What is a Comparison Rate?
Latest home loans news
Record number of Aussies refinance as new home lending plummets
Today’s figures from the ABS show new home lending plunged $2.15 billion in May, the biggest monthly drop ever recorded.
How much could you pay for extending your mortgage freeze?
Australians experiencing financial hardship may welcome the news that the big banks are offering to extend mortgage holidays. But while this could provide welcome relief in the short term, what could freezing your mortgage for longer end up costing you in the longer term?
A comparison rate factors in not only the interest rate of a loan but also the majority of upfront and ongoing charges that add to the total cost. Because of this, the comparison rate is a more in-depth way of comparing mortgages than the advertised rate alone.