Loan contract may be covered by the Consumer Credit (Victoria) Act 1995 (also known as the Uniform Consumer Credit Code). The Code will apply to provision of credit as described above.

Based on this, a mortgage taken out with a Bank or finance company by a family to purchase a house is likely to be covered by the Code. The mortgage document must clearly identify the property to be used as security for the repayment, and the lender will not be allowed to take property other than that described in the mortgage document as security. This means that property obtained by the borrower after entering a mortgage cannot be used or sold by the lender to cover the repayments.