What is the NCCP Act 2009 and how does it
apply to your home loan application ?

About the National Consumer Credit Protection Act and the NCC. Australia has legislation in place to protect consumers who borrow money. A national regime was introduced in July 2010. … The earlier legislation was called the Uniform Consumer Credit Code (UCCC).

The transitional arrangements mean that many credit contracts entered into under the UCCC (that is between 1 November 1996 and 30 June 2010) are also covered by the NCC.  Schedule 1, S2A of the NCCP (Transitional and Consequential Amendments) Act 2009 (Cth) provides that if a credit contract is a “carried over instrument”, the NCC will apply to the credit contract, notwithstanding it was entered into prior to 1 July 2010. Legal advice should be sought to confirm which Code applies to a particular credit contract if there is any doubt.

The Australian Securities and Investments Commission (ASIC) is now responsible for regulation of consumer credit under the NCCPA and NCC.  It produces a number of guides which are useful for more detailed information for consumers and for credit providers, which are available on the ASIC website.

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