Menu
Business

NAB pulled up for misleading home loan ad

ONE of Australia's big four banks has been forced to run advertisements correcting misleading claims about its home loans.

The National Australia Bank earlier this month published wraparound advertisements in two Fairfax metropolitan newspapers.

Those advertisements, in the Sydney Morning Herald and The Age, had claimed the bank had "the lowest standard variable rate for more than five years".

However, the corporate regulator questioned the claims, as the bank failed to qualify the statement with words to the effect "of the four major banks".

While the claim was correct for NBA's home loans compared to the other big four banks, small and independent banks offered lower rates on their products during the past five years.

Australian Securities and Investments Commission deputy chairman Peter Kell said buying a home was a "very big step in someone's life" and it was vital that claims made about home loans were accurate.

The advertisements correcting the claims will run in both newspapers on Tuesday.

- APN NEWSDESK

Topics:  baking finance money national australia bank



Graduate nurses and midwives

ALL IN BLUE: Member for Coffs Harbour Andrew Fraser and MNCLHD board chairman Warren Grimshaw meet some of the new graduates at the CHHC simulation centre.

COFFS Harbour Health Campus 32 graduate nurses and midwives

Need a break from the daily grind yet?

PRIZE HOLIDAY: A $1000 travel voucher is up for grabs.

Would a $1000 Flight Centre gift card help?

Search for missing swimmer enters its second day

SEARCH ONGOING: Emergency services continue to search for a 22-year-old man, believed to be from Queensland, who was swept out to sea by a rip when swimming at Valla Beach on Saturday, February 17, 2018.

Emergency services continue to look for man pulled out to sea in rip

Local Partners