Commonwealth act

Commonwealth Banks Act 1973

In ForceCTH

Jurisdiction

Commonwealth

Act Number

18 of 1973

Collection

act

Plain English Summary

3/10 complexity

This short Act repeals the statutory cap on individual housing loans in the Commonwealth Banks Act, taking effect on Royal Assent. It lets lenders subject to that Act and individual borrowers agree to larger loan amounts while removing the specific compliance obligation that enforced the prior limit.

It does not create new limits, approvals, funding or supervisory rules — other legal, prudential and contractual constraints continue to govern risk and market effects.

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Current sections

Direct links to the current provisions in Commonwealth Banks Act 1973.

Commonwealth Banks Act 1973

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Commonwealth Banks Act 1973

No. 18 of 1973

AN ACT

To amend the Commonwealth Banks Act 1959–1968 to remove the Limitation on the Amount of Housing Loans to Individuals.

[Assented to 11 April 1973]

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation.

(1) This Act may be cited as the Commonwealth Banks Act 1973.

(2) The Commonwealth Banks Act 1959–1968, as amended by this Act, may be cited as the Commonwealth Banks Act 1959–1973.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Amount of loans.

3. Section 66 of the Commonwealth Banks Act 1959–1968 is repealed.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

Commonwealth Banks Act 1973

No. 18 of 1973

AN ACT

To amend the Commonwealth Banks Act 1959–1968 to remove the Limitation on the Amount of Housing Loans to Individuals.

[Assented to 11 April 1973]

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation.

(1) This Act may be cited as the Commonwealth Banks Act 1973.

(2) The Commonwealth Banks Act 1959–1968, as amended by this Act, may be cited as the Commonwealth Banks Act 1959–1973.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Amount of loans.

3. Section 66 of the Commonwealth Banks Act 1959–1968 is repealed.