Document background
The Credit Term Agreement is a fundamental document in Australian lending practices, used when a credit provider extends credit facilities to individuals or businesses. This agreement type is essential for establishing clear terms and conditions for credit arrangements while ensuring compliance with Australian credit legislation, particularly the National Consumer Credit Protection Act 2009 and the National Credit Code. The document is used across various credit scenarios, from personal loans to business credit facilities, and includes critical information such as credit limits, interest calculations, repayment schedules, security requirements, and default provisions. It incorporates mandatory consumer protection elements and requires careful consideration of responsible lending obligations. The agreement serves as the primary reference point for managing the ongoing credit relationship between the parties and protecting their respective interests throughout the credit term.
