Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Wizard Home Loans’ advertising misleading

Wizard Home Loans’ advertising misleading – Chinese community targeted

A company named New Aussie Finance Pty Limited, licensed to trade as Wizard Home Loans to the Chinese and Korean communities in the greater Auckland region, has admitted its advertising was misleading and in breach of the Fair Trading Act in a settlement with the Commerce Commission.

The advertising, which appeared in an Auckland Chinese language publication Property Overview in February this year, included the representations (translated from Chinese) ‘Floating rate 3.22% p.a.* from’ and ‘*No application fee *No monthly fee *No annual fee’.

A Commerce Commission investigation revealed that the 3.22% p.a. interest rate was only available for the first month of the loan, that the offer was only available on loans of $300,000 or more and that the loan was subject to a $600 application fee.

In addition, pictures and contact details of 14 employees featured in the advertising implied that all were Auckland based, when in fact 12 were based in Australia at the time the advertising was published.

Director of Fair Trading Deborah Battell said that while the advertising included a disclaimer ‘terms and conditions apply’ the offer was misleading in the Commission’s view.

“All important terms and conditions should match the offer and must be clearly and accurately disclosed. Small print cannot be used to substantially change or qualify the impression given by advertising,” she said.

“The Fair Trading Act has wide application and is not limited to claims made in English – it also applies to claims made in any other language.

“People are encouraged to call the Commission’s Contact Centre on 0800 943 600 if they are concerned that they or others may have been misled,” Ms Battell added.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news