Question 1

How do I compare home loans?

Accepted Answer

Compare the total cost over the loan term, not just the interest rate. A loan with a lower rate but high annual fees can cost more overall. Factor in comparison rates, ongoing fees, and features like offset accounts and redraw facilities.

Question 2

What is a comparison rate?

Accepted Answer

A comparison rate includes both the interest rate and most fees and charges, expressed as a single percentage. It helps you compare the true cost of different loans. By law, lenders must show comparison rates alongside advertised rates.

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