Treasury has issued a Discussion Paper inviting comments on possible changes to the format, content and timing of disclosure requirements under the National Consumer Credit Protection Act 2009 on both credit providers and lessors.

The discussion paper includes disclosure templates for comment.

The proposals are based on the following policy objectives:
• Making changes that will improve consumer understanding.
• Highlighting key pricing information in a new Table, called the Financial Summary Table.
• Repealing existing unnecessary disclosure requirements.

The intention is to minimise changes to the content of the matters required to be disclosed, and to allow the majority of matters to be disclosed separately from the Financial Summary Table.

The Discussion Paper includes draft Financial Summary Tables for the following products:
• home Loans — with a draft Information Statement in respect of Lenders Mortgage Insurance;
• credit cards, including store cards;
• personal loans, including car loans;
• reverse mortgages; and
• consumer leases.