If you guarantee or otherwise secure a loan for a person, you are protected under the CCCFA and, since 2015, the Responsible Lending Code. If you guarantee a thing, like a company, then you have no such protection. The guarantee is what they call ‘all obligations’ and ‘unlimited’: the gift that keeps on giving taking.
What that means is that ANZ can keep on lending against that guarantee. The really good bit is that ANZ feels that it doesn’t have to tell the guarantor about any of this until it wants its money back and it hits him with a demand for the full amount of the outstanding debt. Yes, really.