Introduction
About this Code
1. The Australian Finance Industry Association (AFIA) Code of Practice (the Code) was published on 16 September 2025 and is effective from 1 October 2026 (the Effective Date). Compliance with the Code is subject to transitional arrangements until the Effective Date. The transitional arrangements are set out below at paragraph 18.
2. The words “we”, “us” and “our” apply to an AFIA member and/or an entity in an AFIA member's group who is a Code Member.
3. The words “you” and “your” refer to you as our Customer.
4. Other words and phrases that have special meaning are identified with capital letters and are set out in the Definitions section.
Scope of this Code
5. A list of Code Members can be found at www.afia.org.au
6. This Code applies to credit, finance and novated lease products and services we provide to Consumer and Small Business customers in Australia, subject to the exclusions set out in this Code. For simplicity, we refer to these collectively as “products” in this Code. This Code also applies to guarantors and co-borrowers where we specifically refer to them.
How we define ‘Small Business’
For the purposes of this Code, we have adopted the Unfair Contract Terms legislation definition of Small Business which means a business that:
a. employs fewer than 100 people at the time the contract is signed; or
b. has a turnover for the last income year of less than $10,000,000; and
c. the upfront price payable under the contract does not exceed $5,000,000.
7. These products include but are not limited to:
a. secured and unsecured consumer finance, including credit cards, personal loans, lines of credit or overdrafts, mortgages for residential and investment purposes (including home loans and chattel mortgages) and vehicle finance;
b. secured and unsecured business finance, including lines of credit, debtor and cashflow finance, asset and equipment finance, fleet and vehicle finance; and
c. novated leases.
8. This Code applies so long as we are the issuer of your product. If another entity becomes the issuer of your product and that other entity is not a Code Member, this Code will not apply to that other entity. This Code sits alongside the overarching laws, licensing obligations (where applicable) and regulatory frameworks that apply to us. If there is any conflict between this Code and relevant laws, those laws prevail.
Exclusions from this Code
9. This Code may offer some guidance more broadly, but it does not apply to products we provide to commercial property, government or semi-government customers, or Large Corporate Customers. This Code also does not apply to bailment facilities because bailment is a common law relationship between a bailor and a bailee, and not a credit, finance or novated lease product as per paragraph 6.
10. This Code does not apply to AFIA members who provide commercial finance predominantly for large commercial vehicles and equipment manufactured by their company or an associated company, such as trucks and machinery used in transport, construction, mining and resources, farming and agriculture.
11. This Code does not apply to AFIA members who are signatories to an equivalent industry code that applies to Consumer and Small Business finance and lending activities in Australia. The AFIA Board will, acting reasonably, determine the criteria for an equivalent code. For these purposes, AFIA members who are signatories to the Banking Code of Practice or the Customer Owned Banking Code of Practice are not subject to this Code. However, these AFIA members may still elect to become a signatory to this Code.
12. This Code does not apply to other entities we own or related bodies corporate who do not provide products covered by this Code to Consumers or Small Business.
Other AFIA Codes of Practice
13. A customer who deals with an AFIA member who is a signatory to the AFIA Buy Now Pay Later (BNPL Code), Online Small Business Lenders (AOSBL Code) or Insurance Premium Funding (IPF Code) has the protections of those codes for anything that occurs until the AFIA member becomes a member of this Code. Alleged breaches of the BNPL, AOSBL or IPF Codes can be reported to the Finance Industry Code Compliance Committee (see Part E – Code Compliance).
14. AFIA also operates the Car Rental Code of Practice, which will remain separate from this Code.
Structure of this Code
15. AFIA members participate in different finance sectors and markets, and for this reason we have divided this Code into different sections to help you find the customer protections relevant for your circumstances.
16. This Code contains general and specific commitments by us to you. They are found in:
a. Parts B, C and D – these contain our general commitments and apply to all Consumer and Small Business customers covered by this Code. These sections explain how we will engage with you and what you can expect from us.
b. The Schedules – the Schedules at the back of this Code contain specific commitments in relation to consumer finance, novated leasing, small business finance, low cost credit contracts and insurance premium funding. The Schedule applies if we provide you with a product that is described in that Schedule.
AFIA Industry Guidelines
17. AFIA has published industry guidelines, protocols and other documents on some areas of the Code or related matters that may help members understand how to interpret and apply the Code or develop new approaches to systems, policies or processes. These industry guidelines, protocols or documents do not form part of this Code. AFIA's current industry guidelines are published on the AFIA website.
Transitional Arrangements
18. After the publication of this Code, we have a period of time until the Effective Date to ensure that our arrangements to provide our products to you meet the requirements set out this Code. These transitional arrangements will end after the Effective Date of this Code.
19. This Code will apply to a new product or a guarantee for which you enter into an agreement with us on or after the Effective Date. However, if we became a Code Member before the Effective Date, this Code will apply from the date we became a Code Member.
20. For ongoing products that we were providing you as at the Effective Date, or where a guarantee was in place before the Effective Date, or where documentation was sent to you before the Effective Date, the existing terms and conditions of that product or guarantee will continue to apply. If we provide you with revised terms and conditions after the Effective Date, those revised terms and conditions will comply with this Code.