Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsFor subsection 133AA(2) of the Act, a standard form of credit contract is a contract for a home loan that:
(a) is described in the table; and
(b) obliges the consumer to make repayments that repay principal and interest for the full term of the home loan.
Item | Type of loan | Characteristics |
1 | Variable rate home loan | The interest rate on the entire loan balance may vary at the lender's discretion |
2 | Fixed rate home loan | The interest rate on the entire loan balance is fixed for the whole or part of the loan |