Compare home loans

A comparison rate is a standardised way of comparing loans as it takes into account some of the fees and charges of the loan over a set period of time. It is intended to give you a better overview of the true cost of the loan compared to the interest rate, however as it’s based on a standardised loan period and dollar amount, it’s always best to do your own research to work out which loan is best for you. Learn how comparison rates are calculated.

The pros of taking out a fixed rate include the knowledge that your repayment won’t rise during that period, providing peace of mind with no concern for any rate rises. While the cons of a fixed rate home loan can include penalties for early payout of the loan, limits on additional payments that can be made, and your repayments will not decrease if rates fall. A Mortgage Choice broker can help work out if a fixed rate is right for you. 

The pros of a variable rate home loan include more flexibility and additional features, such as a redraw facility, the ability to make additional payments and low introductory or honeymoon rates. While the cons of a variable rate can involve higher fees for those additional features, and your repayments can increase when official rates increase. Mortgage Choice brokers can help you decide what loan features are right for you.

Choosing your interest rate involved comparing home loans by understanding what features are right for your situation. Looking at the interest rate, fees and features that each product offers & using the comparison rate can provide an overview of the true costs of a loan. A mortgage broker can help you compare 1000s of loans to find the right loan for you.