What is a Comparison Rate?

Our Comparison Rate Calculator is a tool to help you identify the real cost of a loan by including variables such as the interest rate, establishment fees, ongoing charges, loan amount, repayment frequency and loan term. The result is a one single percentage figure called the 'comparison rate' that you can use to compare loan options.

TIP:
An 'introductory rate' is generally a lower interest rate offered for a defined period of time such as 1-3 years before stepping up to a much higher ongoing rate for the remainder of your loan term. It can be also referred to as a 'Honeymoon rate' and is often used in advertising to attract borrowers to the low headline rate. If it's not applicable in the loan product you're comparing then simply enter 0 to the 'Intro Interest Rate' field on the calculator below.

 

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