Australian Capital Territory Consolidated Acts

CREDIT ACT 1985 - SECT 150

In this part:

"contract of guarantee" means a contract of guarantee or indemnity that relates to a home finance contract.

"credit" includes any form of financial accommodation other than any transaction prescribed as being a transaction that is not credit within the meaning of this part.

"credit provider", in relation to a home finance contract, means—

        (a)     the person who provided the credit under the contract; and

        (b)     any person to whom the rights under the contract of the person referred to in paragraph (a) pass, whether by operation of law or otherwise.

"debtor", in relation to a home finance contract, means—

        (a)     an individual to whom the credit was provided under the contract; and

        (b)     any individual to whom the obligations under the contract pass, whether by operation of law or otherwise; and

        (c)     the executor or administrator of the estate of a debtor.

"guarantor" means—

        (a)     an individual who enters into a contract of guarantee in relation to the performance by a debtor of the obligations of the debtor under a home finance contract; and

        (b)     the executor or administrator of the estate of a person referred to in paragraph (a).

"home" means principal place of residence of the debtor under a home finance contract, being—

        (a)     a building that is used, or is used principally, as a separate residence; or

        (b)     an apartment, flat or other part of a building that is so used.

"home finance contract" means a contract under which credit not exceeding $67 500 (or, if some other amount is prescribed, that other amount) was provided—

        (a)     for the acquisition or erection of the debtor's home; or

        (b)     for the provision of additional accommodation in, or the carrying out of structural alterations to, the debtor's home; or

        (c)     for the acquisition of land on which to erect that which is to become the debtor's home; or

        (d)     to discharge the liability of the debtor in relation to a credit contract for a purpose referred to in paragraph (a), (b) or (c); or

        (e)     to discharge the liability of the debtor under a credit contract referred to in paragraph (d) or a credit contract that was 1 of a series of 2 or more credit contracts, if—

              (i)     the series began with a contract referred to in paragraph (d); and

              (ii)     the debtor under each contract in the series was the same; and

              (iii)     credit was provided under each contract in the series (other than the first contract) to discharge the liability of the debtor under the immediately previous contract in the series.