What is a loan comparison rate?

What is a loan comparison rate?

Applying for the First Home Owner Grant should be done at the same time as applying for your home loan. Our affiliated brokers will help with the application. You can also request an application from the office of state revenue directly.

A comparison rate is an interest rate that helps consumers work out the true cost of holding a loan until it is paid off completely. It factors in

  • Product’s interest rate
  • Loan Size
  • All the fees and charges (Annual fees, discharge fees, application fees etc.)
  • The length of time you will be holding on to the loan.

By changing any of the assumptions above, it will change the comparison rate. Lenders are required to use a standard measuring stick and for all intent and purposes assumes

  • Loan size of $150,000
  • Term loan: 25 years

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