When taking out a home loan, it is important to be aware of your legal rights as a borrower and know what to do if things go wrong. This is difficult, however , as Australian homebuyers are subject to a somewhat confusing array of codes and regulations.

What must lenders provide?
Under the Uniform Consumer Credit Code (UCCC), your contract must disclose:

• interest rate;
• details of loan repayments;
• the amount borrowed;
• any extra fees;
• information about notification of significant changes;
• details about statements;
• security;
• commissions;
• insurance;

Read this information thoroughly before signing and, if necessary, seek professional advice to ensure everything is in order.