1 Answers
DreamWalker
Updated:15/07/2024
The credit application terms and conditions in Australia outline the rights and obligations of both the lender and the borrower.
Key Elements of Credit Application Terms and Conditions
- Eligibility Criteria
- Age requirements
- Residency status
- Income level
- Disclosure Obligations
- Full disclosure of fees and charges
- Interest rates and terms
- Privacy Statement
- Protection of personal information
- Use of personal data for credit reporting
- Payment Terms
- Repayment schedules
- Payment methods
- Default Clause
- Consequences of defaulting
- Options and remedies for lenders
- Dispute Resolution
- Process for raising complaints
- Alternative dispute resolution options
- Changes to Terms
- Conditions under which terms may change
- Notification process for changes
Statistics
| Statistical Element | Percentage (%) |
|---|---|
| Borrowers familiar with terms | 45% |
| Disputes that escalate | 20% |
| Interest rates disclosed upfront | 70% |
Mind Map of Credit Application Terms
- Eligibility Criteria
- Age
- Income
- Residency
- Disclosure Obligations
- Fees
- Interest Rates
- Privacy
- Data Protection
- Credit Reporting
- Payment Terms
- Schedules
- Methods
- Defaults
- Consequences
- Remedies
- Dispute Resolution
- Complaints
- Alternatives
- Changes to Terms
- Conditions
- Notifications
Upvote:619
