Rates rules

HOME loan providers in WA could soon be forced to include an Average Annualised Percentage Rate in their advertisements.

The WA Government is considering adopting the proposal into its legislation.

The AAPR gives a more accurate reflection of the interest rate a consumer would be paying if they took on any particular home loan. It includes all of the costs charged by the lender.

A spokesman for Consumer Affairs Minister John Kobelke said the Minister supported a code that allowed consumers to “compare like with like”.

“State government Consumer Affairs ministers have been discussing it but there has not been any consensus as yet,” the spokesman said.

The Queensland Government is moving to enshrine requirements for the AAPR to be shown on lending advertisements in its Consumer Credit Code legislation but there is no time frame set for when that change will occur. Some lenders believe that, if one state introduces such legislation. it will force the AAPR to appear on advertisements around Australia.

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