Calculate the true comparison rate of a loan, factoring in all fees and charges. The comparison rate is required to be disclosed by all Australian lenders under the National Consumer Credit Protection Act.
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The comparison rate combines the interest rate AND most fees and charges into a single percentage, making it easier to compare loans. Australian lenders are legally required to display the comparison rate alongside the interest rate (National Consumer Credit Protection Act 2009).
Warning: The comparison rate is standardised on a $150,000 loan over 25 years. For your actual loan, the impact of fees will differ.