Comparison Rate Calculator

Trying to compare home loan products with different interest rates, fees and charges can be difficult, that’s where a comparison rate comes in. Use our comparison rate calculator to understand the total effective cost of two different loans taking into account all costs.

How do Comparison Rate calculations work?

A Comparison Rate (CR) is a specific interest rate which factors in all setup fees, ongoing fees, closure fees and charges for a loan to provide a singular figure. This was setup by the government as a means of helping borrowers navigate the complexity of loan products and get a ‘apples for apples’ comparison tool. With comparison rates they will change based on the estimated loan amount and loan term, as some loan structures can be cheaper over a short term, whilst others will be more cost effective over longer periods. To calculate an accurate total cost of your loan through a comparison rate, try to use accurate loan borrowing amounts, whether you’re using principal and interest or interest only repayments and an accurate loan term.

Do you need help understanding comparison rates and comparing loan products? Speak with a broker today.

Disclaimer:  The calculations do not take into account all fees and charges. The results provided by this calculator are an estimate only, and should not be relied on for the purpose of making a decision in relation to a loan. Interest rates and other costs can change over time, affecting the total cost of the loan. Borrowers should consider discussing their individual situation with a qualified Australian Credit Licensee or authorised Credit Representative.