AUSTRALIAN MORTGAGE BROKERS
Using the Credit Comparison Rate to compare home loans in Australia

Credit Comparison Rate (CCR)



The best place to start your home loan search

The Credit Comparison Rate is a tool to help borrowers compare one loan with another.

From the 1st July 2003 it became compulsory in Australia for financial institutions to publish the Comparison Rate in all advertising, including print media, radio, and television.

The Credit Comparison Rate is a calculation that takes into account the advertised interest rate as well as the upfront fees and charges and represents them as one easy to compare interest rate.

The Comparison Rate formula is commonly based on a loan of $150,000 over a 25 year period.

The Comparison Rate is designed to remove the confusion from home loan offers and exposes the impact of honeymoon rates and fees and charges on the total cost of the loan.


CREDIT COMPARISON RATE FOR INVESTMENT & PROPERTY LOANS
Std Variable Rate Loan
Basic Variable Rate Loan
Fixed Interest Loan
Split Loan
Home Equity Loan
Debt Consolidation Loan
Low Doc Loan
Non-conforming Loan
Line of Credit
Interest Only Loan
Reverse Mortgage
Construction Loan
Renovation Loan
Refinancing
Home Loan Resources
Mortgage Broker
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Credit Comparison Rate for Loans in Australia

Useful Tip

The CCR is calculated by combining the interest rate with the establishment fee, valuation fee, and any ongoing fees but ignores loan features (like repaying a loan early without penalties) so it tends to present basic loans in a better light.

Take care that you are actually comparing loans that have a similar set of features.






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