Comparison rate calculator

A comparison rate is a way of standardising a loan's genuine cost. It takes into account the interest rate, fees, and levies to produce a single percentage rate that may be used to compare different lenders' loans. This calculator can assist you in determining the comparison rate and determining the true cost of a loan.
Frequently Asked Questions
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What is the definition of a comparison rate?
A comparison rate considers all of the costs connected with a home loan, including the interest rate, as well as monthly fees and levies. This is stated as a single percentage that can be used to compare different lenders' home loan offerings.
If there is already an interest rate, why do we need a comparison rate?
Most borrowers would glance at the interest rate while examining a loan without considering the benefits and overall cost of the loan. This implies that some lenders may promote a rate to consumers that appears appealing at first but is not suited for their unique situation after the fees and charges associated with the loan are considered.
To combat this, the Australian government implemented the comparative rate as a required requirement to display the true cost of your house loan based on a set of assumptions, so borrowers don't have to calculate how much it will cost them if they chose to keep the loan for the long term.
Is comparison rate the holy grail?
Because a comparison rate is predicated on a set of assumptions, as explained above, it might be misleading. This means that comparison rates supplied by lenders will be less useful, if at all, for loans greater than this or if borrowers review and refinance their loans.

How do you use the comparison rate calculator?

Our comparison rate calculator is easy to use. All you have to do now is enter a few vital facts.

Loan amount
Loan Terms
Introductory rate
Introductory term
Standard or Revert Rate
Upfront Fee
Ongoing fees

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