In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
A comparison rate on a home loan is a tool designed to help borrowers understand the true cost of a loan by taking into account both the interest rate and various associated fees and charges. It is a more comprehensive measure than the advertised interest rate alone, as it provides a more accurate representation of the total cost of a loan over its term.
The comparison rate is expressed as a percentage and includes the following components:
Interest rate: This is the rate charged on the loan amount and is a significant factor in determining the overall cost of the loan.
Fees and Charges: The comparison rate incorporates fees and charges associated with the loan, such as application fees, annual fees and any other upfront or ongoing costs.
Loan Term: The comparison rate is calculated based on a standard loan term, typically 25 or 30 years. This allows borrowers to compare the total cost of different loans over a consistent period.
