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What is credit?
You may want to go on a holiday or buy a new car but you haven't got the cash. One way to get the things you want now is with credit. Credit is the promise to repay, with interest, money borrowed from another. Examples of credit include housing loans, credit cards, personal loans and store cards. Credit providers or lenders include banks, credit unions, finance companies and other businesses.
The law relating to credit
The Consumer Credit Code is the law that governs all consumer lending in Australia. Consumer lending is where you borrow money or obtain credit for personal, domestic or household reasons, such as to pay for a holiday, buy a new fridge or TV or buy a house.
Today lenders such as banks, building societies, credit unions, finance companies and businesses must tell you what your rights and obligations are under any consumer credit contract. They must provide you with information about interest rates, fees and any commission that they intend to charge you.
The credit laws recognise the importance of protecting consumers and allow changes to credit contracts in certain circumstances such as losing your job or being unable to work because of illness.
