Interest Rates
We have over 25 lenders' loan products for you to choose from, including the most competitive interest rates in the home loan market. You can view some of these best rates on offer.
When examining your loan options and comparing loan product costs it is important to consider not only the interest rate of each product but the comparison rate. The comparison rate will indicate the true cost of the loan to you, including the ongoing fees.
What is a comparison rate?
A comparison rate is the effective interest rate on your loan, taking into account all ascertainable fees and charges over the published term of the loan (i.e. 25 or 30 years). However, the comparison rate is useful only as a rough guide as it does not take into consideration fees such as Early Repayment Fees, Deferred Establishment Fees, break costs, Lenders Mortgage Insurance Premiums, government fees and stamp duties and other fees which are deemed by the lender to be not ascertainable at the time of taking the loan.
The comparison rate also doesn't take into consideration benefits that may be attached to the loan, such as fee free transaction accounts, fee free credit cards, insurance discounts, one-off interest rate discounts and the like. These features can actually go towards reducing your overall cost of managing your financial affairs and achieving your financial goals.
Therefore, it is vitally important to view comparison rates as merely a guide only and to ensure you obtain ALL of the information, fees, charges and benefits attached to the loan that you are considering. Your Bernie Lewis Home Loans Accredited Mortgage Consultant will discuss all of this with you in great detail at your interview to ensure you get the right loan to suit your needs and circumstances.
How do I find out the comparison rate for my new loan?
A comparison rate is listed next to its interest rate in the comparison rate schedule. You can view the comparison rate schedules for each lender available through Bernie Lewis Home Loans.
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