For Car Loans and Personal Loans:
- Payout Letters:
- Must include the applicant(s) name, valid payout figure, and the financier’s banking/payment details.
Important: Debt consolidation disbursements must be paid directly to the financier. Funds cannot be paid to the customer if the loan purpose is “debt consolidation.”
For Credit Cards and Line of Credit Facilities:
Paying Out a Car Loan or Personal Loan:
- If the payee does not match the financier on the payout letter or if the payout amount on the contract is $101 or more than the payout amount listed on the payout letter, the settlements team will reject the application at settlement to allow for contract amendments.
Paying Out a Credit Card or line of credit:
- If the Credit Card Needs to Be Closed:
- The amount on the contract must match the closing balance on the latest credit card statement.
- If the Credit Card Does Not Need to Be Closed:
- The amount on the contract does not need to match the closing balance on the credit card statement.
- Credit Statement requirements:
- Must be the latest statement
- Must confirm the outstanding balance to be paid as per the contract.
- Statement must include the applicant(s) name, credit card number, and BPAY details.
Paying Out a Buy Now Pay Later Facility:
- The amount on the contract must match the latest statement or payout letter.
- To Make Changes, follow the steps outlined in this link: Troubleshooting Irregular Settlements.
Note:
- NOW Finance Refinance Loan Purpose: Use this loan purpose only when refinancing a current NOW Finance loan.
- Debt Consolidation Loan Purpose: Use this for paying out all other debts.