Responsible Lending Code overview

All lenders must comply with the lender responsibility principles outlined in the Act, including:

• helping a borrower reach an informed decision about whether to agree to a loan
• making reasonable enquiries to ensure the borrower can make repayments without suffering substantial hardship
• treating borrowers and their property reasonably, with respect and in an ethical manner
• ensuring the terms of the agreement and the exercise of powers by the lender are not oppressive
• meeting all legal obligations to the borrower

The Code will not be binding, but evidence of compliance with the Code will be viewed as evidence of compliance with the binding lender responsibility principles set out in the Act.