The Consumer Credit Code governs all credit transactions taking place in Australia. You have the same standard coverage wherever you live and however you use credit.
The Code not only introduces standardisation, it also presents credit information in a clear and easy to understand format. Credit providers such as banks, building societies, credit unions, finance companies and businesses, must tell you what your rights and obligations are in any credit arrangement. They are required by law to truthfully disclose all relevant information about your arrangement in a written contract, including interest rates, fees, commissions and other information which in the past was often hidden.
While the aim is to prevent many of the credit problems faced by consumers, the Code recognises that it is still important to protect consumers if they get into trouble. If you lose your job or are sick, you can ask to have your contract changed so that you can better meet your repayments. Credit providers are required to be careful not to make contracts with consumers who would find it difficult to meet their repayments. A court can also order changes to a contract if it is considered unjust.
Disclaimer: The information provided in this web site is of a general nature only and does not replace the Code itself. You should obtain your own copy of the Code and seek independent legal advice if you believe you are affected by the Code.
The Government Consumer Agencies assume no responsibility or liability in relation to anyone acting in reliance on the information provided on or linked to this site.