted by law, each of the provisions of the PPSA which section 115 of the PPSA permits parties to contract out of, other than sections 123(1), 134(1) and 135, do not apply to the enforcement of that security interest.

14.5 Unless we specify otherwise in the Schedule, if the Mortgaged Goods are a motor vehicle capable of registration at the time of the making of this Contract, you will register the Mortgaged Goods and maintain such registration for the term of this Consumer Credit Contract.

14.6 You will do all things required by law relevant to the possession and operation of the Mortgaged Goods and will only use the Mortgaged Goods in a lawful manner.

14.7 If the Mortgaged Goods are put into the possession of any person for the purposes of repairs, maintenance or other works then you will promptly pay for repairs, maintenance or other works when such payment is due so as not to create any possessory lien over the Mortgaged Goods.

14.8 Any accessories, additions or modifications to the Mortgaged goods during the term of this Consumer Credit Contract shall become part of the Mortgaged Goods and subject to all the mortgage provisions of this Consumer Credit Contract.

14.9 You will not affix or attach the Mortgaged Goods to any land or building without our consent in writing.

14.10 You will notify us within 5 days, if:

(a) the address at which the Mortgaged Goods are being kept changes from that described in the Schedule; and/or

(b) the Mortgaged Goods are stolen or otherwise damaged such as to reduce their value.

14.11 Any cost, expense or outlay incurred by us in order to locate, secure, repair or take possession of the Mortgaged Goods as a result of you failing to do anything required by this Contract, such cost, expense or outlay shall be added to the amounts due by you to us under this Consumer Credit Contract.

14.12 If the Mortgaged Goods are stolen or otherwise damaged such as to reduce their value you shall provide other Goods of similar value to our satisfaction and grant a Mortgage over those Goods to us on the same terms as provided in Clause 3 above and subject to all the other terms of this Consumer Credit Contract that apply to Mortgaged Goods.

15. You must tell us if anything changes

You must notify us as soon as possible if any of the information provided by you to us in the application form or at any other time changes. Failure to notify us of a material change in information, such as your address, or the address at which the Mortgaged Goods are kept within a reasonable time period may constitute an event of default under clause 5.

16. Definitions and Interpretation

16.1 In this document, unless the context otherwise requires:

(a) a reference to the singular includes the plural and vice versa;

(b) a reference to a document includes any variation or replacement of it;

(d) references to contracts, procedures, and laws include amendments made to them from time to time; and

(e) references to a party to this Contract include that party’s executors, administrators, successors, and assignees.

16.2 Definitions:

Amount of Credit: means the total credit amount provided to you under this Loan Agreement, as specified in the Loan Schedule.

Annual Percentage Rate: means the annual interest rate applicable to your loan, as stated in the Loan Schedule.

Business Day: means a day that banks are open for business in Brisbane, Queensland, and is not a Saturday, Sunday, or a public holiday.

Consumer Credit Contract: means the Financial Table together with the Consumer Credit Contract Terms.

Disclosure Date: means the date on which key information about your loan was provided to you.

Documents: includes all documents and notices relating to this Contract that may be provided Electronically.

Electronic Communication or Electronically: means the electronic communication of information in the form of data, text and images, including email from us to you which you can retain or later reference (e.g., by printing or storing for later display).

Insurance Policy: means any insurance policy required to be obtained by the You over any Mortgaged Good.

Law: means any legislation that applies to consumer credit in Australia.

Loan Agreement: means this medium amount Consumer Credit Contract, including the Loan Schedule and any other attached documents.

Loan Schedule: means the document accompanying this Loan Agreement that sets out specific details of your loan, such as the Amount of Credit, Loan Term, Repayment Period, and fees.

Loan Term: means the period over which the loan is to be repaid, as specified in the Loan Schedule.

Mortgaged Good: means the good specified at ‘Mortgaged Good’ in the Financial Table of this Consumer Credit Contract.

National Credit Code: means Schedule 1 to the National Consumer Credit Protection Act 2009 (Cth).

Nominated Email Address: means the email address you provided when applying for the loan, or as specified in the Loan Schedule, or as otherwise notified by you from time to time.

PMSI: means Purchase Money Security Interest.

Repayment Period: means the period over which your loan is to be repaid, as specified in the Loan Schedule.

We, Us, Our: means Gusto Money Pty Ltd ACN 677 827 744 trading as Gusto Cash.

You, Your: means the borrower(s) named in the Loan Agreement.

Terms and Conditions

Brisbane

Cairns

Gold Coast

Sunshine Coast

Townsville

Brisbane

Cairns

Gold Coast

Sunshine Coast

Townsville