Are home loans which feature a line of credit covered by the comparison rate requirements?
The home loan is a fixed term credit product, and is therefore covered by the comparison rate requirements. The line of credit is an extra feature, and is not covered by the comparison rate requirements as it is a continuing credit product. This means that the comparison rate for a home loan with a line of credit only applies to the fixed term home loan. If a credit application is made over the telephone, must a comparison rate be provided? No, a comparison rate doesn’t have to be provided if a credit application is made over the phone. Are advertisements which say that a loan is interest free required to contain a comparison rate? No. These advertisements do not feature an interest rate and so do not have to provide a comparison rate. Do advertisements which state how much you will save on a loan have to contain a comparison rate? Not unless they also contain an interest rate. Comparison rates only have to be provided in advertisements which feature an interest rate. Does the repaymen
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