Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 28J

    For section   128 of the Act, if:

  (a)   the credit to be provided under the credit contract will be used for the purchase of a residential property; and

  (b)   the credit will be secured by a mortgage over the property;

the period is 120 days.

Note:   Section   128 of the Act provides that a licensee must not enter into a credit contract with a consumer, or increase the credit limit of a credit contract with a consumer, on a day unless the licensee has, within 90 days (or other period prescribed by the regulations) before the day, made an unsuitability assessment and made particular inquiries and verification.