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'Pay off your home loan in 5 years': finance company in hot water for misleading advertisements

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Australian Broker | 12 Nov 2014, 06:57 AM Agree 0
A Gold Coast-based credit finance company has entered into an EU with ASIC over misleading advertising of financing options for home loans
  • Tim H | 12 Nov 2014, 10:26 AM Agree 0
    A question for ASIC. How can major lenders who do not offer capitalised LMI promote on national television advertisements saying you only need 5% deposit to buy a home when any good broker knows that aside from the LMI the borrower will also require funds for solicitors, government registration fees, lender fees, property changeover costs, removalist fees, insurance etc.
    ASIC is right to take to task Equanimity for their misleading advertising but isn't it also wrong to mislead first home buyers to think that it is as easy as just having a 5% deposit to get a home.
  • Stumped... | 12 Nov 2014, 01:48 PM Agree 0
    Lets not forget the Developers/Marketers who somehow manage to double the GreatStartGrant for FHBs & hey presto....not deposit needed at all!!
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