Commonwealth Consolidated Acts

DEFENCE SERVICE HOMES ACT 1918 - SECT 23H

  (1)   This Part does not apply to:

  (a)   a change to a contract, mortgage or guarantee if the change was made by, or as a result of, the enactment of this Part, section   35A, any other Act or an amendment of the agreement; or

  (b)   a contract, mortgage or guarantee under which the borrower, mortgagor or guarantor is not an individual; or

  (c)   a contract under which the borrower is borrowing for a purpose that is not wholly or predominantly a personal, domestic or household purpose; or

  (d)   a mortgage or guarantee that secures or guarantees obligations under a contract:

  (i)   under which the borrower is not an individual; or

  (ii)   under which the borrower is borrowing for a purpose that is not wholly or predominantly a personal, domestic or household purpose; or

  (e)   a contract, mortgage or guarantee that was entered into before the commencement of this paragraph.

  (2)   For the purposes of this section:

  (a)   investment by a borrower is not a personal, domestic or household purpose; and

  (b)   the predominant purpose for which an individual is borrowing is:

  (i)   the purpose for which more than one - half of the amount borrowed is intended to be used; or

  (ii)   if the amount borrowed is intended to be used to obtain goods, services or rights in relation to, or interests in, real property for use for different purposes--the purpose for which the goods, services, rights or interests are intended to be most used.