Regulated Credit Agreement Template for Australia

A Regulated Credit Agreement is essential for any credit provider offering consumer credit in Australia. This document is used when providing regulated credit to consumers and must comply with the National Consumer Credit Protection Act 2009 and the National Credit Code. It is designed to protect consumers while establishing clear terms for credit provision, incorporating mandatory disclosures, responsible lending requirements, and consumer rights. The agreement is necessary for various credit products including personal loans, car loans, and other consumer credit facilities. It must meet strict regulatory requirements including pre-contractual disclosures, fee transparency, and hardship provisions. Credit providers must hold an Australian Credit License or be an authorized representative to issue this type of agreement.

1. Parties: Identification of the credit provider and borrower(s) with full legal names and details

2. Background: Context of the credit agreement and purpose of the loan

3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including those required by the National Credit Code

4. The Credit Facility: Details of the credit amount, purpose, and availability

5. Interest: Interest rate(s), calculation method, and variation provisions

6. Repayment: Repayment terms, schedule, and methods

7. Fees and Charges: All applicable fees and charges as required by the National Credit Code

8. Representations and Warranties: Borrower's confirmations and statements of fact

9. Events of Default: Circumstances constituting default and consequences

10. General Rights and Obligations: Rights and obligations of both parties under the agreement

11. Privacy and Information Sharing: Privacy obligations and consent for information sharing

12. Notices and Communications: How formal communications between parties should be made

13. Governing Law and Jurisdiction: Specification of Australian law and jurisdiction