Anyloan Australia News

Commonwealth Bank changes ads following ASIC concern

Source: Money Management: 16 Jan 2012

The Commonwealth Bank of Australia has agreed to change some of its advertised loan comparison rates after concerns were raised by the Australian Securities and Investments Commission (ASIC).

ASIC was concerned that the Commonwealth Bank's advertised comparison rates for its Wealth Package loans were incorrect and potentially misleading because they did not include the Wealth Package $350 annual fee in the advertised comparison rate.

Under the National Credit Code, credit ads that include an annual percentage rate must also include a comparison rate incorporating the fees, charges and interest relating to a loan in order to better reflect the true cost of credit, ASIC stated.

When promoting a package loan, any fee in connection with a loan to qualify for the advertised annual percentage rate must be included in the comparison rate, otherwise that rate will not reflect the loan's true cost, ASIC stated.

"Comparison rates help consumers work out the true cost of credit. It can be difficult for people to compare home loans with different combinations of interest rates and fees," said ASIC Commissioner Peter Kell.

"This is why credit providers must include the comparison rate when they advertise a rate or a weekly payment for a home loan, and ASIC will be active to ensure compliance in this area," he said.

Money Management

Finance Articles

What Is a Debt Consolidation Loan?
A debt consolidation loan combines several debts into a single loan that you will repay over a set period of time. You can consolidate personal loans, credit cards,... read more

Finances Approaching Empty? Watch For These Four Amber Lights
We know when we have plenty. We are sure when we have a little. However, do we know when we are approaching empty? Like traffic lights, there are several signs that... read more

10 Tips - How to reduce your mortgage
Anyone who has ever had to pay off a mortgage will tell you they would love to pay it off before the term, but most people will continue to chip away at their loan... read more

The Enjoyable Road to Debt Freedom
With summer coming up, some of us are braving the high fuel prices and driving to family gatherings or favorite vacation spots. What route would you take? Any experienced... read more

Is now the right time to refinance your home?
So, interest rates have changed since you took out your home loan and you think it could be time to refinance your existing mortgage? But the entire loan application... read more

Good Debt Versus Bad Debt
Some people see debt as a curse, and other people see it as a friend. It can be used to make you miserable, or it can be used to make you wealthy beyond your wildest... read more

Tackle Bad Credit With These Simple Ideas!
Bad credit can make it difficult to do business with certain types of companies. Poor credit impacts your ability to move forward with your life. However, there is... read more

Knowing 6 types of personal loans will make borrowing easier and save you money
Knowing 6 types of personal loans will make it easier for you do deal with lenders, go from asking for a loan, to I want a novated lease with a 45% balloon payment.... read more

5 simple tips for reducing your debt faster
Losing sleep from too much debt? Learn how to pay off your credit card bills faster! read more

5 Credit Killers
A good credit score speaks volumes about your financial habits. It's the evidence most creditors need to evaluate your credit worthiness. read more

Finance News

Personal Loans to help Australians in need: FSO
Oct 29 :: As Australia prepares to clean up following devastating fires and floods, Financial Services Online CEO, Andrew Clark, has announced a package of personal finance... read more

Small business loans to help Aussie businesses through tough times
Nov 27 :: Financial Services Online has today announced a new credit facility for Australian business customers who are seeking loans for amounts of up to $10,000 with minimum... read more

Police issue warning about bank scam
Nov 20 :: Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.They say they cold call customers and tell them they... read more

ANZ nets solid profit despite wealth management
Oct 26 :: ANZ banking group has reported a solid full-year result with net profit attributable to shareholders up 6 per cent to nearly $5.7 billion - but with its wealth management... read more

Millions lack access to basic financial services
Jun 01 :: Nearly 3 million Australians do not have access to basic financial products such as a credit card, car insurance or even a bank account, according to a private study.... read more

Reserve Bank leaves interest rates steady
Apr 04 :: The board of the Reserve Bank of Australia has left interest rates unchanged at 4.25 per cent at its monthly meeting today, as widely expected.The decision... read more

Big banks not too profitable: RBA
Feb 25 :: The governor of the Reserve Bank says the Australian banking sector is not too profitable.Appearing before the House of Representatives Standing Committee... read more

Commonwealth Bank changes ads following ASIC concern
Jan 16 :: The Commonwealth Bank of Australia has agreed to change some of its advertised loan comparison rates after concerns were raised by the Australian Securities... read more

Inflation fall strengthens case for rate cuts
Dec 06 :: A leading unofficial measure of inflation eased last month due to falling food and fuel prices, strengthening the case for interest rate cuts next year.The... read more

Reserve Bank cuts domestic growth outlook
Nov 07 :: The Reserve Bank of Australia (RBA) has cut its forecast for economic growth and inflation in its latest quarterly report card.Europe's ongoing sovereign... read more

Need Help Finding a Loan?

Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!

All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase

Personal Loan:
A Personal Loan is a means of obtaining finance from a financial institution or financial product provider and the lending criteria usually depends on criteria such as personal income and expenses, assets and liabilities, employment status and previo

This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008, authorised credit representative of Saccasan Pty Ltd, Australian Credit License 386297. Visit the ASIC website for additional licensing information.

IMPORTANT: We are neither authorised nor licensed to provide finance or finance products. We do not recommend any specific financial products and we do not offer any form of credit or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to third party, qualified intermediaries with whom you can deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third part to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs.