NAB collared for another misleading home loan ad

National Australia Bank will run advertisements correcting misleading claims it made in home loan promotions.

Earlier this month NAB ran ads claiming the bank had "the lowest standard variable rate for more than five years."

The Australian Securities and Investments Commission said NAB failed to qualify the claim with words to the effect "of the four major banks."

Apart from the major banks, NAB has not had the lowest standard variable rate over the past five years, ASIC said.

Last month, NAB was fined after ASIC found that ads for its online division UBank were "potentially misleading".

The ads were offering A$2014 gift cards for consumers who took out a home loan with UBank. ASIC said a number of conditions attached to the offer were not disclosed in "a clear and prominent manner."

UBank subsequently provided a gift card to all consumers who took out a home loan during the offer period.