Investment loan | Mortgage manager | Misleading conduct | Obligation to amend loan terms
Summary of the complaint:
- The consumer is claiming that the FSP told him that the applicable fixed rate was 4.00% p.a
- Approved the fixed rate of 4.00% p.a over the phone.
- We found that we did not have sufficient information from either party to make a finding that the FSP provided the consumer with misleading info about the interest rate.
- We found that regardless of the misrepresentation, the request to fix an interest rate would be subject to the FSP’s formal approval.
- We found that the FSP did no more than exercise its commercial judgment when declining the consumer’s request to fix the interest rate.