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National Credit Code

Recent reforms to consumer credit law have resulted in a single national consumer credit regime governed by National Consumer Credit Protection Act 2009 (Cth) (NCCP) which includes the National Credit Code (NCC) as Schedule 1 to the Act. The NCC replaces previous state-based consumer credit codes and the Uniform Consumer Credit Code (UCCC) and it continues to apply to the conduct of Australian credit licence holders. ASIC is responsible for administering the NCCP.

The NCC applies to credit contracts entered into on or after 1 July 2010 where:

The NCC does not apply to certain loans, including: low cost short term credit (less than 62 days), insurance premiums paid by instalments, bill facilities and staff loans.

The laws we administer

Differences between the UCCC and NCC

The NCC largely incorporated the UCCC. Key changes in the NCC include:

The NCC was a part of a larger reform process that introduced a licensing regime for lenders and brokers which includes obligations such as responsible lending and mandatory External Dispute Resolution scheme membership.

Comparison rates

Part 10 of the NCC requires that credit providers include a comparison rate when they advertise fixed term credit which is for, or mainly for, personal domestic or household purposes. The comparison rate includes:

For example if a lender advertises an interest rate of 5.49% its comparison rate might be 5.75%. The comparison rate regime aims to inform consumers of the true cost of credit that applies to a specific credit product and make it easier for consumers to compare the different credit products available on the market.

A comparison rate does not include all fees and charges. For example, the comparison rate does not include:

The comparison rate only allows comparison based on cost, and will not include other factors that may make a loan more attractive, such as access to fee free accounts or flexible repayments arrangements.

For more information about comparison rates, visit our MoneySmart website (new window).

Read about the new consumer credit law regime

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