Final answer:
The National Consumer Credit Protection Act 2009 in Australia regulates all types of consumer loans including personal loans, mortgages, and payday loans, ensuring protection for borrowers and imposing responsible lending practices on lenders.
Step-by-step explanation:
The National Consumer Credit Protection Act 2009 regulates various types of credit in Australia. It includes a range of consumer loans to ensure fair lending practices and to protect consumers from entering into unsuitable credit contracts. In this context, all of the above loan types are regulated under this act:
- Personal loans
- Mortgages
- Payday loans
Therefore, whether it is a personal loan taken out to cover personal expenses, a mortgage loan used to finance the purchase of a home, or a payday loan intended to cover immediate cash flow needs, all fall under the umbrella of the National Consumer Credit Protection Act 2009. The Act imposes responsible lending obligations on lenders and provides protective measures for borrowers.