What the Code covers

The Code (s. 6) covers all provision of credit to Victorian residents where:

the borrower is a natural person (or a strata corporation);
the credit is wholly or predominantly for personal, household or domestic purposes;
a charge is (or may be) made for the credit; and
either the lender is in the business of providing credit; or
the lender is providing this credit as part of, or incidentally to, the actual business of that lender.

The Code also regulates mortgages and guarantees taken by a credit provider to secure obligations under a regulated credit contract.