Property Magnets offers options for students to pay for their course over a period of time. This facility is offered to students under the terms and conditions of this Split Payment Agreement (“Agreement”) which the student must agree to as part of agreeing to our standard Business Terms & Conditions, Refund Policy and any other policies attached to our Business Terms & Conditions.
For students based in Australia, the Agreement is entered into between the student and Property Magnets PVT. LTD. (ACN: 625-899-121);
For students based in New Zealand, the Agreement is entered into between the student and Property Magnets Limited (NZBN: 94290-4688-1229)
Split Payment Amount
The amount the student agrees to pay is based on the first payment the student makes for a course or course bundle (jointly referred to as “Course”) and as per the terms displayed on the checkout page when the student enters their credit card information to enter into this Split Payment Agreement.
Duration of the Split Payment Agreement
At the time of checkout, the student will be told the number of future payments that are due in addition to the first payment that is being made along with the dates when each recurring payment will be deducted from the credit card on file. For the avoidance of doubt, consider the following scenario:
Student A wishes to join a Course that costs $5,000 (example) under a Split Payment Agreement Property Magnets may offer $550/mth over 10 months starting today, with the first payment of $550 with 9 more payments of $550 to be deducted on the X-Date of each month.
These terms are clearly detailed on the checkout page and also included in an email receipt that will be sent to the student upon first payment.
Total Payment Obligation
The full obligation on the student is to pay the total monthly amount multiplied by the number of monthly payments. For the avoidance of doubt, based on Student A’s example, the full obligation would be $550 x $10 = $5,500 plus any applicable GST/VAT.
On the date a student’s recurring charge is due, if the bank dishonors the payment, Property Magnets will try 3 more times at the following intervals:
D+1 day, D+3 days, D+7 days, where D is the day the student’s recurring payment under the Split Payment Agreement is due.
At each unsuccessful attempt, the student will be notified either by email, SMS or a phone call from our support team in an attempt to recover the payment that is due under this Split Payment Agreement.
If by the 12th day, the payment due has not been captured by our credit card processing gateway, then the student will be considered to be in default of this Split Payment Agreement.
Before pursuing the overdue amounts through debt collection means, Property Magnets will make an attempt to contact the student either by email, SMS or Phone in order to discuss the outstanding payment and negotiate a recovery.
Failing that, Property Magnets may enlist any defaults with a debt collection agency of its choice and pursue all legal means to recover the amounts owed to Property Magnets under this Split Payment Agreement.
In the event, the matter has to be referred to a debt collection agency, the student’s access to the Learning Portal will be terminated immediately.
The entire amount of the course plus any debt collection costs plus any legal recovery costs will become payable immediately.
Property Magnets does not assume any liability, loss, damage or injury to a student’s credit rating as a result of any debt collection procedures initiated by Property Magnets to recover its Course fees from a student in default.
No Detrimental Comment
Students that enter this Split Payment Agreement acknowledge and agree that it is their sole responsibility to ensure they honor the commitment they are making under this Split Payment Agreement.
Failure to pay, failure to respond to our efforts to communicate this matter and the matter subsequently being referred to a debt collection agency is a process we have clearly outlined in this Split Payment Agreement with no confusion as to the obligations upon a student for entering into this Split Payment Agreement.
A student may not be happy with being taken to a debt collection agency as a consequence of non-payment and may feel like venting their frustration on Social Media websites including, but not limited to Facebook, Instagram, Linked In or any other similar public sites.
This Split Payment Agreement expressly prohibits the student from making any detrimental comment to harm the brand, image and reputation of Property Magnets or any of its licensed distributors, authorised partners, agents, affiliates or contractors through any posts that are improper, vexatious or of a defamatory nature.
Property Magnets reserves all legal rights and remedies available in the laws of Australia and New Zealand to pursue damage to goodwill or defamation or any other appropriate remedy at law.
Applicable jurisdiction for students in Australia for this Split Payment Agreement is the State of South Australia.
Applicable jurisdiction for students in New Zealand is New Zealand.
Smart Property Education is a brand of Property Magnets, a fast emerging leader in the Real Estate Education industry across Australia and New Zealand.
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