Consumer Credit Amendment Regulation (No. 1) 2004 inserts two new sections (22A and 23A) in
the Consumer Credit Regulation 1995 which provide that, respectively, for the purposes of
s.66(3) of the Consumer Credit Code, ss 66 to 69, and, for the purposes of section 86(2) of the Code,
part 5, division 3 of the Code, do not apply to a credit contract under, or in respect of, which
the maximum amount of credit that is or may be provided is more than an amount equal to 110% of the
amount of the average loan size for new dwellings in New South Wales

The effect of the Regulation is that the loan amounts for which borrowers can seek hardship relief or apply for a postponement has increased from $125,000 to $340,670 (the current amount which reflects the average NSW housing loan where prices are highest).  The amount will be updated monthly after the release of Australian Bureau of Statistics figures.