Loans by lenders in the course of a lending business to individuals where the loan is to be used for personal, domestic or household purposes or to purchase, renovate or improve residential property for investment purposes (or to refinance such credit) are governed by the National Consumer Credit Protection Act 2009 (Cth) (NCCPA) and the National Credit Code (found in Sch 1 of the NCCPA).

The legislation contains a regime under which:

• credit providers and credit representatives must be licensed;

• licensees must comply with certain obligations;

• certain notices must be given to borrowers;

• fees must be disclosed;

• the credit contract must contain prescribed information;

• specified procedures must be complied with in relation to enforcement of a loan; and

• responsible lending conduct must be complied with by lenders and credit representatives.

See Regulation of consumer credit.