Consumer leases, BNPL, and debt — the regulatory shape

The Australian credit-product landscape includes traditional loans (regulated under the National Credit Code), BNPL products (transitioning to ASIC-regulated), and consumer leases (regulated). The regulatory shape affects how debts can be recovered.

What's covered by the National Credit Code

  • Personal loans, mortgages, credit cards.
  • Most consumer leases (with some carve-outs).
  • Some BNPL products following recent regulatory changes.

For these, the full ACCC/ASIC Debt Collection Guideline applies, plus consumer-credit-specific protections (responsible lending, hardship variation rights, etc.).

What's at the perimeter

  • Pure-trade credit (B2B invoices) — not consumer credit, different regime.
  • Some merchant-financed deals — case-by-case.
  • Unregulated lending products — rare but they exist.

What this means for recovery

For consumer-credit-regulated debts, the recovery sequence must respect:

  • Hardship-variation rights under the Credit Code.
  • Pre-default notice requirements.
  • Specific complaint pathways (AFCA mandatory, internal disputes process).

For non-credit debts (most B2B, most utility), the broader Debt Collection Guideline applies but credit-specific rights don't.

BNPL specifically

BNPL products have moved into ASIC regulation. Recovery activity must align with consumer-credit standards. Aggressive recovery on a BNPL debt now invites ASIC scrutiny that didn't apply two years ago.