Australia National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009) s102-105: After repossession: notice within 14 days, no sale for 21 days, return on payment of arrears and costs, honour a nominated purchaser, sell for the best price, limit deductions and account in writing

Within 14 days of taking possession of mortgaged goods the credit provider must give the mortgagor a written notice of the estimated value, the enforcement expenses to date and their accrual rate, and a regulation-form statement of the mortgagor's rights and obligations. It must not dispose of the goods within 21 days of the notice (or while a stay or an unjust transaction application is pending) without court authority, must return them if the arrears (less any accelerated amount) and reasonable enforcement expenses are paid within the 21 days with no further default of the same kind, or if the contract is paid out, and must offer them to a purchaser the mortgagor nominates within 21 days at the estimated value or any higher written offer (strict liability offences, 50 penalty units). Thereafter it must sell as soon as reasonably practicable for the best price reasonably obtainable, credit the net proceeds, deduct only the secured amount, prior and notified subsequent mortgages and reasonable enforcement expenses, and give a written notice of gross and net proceeds, the amount still required, any further recovery action proposed and regulated information. The court can order a higher credit and compensation, with the onus of proving proper exercise of the power of sale on the provider.