Free Promissory Note

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Promissory Note

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Personal lending
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Your Promissory Note

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Promissory Note Page of
Page of

PROMISSORY NOTE
(this "Note")


         


         

Borrower:

__________ of ______________________________________ (the "Borrower")

Lender:

__________ 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, without interest payable on the unpaid principal, beginning on 18 June 2019.
  2. This Note will be repaid in full on 18 June 2019.
  3. The Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete legal costs of the Lender incurred by enforcing this Note as a result of any default by the Borrower and such costs will be added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon demand of the Lender.
  4. 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' intention 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.
  5. This Note will be construed in accordance with and governed by the laws of Commonwealth of Australia.
  6. 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 parties have duly affixed their signatures under seal on this ________ day of ________________, ________

SIGNED, SEALED, AND DELIVERED
this ________ day of ________________, ________.

   


_______________________________
__________

     


SIGNED, SEALED, AND DELIVERED
this ________ day of ________________, ________.

   


_______________________________
__________

     

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 licence 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:
    http://www.austlii.edu.au/au/legis/cth/consol_act/nccpa2009377/sch1.html
  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:
    http://www.comlaw.gov.au/Details/F2012C00052

In such situations, the lender must also provide the borrower with an amortisation schedule which can be purchased from LawDepot.com 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:
http://www.comlaw.gov.au/Details/C2012C00684

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