Document ID: chunk:federal_register_of_legislation:F2024C00882:schedule:1:p5
Version: federal_register_of_legislation:F2024C00882
Segment Type: schedule
Provision Reference: sch 1 (pt 5/40)
Character Range: 406665–409332

should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement.
  If that is not successful, you may contact the AFCA scheme. The AFCA scheme is a free service established to provide you with an independent mechanism to resolve specific complaints. The AFCA scheme can be contacted at [insert telephone number, email/website and postal address].
  Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid.
  You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC's website at http://www.asic.gov.au.

Insurance

 10 Do I have to take out insurance?
  Your credit provider can insist you take out or pay the cost of types of insurance specifically allowed by law. These are compulsory third party personal injury insurance, mortgage indemnity insurance or insurance over property covered by any mortgage. Otherwise, you can decide if you want to take out insurance or not. If you take out insurance, the credit provider can not insist that you use any particular insurance company.

 11 Will I get details of my insurance cover?
  Yes, if you have taken out insurance over mortgaged property or consumer credit insurance and the premium is financed by your credit provider. In that case the insurer must give you a copy of the policy within 14 days after the insurer has accepted the insurance proposal.
  Also, if you acquire an interest in any such insurance policy which is taken out by your credit provider then, within 14 days of that happening, your credit provider must ensure you have a written notice of the particulars of that insurance.
  You can always ask the insurer for details of your insurance contract. If you ask in writing, your insurer must give you a statement containing all the provisions of the contract.

 12 If the insurer does not accept my proposal, will I be told?
  Yes, if the insurance was to be financed by the credit contract. The insurer will inform you if the proposal is rejected.

 13 In that case, what happens to the premiums?
  Your credit provider must give you a refund or credit unless the insurance is to be arranged with another insurer.

 14 What happens if my credit contract ends before any insurance contract over mortgaged property?
  You can end the insurance contract and get a proportionate rebate of any premium from the insurer.

Mortgages

 15 If my contract says I have to give a mortgage, what does this mean?
  A mortgage means that you give your credit provider certain rights over any property you mortgage. If you default under your contract, you can lose