National Consumer Credit Protection Act 2009
SCHEDULE 1
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NATIONAL CREDIT CODE
A provision in a mortgage to the effect that the mortgagor creates or agrees to create a mortgage over or in respect of property or a class of property that is to be, or may be, acquired by the mortgagor after the mortgage is entered into is void.
45(2)
However, this section does not apply:
(a) to a provision in a mortgage of property that is to be acquired wholly or partly with the credit provided under the credit contract secured by the mortgage; or
(b) to a provision in a mortgage relating to property or a class of property (whether or not ascertained) described or identified in the mortgage; or
(c) to a provision in a mortgage relating to goods acquired in replacement for, or as additions or accessories to, other goods subject to the mortgage; or
(d) to any other provision specified by the regulations.
Note:
See section 3 of the National Credit Act.
PART 3 - RELATED MORTGAGES AND GUARANTEES Division 1 - Mortgages 45 Restriction on mortgage of future property 45(1)A provision in a mortgage to the effect that the mortgagor creates or agrees to create a mortgage over or in respect of property or a class of property that is to be, or may be, acquired by the mortgagor after the mortgage is entered into is void.
45(2)
However, this section does not apply:
(a) to a provision in a mortgage of property that is to be acquired wholly or partly with the credit provided under the credit contract secured by the mortgage; or
(b) to a provision in a mortgage relating to property or a class of property (whether or not ascertained) described or identified in the mortgage; or
(c) to a provision in a mortgage relating to goods acquired in replacement for, or as additions or accessories to, other goods subject to the mortgage; or
(d) to any other provision specified by the regulations.
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