National Consumer Credit Protection Act 2009

In considering whether a credit product has resulted in, or will or is likely to result in, significant detriment to consumers for the purposes of this Part, the following must be taken into account:

the nature and extent of the detriment;

without limiting paragraph (a), the actual or potential financial loss to consumers resulting from the product;

the impact that the detriment has had, or will or is likely to have, on consumers;

any other matter prescribed by regulations made for the purposes of this paragraph.

Subsection (1) does not limit the matters to be taken into account in considering whether a credit product has resulted in, or will or is likely to result in, significant detriment to consumers for the purposes of this Part.

A credit product may result in significant detriment to consumers even if a person has complied with the disclosure requirements in the National Credit Code in relation to the product.