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A "Comparison Rate" is an attempt to express some of the costs of a loan into a single interest rate. These 'costs' include the nominal interest rate, some 'up-front' fees and on-going charges. It does not include fees and charges based on future events which may not occur eg redraw fees, progress payments etc which are not typical of all loans. The aim of the comparison rate is to help consumers make a more informed judgement of the costs of a loan, and in so doing, help them to compare various like loan products and services offered by the various lending institutions. The Uniform Consumer Credit Code (UCCC) has been amended to require a 'Comparison Rate' to be quoted on all advertising for home loans, personal loans and campus loans where an interest rate is stated.
a method of calculating the total cost of a loan, including interest and all fees and charges, to a single percentage rate
a tool designed to help you compare the true cost of loans offered by different lenders, taken out over the same time period for the same amount
a tool to help consumers identify the true cost of a home loan
The comparison rate is an indicative interest rate that combines the nominal interest rate with any foreseeable fees and charges associated with the loan, to help you obtain a more comprehensive picture of what your loan is going to cost you over the life of the loan. While the comparison rate helps you to compare one loan against another on a cost basis, itâ€™s also important to consider the features of a loan such as redraw and direct debit facilities, loan portability and repayment options that increase the flexibility of your loan and can make a huge difference to the overall cost of a loan.
a property title that applies when owners of units in a block form a company. used to compare the actual rate loan, taking into account nominal interest rate per annum, the compounding frequency and upfront and ongoing fees, as outlined in the Consumer Credit Code.
As of July 2003 all lenders and brokers must provide a 'comparison rate', by law. A Comparison Rate reveals the cost of a loan, allowing you to compare 'apples with apples' when choosing a loan. The Comparison Rate takes into consideration the costs associated with setting up a loan including the interest rate, the loan approval fee and any other up-front or ongoing fees. It excludes government fees and charges, because they are standard across all loans.
Compare actual rate of loan against another taking into account all charges (nominal interest rate p.a., compounding frequency, upfront and ongoing fees) - according to Consumer Credit Code
A rate which includes both the interest rate and most fees and charges payable during the life of the loan, expressed as a single percentage figure. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included and may influence the cost of the loan.
A rate that lets you compare the cost of advertised loans, including interest rates and most fees and charges.
An adjusted interest rate that takes into account the lenders' fees and charges over the term of the loan.
Comparison rates are similar to interest rates, but give the consumer a better indication of the true cost of a loan. Comparison rates take into account not only the interest rate for the loan, but also other fees and charges incurred during the life of the loan, such as ongoing monthly account fees and application fees. For example, a loan may be advertised with an interest rate of 6.3% and a comparison rate of 7.6%. Note that not all fees and charges are included in comparison rates (i.e. stamp duty is not included, and fees that are only incurred in certain circumstances such as redraw fees are not included).
The Comparison Rate indicates the overall cost of a loan. It takes into account associated costs including the interest rate, the loan establishment fees and any other up-front or ongoing fees. The Comparison Rate does not include government fees and charges or any fees that are conditional or that are not established at the time of calculation
The Comparison Rate provides an indicative interest rate that takes into account certain costs associated with setting up a loan. This rate includes the nominal interest rate/s, loan approval fee, any other up front fees and known ongoing fees. The Comparison Rate does not include government and statutory fees, since these are standard across all loans regardless of the lender. It also doesn't include other fees and charges that are 'event based' and which may or may not apply throughout the term of your loan (for example, redraw fees and early repayment costs).
compares the actual rate of a loan, taking into account interest rate, compounding frequency and up-front and ongoing fees
A nominal rate per annum together with the compounding frequency as outlined in the Consumer Credit Code.
The interest rate on a loan that includes interest and most (but not all) fees and charges for the loan. For example, if a bank advertises an interest rate for a home loan of 5.49%pa, the comparison rate (once fees and charges have been included) might actually be 6.75%pa.
Used to compare the actual rate of a loan, taking into account nominal interest rate per annum, the compounding frequency and upfront and ongoing fees, as outlined in the Consumer Credit Code. This rate can vary depending on the loan amount, the term and if payments are interest only or principal and interest.