Free Promissory Note

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Frequently Asked Questions

What is a Promissory Note?A Promissory Note is an enforceable agreement between friends, family, colleagues, business associates, or others, to pay back a loan or debt by a stated time, or upon demand. When should I use a Promissory Note?Use a Promissory Note when you want a legally enforceable agreement that lays out the terms of a loan or debt, such as the amount, payment terms, or other conditions.
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__________ of __________, __________, ______, __________ (the "Borrower")


__________ of __________, __________, ______, __________ (the "Lender")

Principal Amount:      $_____________ AUD

  1. FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of $_____________ AUD, with interest payable on the unpaid principal at the rate of _________% percent per annum, calculated yearly not in advance.
  2. This Note will be repaid in full on November 24th, 2015.
  3. At any time while not in default under this Note, the Borrower may pay the outstanding balance then owing under this Note to the Lender without further bonus or penalty.
  4. All costs, expenses and expenditures including, and without limitation, the complete legal costs incurred by the Lender in enforcing this Note as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.
  5. If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result.
  6. This Note will be construed in accordance with and governed by the laws of the State of ____________________.
  7. This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender.  The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.

IN WITNESS WHEREOF the Borrower has duly affixed their signatures under seal on this 24th day of November, 2015.

this 24th day of November, 2015.




Required Disclosures

If the lender is in the business of providing loans and the loan is predominantly for personal, domestic or household purposes then the National Credit Code may apply to you. To determine if the National Credit Code applies to you and whether you need a license please review the following link: (If you are still unsure you may need to consult a qualified attorney in your jurisdiction)

  1. A pre-contractual statement setting out the matters required by the National Credit Code. The requirements for the pre-contractual statement can be found in section 17 of the National Credit Code at:
  2. An information statement setting out the borrower’s statutory rights and statutory obligations. A copy of the information statement (Form 5) can be found at:

In such situations, the lender must also provide the borrower with an amortisation schedule which can be purchased from or a similar document containing the following information, as outlined in section 17 of the National Credit Code:  

  1. the calculation of the monthly payments;
  2. the total amount of interest payable;
  3. the amount of each repayment and when it is to be made.

You can review the National Consumer Credit Protection Act at:

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