Schedule 1 number: added, on 1 April 2005, by regulation 5 of the Credit Contracts and Consumer Finance Amendment Regulations 2004 (SR 2004/359).
In disclosing the information referred to in paragraphs (k), (l), and (o) of Schedule 1 of the Act, the creditor may assume—
(a) that, in the case of an annual interest rate, the rate disclosed will not vary over the term of the credit contract or any shorter period for which it applies; and
(b) that, in the case of a variable interest rate, the variable interest rate applicable over the period for which it applies is the same as the equivalent variable interest rate as at the date that the disclosure statement is prepared; and
(c) that the debtor will make payments required by the credit contract at the times required by the credit contract and of the amounts required under the contract.
Disclosure relating to payments, charges, or fees may be made on the assumption that every day is a business day.
Disclosures relating to charges (other than interest charges) and fees may be made on the following assumptions:
(a) that there will be no change in the charges and fees as disclosed and no new fees or charges imposed; and
(b) that the charges and fees will be paid by the debtor at the times required by the credit contract and of the amounts required under the contract.
If disclosure involves an advance being made under the credit contract on a certain date and that date is not ascertainable at the time the disclosure statement is prepared, disclosure may be made on the assumption that the advance is made on a date specified in the disclosure statement as being the date on which the advance is most likely to be made.