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Comparison Rate Warning
Comparison rate calculated on a $150,000 secured finance over a 25 year term.
WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other finance amounts might result in a different comparison rate. Comparison rates for fixed profit rates are based on an initial period equal in length to the fixed period.
What is a comparison rate?
A tool to help customers identify the true cost of finance. It is calculated using a standard formula.
It is a rate which includes the profit rate and certain fees and charges relating to the finance.
The comparison rate does not include:
- Government charges such as stamp duty or mortgage registration fees
- Fees and charges associated with finance options or events that may or may not be used by the customer, such as early repayment or redraw fees
- Fees and charges which aren’t available at the time the comparison rate is provided
- Cost savings such as fee waivers or the availability of offset arrangements which can influence the cost of finance.