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Comparing Comparison Rates If you've ever wondered exactly what a loan will cost you over the whole term of it, comparison rates are the way to find out. Due to a new law that was enacted in 2003, all credit providers must use the comparison rate when talking to customers about their interest rates.
This makes it much easier for the consumer to see which loan is going to cost them less over its lifetime. Comparison rates include all the costs and fees of servicing the loan as well as the total interest rate costs. Establishment fees and legal fees are included.
What the comparison rate doesn't take into account are the features of each loan such as the terms of repayment, whether 100% offset account is available, redraw and switching costs and other things
that make a specific loan more flexible and suited to the individual's requirements. It has no knowledge of each borrower's unique needs, therefore can only be used in a general way. There is no lender's mortgage insurance included in the comparison schedule either, since not everyone would be required to pay it.
To use it at all, you need to decide what sort of loan you want and which features you need first, and then do the comparison based on that information.
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