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Terms and Conditions for the New Zealand Cycle Classic

Definitions

Base Rate means the base rate that The Co-operative Bank applies to all of its Loans, as amended from time to time.

Current Account means a:

  1. Current Account; or
  2. Smile On Call Account.

Eligible Person is a person that takes out one or more Loans, each with a minimum amount of $3,000 of new lending with The Co-operative Bank, between 16 January and 17 February 2012 and at that time:

  1. has a Full Banking Relationship; or
  2. agrees to establish a Full Banking Relationship before 2 March 2012

A Full Banking Relationship is where a person’s full salary (or main source of income) is credited to a Current Account at The Co-operative Bank.

Loan means:

  1. The Co-operative Bank Unsecured Personal Loan; or
  2. The Co-operative Bank Unsecured Vehicle Loan; or
  3. A combination of The Co-operative Bank Unsecured Personal Loan, and The Co-operative Bank Unsecured Vehicle Loan.

Loan Agreement means the relevant loan agreement between the Eligible Person as borrower and The Co-operative Bank Limited as lender in respect of which an Eligible Person seeks an interest rate reduction under the offer.

Terms

  1. Each Eligible Person will receive a 2% p.a. interest rate reduction on the Base Rate of any unsecured Personal or Vehicle Loan (or a combination of these) taken out between 16 January and 17 February 2012.
  2. If any Eligible Person has agreed to establish a Full Banking Relationship before 2 March 2012 and fails to do so before that date, The Co-operative Bank may remove the 2% p.a. interest rate discount on the Base Rate of the Loan.
  3. If a Loan is taken out jointly by two or more borrowers, at least one of those borrowers must be an Eligible Person for the offer to apply to that Loan.
  4. The Co-operative Bank reserves the right to change the Base Rate or margin of any Loan at any time in accordance with the relevant Loan Agreement.
  5. Except as required under the offer, The Co-operative Bank reserves the right, at its sole discretion, to apply any discount to any loan at The Co-operative Bank.
  6. The offer is governed by these terms and conditions. The Co-operative Bank reserves the right to change the terms and conditions from time to time without prior notice.
  7. The Co-operative Bank normal terms and conditions apply to the opening and operation of accounts and services, and can be found at www.co-operativebank.co.nz

Interest rates and fees are subject to change. An Investment Statement and the current Disclosure Statement are available from any branch of The Co-operative Bank or can be downloaded here. For all lending products, The Co-operative Bank lending and insurance criteria, and fees apply. If a home loan is greater than 80% of the property's value, a low equity interest rate premium, will apply.

 

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