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Mica Borrowed $600 000 to Purchase a Residential Property

Question 10

Multiple Choice

Mica borrowed $600 000 to purchase a residential property.She suffered a serious injury after a car accident and cannot make the repayments.Her credit provider has refused to delay and reduce her repayments.Which of the following statements is accurate in relation to Mica's rights under the National Credit Code?


A) Mica has the right to have the contract declared unjust.
B) Mica has no rights because her loan was not wholly or predominantly for personal purposes.
C) Mica has no rights because the loan amount is above the maximum threshold of $500 000.
D) Mica has the right to have the contract declared void.

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