An explanatory package (pdf) containing proposals to streamline the essential pre-contractual information provided to consumers has been released for consultation.

The package contains draft Consumer Credit Code amendments, which feature a new-look financial summary table containing essential information for consumers about the credit contract together with a
summary of other information.

The new formats are intended to make it easier than it is now for consumers to understand such product features as a ‘honeymoon’ interest rate on a home loan or a credit card concessional interest balance transfer.

Submissions close 31 March 2006