RBA Cash Rate: 4.35% · 1AUD = 0.67 USD · Inflation: 4.1%  
Leading Digital Marketing Experts | 1300 235 433 | Aggregation Enquires Welcome | Book Appointment
Example Interest Rates: Home Loan Variable: 5.38% (6.14%*) • Home Loan Fixed: 5.44% (6.26%*) • Fixed: 5.44% (6.26%*) • Variable: 5.38% (6.14%*) • Investment IO: 5.69% (6.52%*) • Investment PI: 5.49% (5.98%*)

Shad of the Day, 14th October 2024

Shad of the Day, 14th October 2024. The guy behind these ads is not particularly savvy, and his technical illiteracy and lack of financial knowledge results is a non-compliant and low-performing experience. It's not my job to educate competitors but I gave some of my time to this chap - he's implemented some of my suggestions but ignored most of them. While the above ads are *very* poor (one of the landing pages doesn't even work), it's the exclusion of the comparison rate that is the focus of this Shad.

I've referenced ASIC's RG234, although the guide points to the relevant legislation.

RG178.23

"An advertised comparison rate must be identified as a comparison rate and the comparison rate must not be less prominent in an advertisement than any interest rate or the amount of any repayment stated in the advertisement: s164, National Credit Code.

We [ASIC] consider that the following examples would result in the comparison rate being less prominent than the advertised interest rate:

(a) a comparison rate is smaller in size or faded in colour when compared to the interest rate; or

(b) an interest rate is published online and a consumer is required to click through or additionally do something (such as move their cursor over the interest rate) to view the comparison rate; or

(c) the displayed comparison rate is not in close proximity to the displayed interest rate."

RG178 5

"Information in advertisements should be current (changes should be made in a week - is this rate current?)

RG178/RG234.156

"It is not necessary to show that consumers have actually been misled - the law prohibits conduct that is *likely* to mislead.

Consumers cannot be expected to study or revisit an advertisement - the most important consideration is the overall impression created by the advertisement when viewed for the first time.

Silence can be misleading or deceptive when it is reasonable for a consumer to expect disclosure of important information - silence on important details can render a statement misleading, even though it is factually correct."

It's not hard to be compliant.

Instagram Image

■ ■ ■

 
Download our complimentary 650-page guide on marketing for mortgage brokers. We'll show you exactly how we generate billions in volume for our clients.
Finance Guide, Cropped Top and Bottom
  Timezone: 1 · [ CHANGE ]

Share this page

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Leave a comment