Queensland Consolidated Acts Queensland Consolidated Acts(1) Where the payment of a debt or other pecuniary obligation or the performance of any other obligation under a loan contract is secured by a mortgage of land, the loan contract may, despite section 42, include an acceptable rate of interest and a higher annual percentage rate that does not exceed the acceptable rate by more than 2%.
(2) Where, in accordance with subsection (1), a loan contract includes 2 annual percentage rates, the statement in accordance with section 40 of the annual percentage rate required under section 38 shall be made in respect of each rate.