Scope of Credit Code clarified

The National Consumer Credit Protection Amendment Regulations 2011 (No. 4) amends regulation 65C from 1 October 2011 to exempt credit for the purposes of purchasing, renovating or improving residential property for investment purposes if it is not a single residence and has a value over $5,000,000 , or to refinance such credit, from the operation of the National Credit Code. Currently, regulation 65C only exempts credit provided for “investment in residential property”.

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