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Using credit 

Changes to consumer credit laws from 1 July 2013

On 1 July 2010 the Australian Securities and Investments Commission (ASIC) became the national regulator for consumer credit. This means that home loans, personal loans, credit cards, consumer leases, overdrafts and line of credit accounts, among other products and services, are regulated under Commonwealth legislation and administered by ASIC. New Commonwealth laws also require all credit providers and finance brokers to be licensed. 

On 1 July 2013 NSW repealed its maximum percentage rate law.

This means that from 1 July 2013, the maximum cost rate for consumer credit contracts across Australia – including NSW - is set under the National Credit Code. For more information about the new regulatory framework and the maximum cost rates please visit the ASIC website.

Disputes and complaints

Consumer disputes about credit products and services should be directed to the credit provider’s independent dispute resolution scheme. 

If your credit provider belongs to the Credit Ombudsman Scheme Limited (COSL) call 1800 138 422 or visit

If your credit provider belongs to the Financial Ombudsman Service (FOS) or you are unsure to which dispute resolution scheme they belong, call 1300 780 808 or visit

Complaints about a finance broker’s illegal or unfair conduct for contracts entered into after 1 January 2011 should be directed to ASIC online or by calling ASIC’s Infoline on 1300 300 630.

Complaints about a finance broker for contracts entered into before 1 January 2011 should be referred to NSW Fair Trading.

Information on a range of topics can be found on the following pages: