Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p5
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 5/29)
Character Range: 59136–61992

with the application to purchase an interest (timeshare) in the [name of time-sharing scheme] because I/we made an application for finance and have:

    * failed to obtain finance;
    * decided not to go ahead with the loan application and have withdrawn the application and/or any 'offer to borrow' that I/we have already signed ; or

    * been offered a loan but have decided not to accept the loan.

I/We request any money paid for the timeshare application, and any money paid in relation to the finance application (if the finance provider is related to [responsible entity]), be returned by (please tick or circle one):

    * credit card (money paid by credit card will only be refunded to that card); or

    * direct deposit to the bank account details below:

BSB:
Account number:
Account name:

Consumer 1
Signature:
Name:
Date:

Consumer 2 (if applicable)
Signature:
Name:
Date:

    Ways to give the subject to finance cancellation notice

Send this notice to [responsible entity] by emailing it to [responsible entity's email address], faxing it to [responsible entity's fax number] or posting it to [responsible entity's postal address].

Keep a copy of this notice or the information you have provided for your records

              (3)          The boxed statement set out below is the written consumer warning referred to in paragraph 912AJ(14)(a).

      Consumer warning

      Timeshares are not appropriate for everyone. You should take time to consider whether buying this timeshare is right for you before you sign the application form.

      It is important to understand:

          1. Timeshares are generally very long term. The term of this timeshare is [state period of this scheme in years or different years of the PAYG memberships]. You will generally be required to pay ongoing costs for as long as you own the timeshare, regardless of whether or not you use the timeshare. [Insert if applicable— This includes any costs of financing the purchase].

          2. [Insert if applicable— You are not guaranteed the type of accommodation or location you want at the time you want.]

          3. After the cooling-off period has ended, [insert if applicable— and you have not withdrawn your application under any 'subject to finance' rights,] it may be difficult to get out of this timeshare and there is no guarantee that you will be able to sell it to another person or get any money back.

           4. Timeshares are not an investment and you should not expect any financial return from a timeshare. You are buying an interest in a managed investment scheme for recreational use [insert if applicable— and not buying real property].

           (4)          The statement set out below is the verbal consumer warning notice referred to in subsection 912AJ(5).

Timeshares are not appropriate for everyone. You