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Wizard's Asian spell doesn't work

A Wizard Home Loans company has got into trouble with the Commerce Commission over its advertising to the Asian community.

Wednesday, July 16th 2003, 8:23AM
A company named New Aussie Finance Pty Limited, licensed to trade as Wizard Home Loans to the Chinese and Korean communities in Auckland, has admitted its advertising was misleading, the Commerce Commission says.

Wizard bills itself as New Zealand's and Australia's largest non-bank home lender and is backed by Dutch-based banking giant ABN Amro and PBL Ltd, the company of Australian tycoon Kerry Packer.

The ads were in breach of the Fair Trading Act and the company has settled with the commission.

The advertising, which appeared in an Auckland Chinese language publication Property Overview in February this year, included that floating rate from 3.22%, and suggesting no application, monthly or annual fees.

The commission said its investigation revealed that the 3.22% 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.

Wizard New Zealand boss John Grant says a lack of consultation between New Aussie Finance Pty Limited’s manager David Mao and New Zealand led to the problem.

"Had Wizard New Zealand been presented with the advertisement for sign-off prior to placement this breach would not have occurred.

"Wizard has every confidence in David Mao’s professionalism and we have started working with Mao to ensure his procedures adhere to our own requirements and, most importantly, those set out by the Commerce Commission."

"Wizard is committed to consumer transparency and we have stringent compliance procedures in place. We actively train all staff, including all new branch owners and their staff, on the requirements of the Fair Trading Act and other regulatory regimes," Grant says.

« Brokers have to earn their commissions: CairdBack to Hogwarts for young wizard? »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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