What you can and cannot say The table (below) summarises the type of advice that you can and cannot provide (i.e. what is caught and not caught by the Act). Category of You Can Examples You Cannot Examples Advice Apply for a Suggest to a loan Suggest to ‘obtain ‘the Fixed credit product apply for credit for your apply for a Investment without investment particular Loan from referring to a credit product Westpac is property’ particular with a suitable for a loan ‘obtain credit product particular your for your or credit credit provider investment investment provider property’ property. Suggest to Suitable lenders a loan ‘obtain approach a include for your range of credit Westpac, ANZ investment providers who and property. CBA’ offer a range Suitable of credit lenders include products ANZ, CBA, and NAB who are all currently offering fixed interest home loans’ Increase the Assume the should Suggest to should ‘you ‘you limit of an continuation of consider increase the increase the existing credit an existing repaying your limit in a amount of your contract credit contract home mortgage particular Fixed and increasing credit product Investment Suggest that the value of Loan with ANZ’ the consumer your investment increase loans should ‘you property with tax consolidate all mortgage’ deductable your debts into interest your existing repayments Westpac and reduce personal loan’ loans with interest repayments Remain in a Assume the currently Suggest to should “you ‘you credit product continuation of have a Fixed remain in a remain in your an existing Investment credit product current credit product Loan with investment NAB” (e.g. loan as it is the preparation of best currently financial available’ advice which
What you can and cannot say The table (below) summarises the type of advice that you can and cannot provide (i.e. what is caught and not caught by the Act). Category of Advice You Can Examples You Cannot Examples Apply for a credit product Suggest to apply for credit without referring to a particular credit product or credit provider Suggest to approach a range of credit providers who offer a range of credit products ‘obtain a loan for your investment property’ ‘obtain a loan for your investment property. Suitable lenders include Westpac, ANZ and CBA’ Suggest to apply for a particular credit product with a particular credit provider ‘the Fixed Investment Loan from Westpac is suitable for your investment property’ ‘obtain a loan for your investment property. Suitable lenders include ANZ, CBA, and NAB who are all currently offering fixed interest home loans’ Increase the limit of an existing credit contract Assume the continuation of an existing credit contract Suggest that the consumer increase loans with tax deductable interest repayments and reduce loans with interest repayments ‘you should consider repaying your home mortgage and increasing the value of your investment property mortgage’ Suggest to increase the limit in a particular credit product ‘you should increase the amount of your Fixed Investment Loan with ANZ’ ‘you should consolidate all your debts into your existing Westpac personal loan’ Remain in a credit product Assume the continuation of an existing credit product (e.g. preparation of financial advice which “you currently have a Fixed Investment Loan with NAB” Suggest to remain in a credit product ‘you should remain in your current investment loan as it is the best currently available’