Credit provides and lessors are required by the National Consumer Credit Protection Act 2009 to provide a summary of the key terms of their proposed contracts. Treasury is conducting a review of these requirements.
Treasury's review is informed by research commissioned by the Standing Committee of Officials on Consumer Affairs (SCOCA). SCOCA commissioned UniQuest Pty Limited to conduct research into precontractual disclosure under the UCCC, to develop an evidence-based disclosure model to meet the information needs of consumers and provide them with a better understanding of the cost and features of their credit contracts.
Treasury is considering a move to product-specific disclosure for the following classes of contracts: home loans, credit cards, including store cards, personal loans, including car loans, reverse mortgages, small amount credit contracts and consumer leases.
A discussion paper has been released that includes disclosure templates for comment.