Line-of-credit loans and Infochoice calculator
Infochoice wishes to advise that it has voluntarily withdrawn its line of credit calculator after the Australian Securities and Investments Commission raised issues concerning the appropriateness of some lending products.
Once concerns were raised Infochoice acted quickly to voluntarily remove the calculator because consumers come first and we wanted to ensure if there was any doubt no-one would be affected. ASIC has acknowledged this by pointing out that we acted quickly and co-operatively to the benefit of consumers.
There are no inaccuracies with the calculator. In fact it has been through rigorous testing with the major banks who take the service all of which gave it the thumbs up. Separately, it has been reviewed and approved by an independent actuary. The system we use has been developed by our company according to lending industry specifications.
It is important to understand, our business is to supply a calculator to banks and lending institutions, we do not lend money or have a financial relationship with borrowers.
We will continue to co-operate with ASIC to achieve a solution that is in the best interests of all concerned.
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