The Family Mortgage Agreement is essential for families in New Zealand who wish to formalize lending arrangements secured against property. This document is commonly used when family members assist others with property purchases, refinancing, or releasing equity, providing a more flexible and often more favorable alternative to traditional bank mortgages. The agreement ensures proper documentation of the arrangement while considering family dynamics and New Zealand legal requirements. It includes crucial elements such as loan terms, security details, repayment schedules, and default provisions, all tailored to family circumstances. The document must comply with New Zealand's Property Law Act 2007, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation, making it suitable for registration against the property title if required.
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1. Parties: Identifies all parties to the agreement including the family member lender(s), borrower(s), and any guarantors
2. Background: Sets out the context of the family arrangement, relationship between parties, and purpose of the loan
3. Definitions: Defines key terms used throughout the agreement including property details, loan amount, and family-specific terminology
4. Loan Amount and Purpose: Specifies the amount being lent and its intended use
5. Interest Rate and Calculations: Details the interest rate (if any), how it's calculated, and any special family considerations
6. Repayment Terms: Outlines the repayment schedule, payment methods, and any grace periods
7. Security Details: Describes the property or other assets being used as security for the loan
8. Borrower's Covenants: Lists the borrower's obligations including property maintenance, insurance, and rates payments
9. Events of Default: Specifies what constitutes a default and the consequences, considering family relationships
10. Lender's Rights and Remedies: Outlines the lender's rights in case of default, modified for family context
11. General Terms: Includes standard contract terms like amendments, notices, and governing law
1. Relationship Breakdown Provisions: Used when there's a need to address what happens to the mortgage in case of separation or divorce of relevant parties
2. Death or Incapacity Provisions: Include when specific arrangements are needed for handling the mortgage in case of death or incapacity of any party
3. Gift Provisions: Used when part of the loan amount is intended to be forgiven or treated as a gift
4. Priority Agreement: Include when there are other mortgages or charges on the property
5. Family Trust Provisions: Required when a family trust is involved in the arrangement
6. Guarantor Provisions: Include when other family members are acting as guarantors for the loan
1. Schedule 1 - Property Details: Detailed description of the mortgaged property including title references and encumbrances
2. Schedule 2 - Payment Schedule: Detailed repayment schedule including dates, amounts, and any special payment arrangements
3. Schedule 3 - Insurance Requirements: Specific insurance requirements for the secured property
4. Appendix A - Independent Legal Advice Certificates: Certificates confirming each party received independent legal advice
5. Appendix B - Property Valuation: Current market valuation of the secured property
6. Appendix C - Family Arrangement Terms: Any special family arrangements or conditions attached to the mortgage
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