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Communtity Law Manual | Credit & debt | Contents of the guarantee

Guarantors

Contents of the guarantee

What should be in a guarantee?

Property Law Act 2007, s 27

The guarantee will be provided by the lender and must be in writing. It must be signed by the guarantor.

A guarantee should generally include:

  • the amount of money the guarantor is responsible for
  • the circumstances in which the guarantor might have to pay – for example, if the borrower misses their payments, and
  • how long the guarantor’s obligation will last for – for example, until the borrower repays the loan in full.
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