LETTER BY LENDER TO VARY THE TERMS OF THE LOAN AGREEMENT

To
<<FundName>>
<<Fund_Address>>
<<DATE>>
Dear Trustees,
Re: Vary the terms and conditions of loan for property
 <<Property Details>>

As per our loan agreement, it is stipulated that I/We can change the terms of the loan by giving <<one month >> notice.
Please note the outstanding amount of loan as on today's date is $<<mention loan amount>>.
The following terms are now changed from <<provide date one month later>>:
1.	Interest Rate: Interest rate from above date will be:  <<Sender’s comment>>
2.	Term of Loan: The term of loan is now changed to 15 years. The loan is payable on <<provide date should be 15 years or less from original loan date>>
3.	Principal Plus Interest: The loan is now changed from interest only to Principal plus interest. Monthly payments of <<AMOUNT>> to cover both principal and interest must be paid.
4.	Security: A registered mortgage over the property has to be done. Please arrange to send us the title deed of the property. Any stamp duty on this mortgage will be paid by the <<borrower / Lender - choose one>>

Yours Faithfully

<<SIGNATURE OF LENDER>>
____________________________

<<NAME OF LENDER>>

MINUTES OF MEETING
<<FundName>>

HELD ON 		<<Date and Time >>

HELD AT		<<Fund_Address1																			>>
       									.

PRESENT:	<<SMSFMember1>>	 		(Chairperson)
	<<SMSFMember2>>	
	<<SMSFMember3>>	
	<<SMSFMember4>>	

BUSINESS:	To discuss letter received from the lender for the property <<insert address>> 								         to vary the terms of the loan agreement.

BACKGROUND:	WHEREAS the trustees of the superannuation fund had earlier borrowed to purchase a property as per Section 67A & 67B of SIS Act an as described above and WHEREAS it was earlier resolved that the trustees of the SMSF enter into a loan agreement with <<Name of the related party lender>> for <<$ mention original loan amount>>. 
WHEREAS a letter as per clause <<mention clause number>> of the loan agreement has been received from the lender to change the terms and conditions of the loan agreement.
	
RESOLVED	To change in terms of the loan agreement through the powers contained in <<mention clause number>> of the loan agreement. It was agreed to allow the lender to install a mortgage over the property and pay any stamp duty on it.

NEW TERMS:	The terms of the loan agreement will be as follows:

Principal Loan Amount as on 1st July 2015: <<$		>>

Value of underlying property as on 1st July 2015: <<$		>>

Loan to Value Ratio (LVR) as on 1st July 2015: <<Ratio	>>

Term of the loan: <<Duration >>

Interest Rate: <<	%>>

Security: Mortgage over the property

Frequency of Payments: Monthly payments of amount <<$	>> will be made which will cover both principal repayment and interest charge.

CONFIRMATION:	 Resolved that these minutes be accepted as true and correct record of the proceedings in this meeting.

<< Signature of Chairperson>>
…………………………………………..
<<Name of Chairperson>>