ASIC is continuing its program of monitoring credit advertisements and credit provider websites.

ASIC has announced that Resi Mortgage Corporation Pty Ltd (RESI) has agreed to change its online home loan advertising following ASIC concerns the ads failed to adequately disclose the comparison rate on its home loans.

ASIC was concerned that the ad’s comparison rate wasn’t prominent enough and although the required statutory warning about the accuracy of the comparison rate was given, there was no clear reference to that warning.

In a separate part of the website RESI included a table of other home loan products together with their interest rates but did not include any comparison rates.

Bright Law can advise on your advertising compliance obligations.