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How to Compare Home Loans

Recently advertisers are using the term comparison rate - but what is a comparison rate?

A comparison rate helps us determine the true cost of a loan by calculating the interest rate, fees and charges and presenting them as an interest rate to allow fair comparison.

A Loan of 6.5% that also includes an $8 monthly fee is not the same as a loan the is 6.5% and does not include an $8 monthly fee.

According to specialising in Home Loans Perth factors to be included in the comparison rate are -:

  • loan amount
  • term of the loan
  • repayment frequency
  • interest rate
  • fees and charges (excluding government charges, such as stamp duty and mortgage registration fees)