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National Credit Code Regulations Regarding Comparison Rates.

By: admin|

In line with National Credit Code regulations, legislation regarding to the advertisement of comparison rates has been amended.

Comparison rates no longer need to be displayed in the following circumstances:

• Comparison rate schedules no longer need to be produced

• Newspaper advertisements that just list interest rates – without any promotion of the loans, and

• Rate Boards or Interest Rate schedules on the intranet or internet.

Comparison rates may still be seen being used in advertisements which promote a particular scenario –e.g. based on a $100k loanover a ten year period: this is the only time when a comparison rate needs to be advertised.

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