The advertising blitz directly compares ME’s Super Member Standard Variable Rate Home Loan against the standard variable home loan of four major banks.
“ME believes consumers deserve to know the true cost of competing loans in order to make an informed decision. While our competitors may be uncomfortable with our message, consumers are entitled to this information,” ME workplace business executive manager Tony Beck said.
According to a Newspoll survey of 1200 adults, almost a third found it difficult to get information to compare home loan products.
ME is owned by a number of industry super funds that successfully used comparison advertising to show consumers the benefits they claim “all profit to member” funds have.
The advertisements had a negative marketing effect on retail super funds. A brandmanagement survey found two in three planners felt their business was under siege by the advertisements. Planners said the campaign threatened future fund flows.
ME works in partnership with the Australian Council of Trade Unions, affiliated unions and various superannuation funds to deliver a fair deal to working Australian families.
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