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Comparison Rate Definition: How is it calculated?

Comparison Rate Definition: How is it calculated?

01/05/2015

So what is a Comparison Rate? A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, fees and charges and displays a single percentage rate that can be used to compare various loans from different lenders. From 1 July 2003, the Australian Government made it mandatory to display a comparison rate for any advertisement of a credit rate - incl... Read more

How to cut years off your home loan

How to cut years off your home loan

19/04/2015

Thirty years. That’s the length of the average Australian home loan. Sounds like a lifetime doesn’t it? If you’d like to shave five or more years off the life of your home loan, put these tips into action. Marry your mortgage to your income Match your repayments to your income. If you’re paid fortnightly, make your repayment fortnightly. This helps chip away at the interest, saving you money... Read more