Because it is tricky to compare home loans with different interest rates and fees, lenders have to provide a comparison rate on the home loans advertised where they also state an interest rate or weekly repayment amount. MyRate comparison rate is based on a $150,000 loan over 25 years or where applicable, a $600,000 loan over 25 years.
This is calculated by adding the interest rate to the main fees and charges on the loan.
When using a comparison rate, ensure that the loans being compared are for the same amount and term.
In other words, make sure you compare apples with apples and make this comparison for your specific situation.You can review some of Myrate home loan comparison calculators to help you.
This will give you the real picture and will help you choose the best lender for YOUR situation.
The MyRate team