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Resi targeted by ASIC for rate ads

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Australian Broker | 20 Jun 2012, 06:00 AM Agree 0
Resi is the latest lender to cop a reprimand from ASIC over advertising for its home loans.
  • Loz | 20 Jun 2012, 10:35 AM Agree 0
    I love how they focus so much on bullcrap...comparision rates a largely irrelivant given most customer refinance with 5 years anyway, which renders the comp rate useless.

    Why dont they focus on collusion between banks, scores of banks all offering damn near the same thing....

  • phil.gt3 | 20 Jun 2012, 11:07 AM Agree 0
    I am in total agreement with Loz! At an AFG function yesterday, the average loan size for mortgages was stated as being massively above $150k for all states. Thus I too fail to see the relevance of a comparison rate as it presently promoted. A more realistic figure would be for $300k over 5 years; this is much closer to the real world in my humble opinion.
  • Dave the broker | 20 Jun 2012, 12:50 PM Agree 0
    people dont care about comparison rates - they want to know how much they are going to pay right now i.e. the current interest rate - ASIC should sort this out asap - $150k over 25 years is a joke!
  • A Broker | 20 Jun 2012, 02:22 PM Agree 0
    If I had a dollar for every time a client has asked me what the comparison rate on a loan is, I'd have $0.
  • Broker | 20 Jun 2012, 05:03 PM Agree 0
    All comments above are 100% correct, ASIC need to get into the real world..
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