Comparison Rate Calculator
What rate would you actually get?
A comparison rate is a guide, not an offer. What you actually get depends on the lender, your income and your deposit. A broker can tell you the real number for you.
Find my loan matchWhat this calculator does
Works out a loan’s comparison rate – the truer rate that rolls the advertised interest rate together with most fees, so you can compare loans on a like-for-like basis instead of being fooled by a low headline number.
Reading the result
Enter the rate, fees and loan details. The comparison rate is usually higher than the advertised rate, because it includes the fees a headline rate hides. A loan with a low advertised rate but high fees can end up dearer than one with a slightly higher rate and no fees.
Example
A 6.00% loan with a $10 monthly fee and a $600 setup fee might carry a comparison rate near 6.15%. Against a 6.10% loan with no fees, the cheaper-looking headline rate is actually the more expensive loan.
Frequently asked questions
What fees are included? Most standard fees – application, ongoing and settlement. It does not include fees that may or may not apply, like redraw or early-exit fees.
Why is it higher than the advertised rate? Because it bakes the fees back in. That is the point – it stops a low rate with high fees from looking cheaper than it is.
Is it exact? It is a standardised comparison based on a set loan amount and term, so treat it as a guide rather than your exact cost.
Want the genuinely cheapest loan for you? A broker compares comparison rates across lenders for free. See our rankings of the best mortgage brokers in Australia.