Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.
- Variable rate loans show the monthly repayments at the current rate.
- Fixed rate loans show the monthly repayment during the fixed period only.
- Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.
A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.
Monthly Repayment and Comparison Rate* calculations do not include:
- The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
- Cost savings such as fee waivers or special rate discounts.
- Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
- Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
- Government charges such as stamp duty or mortgage registration fees.
- Fees and charges which aren’t available at the time the comparison rate is provided