Facility Impacts

What happens to a deceased customer’s facility(s) ?

We’ll take different actions depending on the type of facility(s) and whether the facility is held  solely in the name of the deceased or jointly with others.

Facility(s) where the deceased is the sole customer

The estate will remain legally responsible for facility(s)  held solely by the deceased. Facility(s) will be blocked to any further drawdown and redraw , preventing any unauthorised access. Direct access to the deceased’s facility(s)  will not be provided to any party.

We’ll discuss the details with the Legal Personal Representative.

Facility(s) where the deceased is a co-borrower

Where a facility is a loan with a debit balance, the facility(s)  will be stopped to further debit transactions. This includes the removal of any redraw facility on loans and suspension of previously agreed credit limits.

For loan facility(s)  and other formal borrowing arrangements, the restriction can only be removed once the facility has been reassessed to remove the deceased’s estate from liability.

In most cases, the estate will remain jointly liable for any debit balances alongside any surviving co-borrowers. We’ll discuss the details with the Legal Personal Representative.

How long does the process take?

We’ll do the following within 14 business days once we’ve been notified of the death and received all required documents:

• To verify the death
• To identify the Legal Personal Representative(s)
• Send letters confirming details of the facility(s)  held by the deceased

If you are having difficulty obtaining a death certificate, please contact us to discuss alternative documents that may be acceptable.

Once we have instructions and acceptable ID documents from all confirmed Legal Personal Representative(s), we’ll act on those instructions to finalise facility(s)  within 14 business days.