With the help of this calculator, you can find out the comparison rate or “true interest rate”. The calculator shows you what interest rate you will pay on the life of the loan and what the monthly repayments will be.
The mortgage interest comparison rates quoted on the lenders' websites and brochures can be quite misleading. This is because they are generally based on a loan of around $250,000 over 30 years - which may not even be close to your requirements. Even ASIC has gone as far as to state that published comparison rates provide very little value. This handy calculator, however, allows you to calculate the actual interest comparison rate for your own circumstances. A comparison rate is a method of standardising the true cost of a loan. It factors in the interest rate, fees and charges and displays a single percentage rate that can be used to compare various loans from different lenders.
Talk to us about the various lenders in the market and the most suitable mortgage for you that you should be applying for.
