Disclosure of rates, fees and repayments and comparison rates

The NCC places restrictions and imposes requirements on the advertising and promotion of consumer credit.

Where an advertisement for consumer credit states the amount of any repayment, there is a requirement that the annual percentage rate be shown.

For more information on disclosure of rates, fees and repayments in advertisements for consumer credit see Disclosure of rates, fees and repayments.

Comparison rate disclosure

The NCC places restrictions and imposes requirements on the advertising and promotion of consumer credit.

Where an advertisement for consumer credit shows an annual percentage rate a comparison rate must also be included in the advertisement.

For more information, see Comparison rate disclosure.

General obligations on advertising and promotion of consumer credit

In advertising or promoting consumer credit, there are prohibitions on:

• • making false and misleading representations;
• • harassment of a person in attempting to get that person to apply for, or enter into, a credit contract or consumer lease; and
• • limitations on visits to a consumer's home.

For information about the general obligations when promoting consumer credit, see General obligations — advertising and promotion of consumer credit.

Special product disclosure requirements for credit cards, standard home loans, small amount credit contracts and reverse mortgages

There are additional rules relating to pre-contractual disclosure for credit card contracts, standard home loans, small amount credit contracts and reverse mortgages.

These special provisions involve:

• • the provision of key fact sheets for credit card contracts and standard home loans;
• • warnings about small amount credit contracts; and
• • the requirement to provide projections and a reverse mortgage information statement in relation to reverse mortgages.

For information about special product disclosure requirements for credit cards, standard home loans, small amount credit contracts and reverse mortgages, see Special product disclosure requirements for credit cards, standard home loans, small amount credit contracts (SACC) and reverse mortgages.