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Consultation – Key Fact Sheets for Credit Cards and Home Loans


Friday, 18 March 2011

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The National Consumer Credit Protection Amendment (Credit Card and Home Loans) Bill is proposed to be introduced into Parliament. It will amend the National Consumer Credit Protection Act 2009 (including the National Credit Code) to give effect to the Government’s Fairer, Simpler Banking policy and introduce a requirement for lenders to give borrowers a Key Facts Sheet for home loans and a Key Fact Sheet when they apply for a credit card.

The format and content of the Key Facts Sheet for credit cards and home loans will be settled in regulations. Consideration is also being given to using a similar format to disclose information about the terms of a proposed home loan or credit card contract. No decision has yet been made on whether these changes will be made.

Released for public comment are four draft disclosure documents:

  • a Key Fact Sheet for home loans – to be provided in accordance with the requirements in the draft Bill.
  • a Key Fact Sheet for credit cards – to be included in application forms in accordance with the requirements in the draft Bill.
  • a pre-contractual home loan disclosure document – to be provided before the consumer enters into the contract, and summarising key features in respect of the terms on which the lender is offering credit.
  • a pre-contractual credit cards disclosure document – to be provided before the consumer enters into the contract.

Making a submission

Interested parties are invited to comment on the fact sheets. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Monday, 28 March 2011

Address written submissions to:
Investor Protection and Credit Unit
Corporations and Financial Services Division
The Treasury
Langton Crescent
Email: Christian.mikula@treasury.gov.au

For enquiries, please call Christian Mikula (02) 6263 2046 or Joel Tu (02) 6263 3001.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Consultation Draft - Disclosure Documents  1,236.67kb
Credit Card Contract  277.12kb
Credit Card Key Fact Sheet  274.05kb
Mortgage Contract  269.59kb
Mortgage Key Fact Sheet  107.06kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Credit Card Contract  80.71kb
Credit Card Key Fact Sheet  85.57kb
Mortgage Contract  80.26kb
Mortgage Key Fact Sheet  122.83kb

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