ASIC administers a single national consumer credit code contained in the National Consumer Credit Protection Act 2009 (National Credit Act), which includes the National Credit Code as Schedule 1 to the Act. The National Credit Act replaces previous state-based consumer credit codes and the Uniform Consumer Credit Code (UCCC) and applies to the conduct of Australian credit licence holders.

The National Credit Code applies to credit contracts entered into where:

• the debtor (the borrower) is a natural person or strata corporation
• the credit is provided wholly or predominantly:
  • for personal, domestic or household purposes, or
  • to purchase, renovate or improve residential property for investment purposes, or to refinance credit previously provided for this purpose.

The National Credit Code DOES NOT apply to:

• loans to companies
• loans to Sole Traders where 51% of the loan can be verified as being used for business purposes
• loans for the renovation, repair or purchase of Commercial Properties

• loans for the renovation, repair or purchase of residential or Commercial properties owned in a company.