Borrowing Guide
Comparison Rates
When assessing the cost of a home loan, you need to consider not just the interest rate, but other costs too, such as ongoing fees and upfront charges. As these can vary between lenders and loans, the comparison rate was created to give borrowers a better indication of the real cost of a loan.
The comparison rate is one indicative interest rate that lets you compare the total cost of a loan between products and lenders. Calculated using a standard formula, it takes into account the amount and term of the loan, the repayment frequency, the interest rate and fees and charges associated with the loan. This helps you obtain a more comprehensive picture of what your home loan is going to cost you over the life of the loan.
Remember, it’s also important to consider the features of a home loan such as redraw, direct debit facilities, and repayment options. These give you added flexibility and can make a huge difference to the overall cost and suitability of the loan.
What does the comparison rate include?
- Nominal interest rate
- Loan approval and any other up-front fees
- Known ongoing fees
What does it exclude?
- Government and statutory fees –these are standard regardless of lender or loan type
- Mortgage Insurance or valuation charges if they are uncertain
- Fee waivers or personal discounts that may apply to the loan.
- Fees and charges that are event-based and may or may not apply throughout the life of your home loan. Eg. Redraw fees or early repayment fees
- Not all home loan products are included within the Comparison Rate legislation. It only applies to fixed term products.
What is a comparison rate schedule?
A comparison rate schedule details the various rates that apply to the lenders products at various loan amounts and various loan terms. The list below provides the comparison rate schedules for Aussie’s lenders.
Adelaide Bank
Adelaide Bank SmartSuite Comparison Rate Schedule
Comparison Rate Schedule for Adelaide Bank SmartSuite.
AMP
AMP Comparison Rate Schedule
Comparison Rate Schedule for AMP.
AMP Low Doc and Benefits Packages Loans Comparison Rate Schedule
Comparison Rate Schedule for AMP Low Doc and Benefits Packages.
AMP Greater than 95% LVR Comparison Rate Schedule
Comparison Rate Schedule for AMP Greater than 95% LVR.
ANZ Bank
ANZ Comparison Rate Schedule
Comparison Rate Schedule for ANZ.
Aussie Home Loans
AHL Comparison Rate Schedule
Comparison Rate Schedule for Aussie Home Loans.
Bank of SA
Bank of SA Comparison Rate Schedule
Comparison Rate Schedule for Bank of SA.
BankWest
BankWest Fixed Comparison Rate Schedules SA
Comparison Rate Schedule for BankWest Fixed Rate Loans.
BankWest Fixed Comparison Rate Schedules Except SA
Comparison Rate Schedule for BankWest Fixed Rate Loans.
BankWest Equity Comparison Rate Schedule SA
Comparison Rate Schedule for BankWest Equity Loans SA.
BankWest Equity Comparison Rate Schedule
Comparison Rate Schedule for BankWest Equity Loans.
BankWest Variable Comparison Rate Schedule Except SA
Comparison Rate Schedule for BankWest Variable Rate Loans Except SA.
BankWest Variable Comparison Rate Schedule SA
Comparison Rate Schedule for BankWest Variable Rate Loans SA.
Colonial
Colonial Fixed Comparison Rate Schedules
Comparison Rate Schedule for Colonial Fixed Rate Loans.
Colonial Variable Comparison Rate Schedules
Comparison Rate Schedule for Colonial Variable rate loans.
Colonial MAV Fixed Comparison Rate Schedules
Comparison Rate Schedule for Colonial MAV rate loans.
HomeSide Lending
Homeside Comparison Rate Schedule
Comparison Rate Schedule for Homeside.
IMB
IMB Comparison Rate Schedule
Comparison Rate Schedule for IMB.
ING
ING Comparison Rate schedule for NSW, QLD and VIC
Comparison Rate schedule for ING in NSW, QLD & VIC.
ING Comparison Rate schedule for ACT, WA, SA, TAS & NT
Comparison Rate schedule for ING in ACT, WA, SA, TAS & NT.
Keystart
Keystart Established and Construction Comparison Rate schedule
Comparison Rate schedule for Keystart.
Keystart GreenSmart Comparison Rate schedule
Comparison Rate schedule for Keystart.
Keystart Land Loan Comparison Rate schedule
Comparison Rate schedule for Keystart.
Liberty Financial
Liberty Comparison Rate Schedule
Comparison Rate Schedule for Liberty Financial.
Macquarie
Macquarie Select Basic Fixed Comparison Rate Schedule
Comparison Rate Schedule for Macquarie Select Basic Fixed.
Macquarie Select Basic Comparison Rate Schedule
Comparison Rate Schedule for Macquarie Basic Select Basic Fixed.
Macquarie Select Classic & Combo Fixed Comparison Rate Schedule
Comparison Rate Schedule for Macquarie Select Classic & Combo Fixed.
Macquarie Select Comparison Rate Schedule
Comparison Rate Schedule for Macquarie Select.
Macquarie Silver Living Comparison Rate Schedule
Comparison Rate Schedule for Macquarie Silver Living.
St George Bank
St George Comparison Rate Schedule
Comparison Rate Schedule for St George.
Suncorp
Suncorp Comparison Rate Schedule.
Comparison Rate Schedule for Suncorp.
Westpac
Westpac Home Loans CRS
Comparison Rate Schedule for Westpac Home Loans.
Westpac Investment Property Loans
Comparison Rate Schedule for Westpac Investment Loans.
Westpac Premier Advantage Home Loans CRS
Comparison Rate Schedule for Westpac Premier Advantage Home Loan.
Westpac premier Advantage Investment Property Home Loans CRS
Comparison Rate Schedule for Westpac Premier Advantage Investment Property Home Loans.
Westpac Investment Low Doc Investment Property Loans
Comparison Rate Schedule for Westpac Investment Low Doc Loans.
Westpac Low Doc Home Property Loans
Comparison Rate Schedule for Westpac Low Doc Home Loans.
Westpac Premier Advantage Low Doc Home Loans
Comparison Rate Schedule for Westpac Premier Advantage Low Doc Home Loans.
Westpac Premier Advantage Investment Low Doc Property Loans
Comparison Rate Schedule for Westpac Premier Advantage Investment Low Doc Property Loans.
Let us do the hard work. An Aussie Mortgage Adviser can help you compare hundreds of home loans and find the one that's right for you.
