Australia National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009) s90: Enforce a guarantee only after a judgment against the debtor stays unpaid for 30 days, or the court, absence or insolvency exceptions apply

A credit provider must not enforce a judgment against a guarantor unless it has obtained judgment against the debtor for the guaranteed liability and the judgment has remained unsatisfied for 30 days after a written demand for payment, or the court has relieved it of that step because recovery from the debtor is unlikely, or it has made reasonable attempts to locate the debtor without success, or the debtor is insolvent (strict liability, 50 penalty units).