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Comparison Rate Calculator

The lowest advertised rate isn't always the cheapest loan. Compare loans side by side with every fee, intro rate and cashback included, over the years you'll actually keep the loan.

Official comparison rate methodRate for your loan sizeTrue cost over your timeframe
Cheapest over 5 years
 
 

How much more each loan costs over time

Extra interest and fees compared with the cheapest loan, if you left at that point

What's in a comparison rate?

It rolls the interest rate and most fees into one number, so you can compare loans fairly

✓Included

  • The interest rate, including any intro or fixed rate and the rate it reverts to
  • Upfront fees such as application, establishment, valuation and settlement fees
  • Ongoing monthly and annual package fees
  • Discharge fees when you pay off the loan

✕Not included

  • Cashback offers and other incentives
  • Government charges such as stamp duty and registration fees
  • Lenders mortgage insurance
  • Break costs, redraw fees and late payment fees
  • The value of an offset account
Why our number differs from the ads. By law, advertised comparison rates are based on a $150,000 loan over 25 years, which is much smaller than most home loans today. Fees have a bigger effect on a small loan, so the advertised comparison rate usually overstates their impact on a typical loan. We show both: the standard rate, and the rate for your actual loan.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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Comparison rate questions

What is a comparison rate?
A comparison rate is a single yearly percentage that combines a loan's interest rate with most of its fees. Lenders must show it next to any advertised rate, so you can see the true cost of a loan rather than just the headline rate. If a loan has no fees, its comparison rate equals its interest rate.
Is the loan with the lowest comparison rate always cheapest?
Not always. The comparison rate assumes you keep the loan for the full term and ignores cashback. If you refinance or sell after a few years, an intro rate, upfront fee or cashback can change which loan is cheaper. That's why this calculator also shows the true cost over the time you expect to keep the loan.
Why is my comparison rate different from the one advertised?
Advertised comparison rates must be worked out on a $150,000 loan over 25 years. On a bigger loan, the same dollar fees make up a smaller share of the cost, so your personal comparison rate is usually lower than the advertised one. We show both.
Should I take a cashback offer?
A cashback can be worth it, but check the rate that comes with it. A $3,000 cashback on a loan that's 0.20% higher costs you more within a few years on a typical loan. Use the "How long will you keep it?" setting to see where the break-even point sits.
Are package fees worth paying?
Package loans usually charge an annual fee of around $395 in exchange for a rate discount and extras like a fee-free offset account. On larger loans the rate discount often outweighs the fee. On smaller loans it often doesn't. Enter both options above to see which works out cheaper for you.

General information only. Not personal financial advice. Comparison rates are calculated using the method in the National Consumer Credit Protection Regulations 2010, with monthly repayments, fees charged when due, and any intro or fixed rate followed by the revert rate for the rest of the term. The true cost over your timeframe includes the loan balance and discharge fee paid out at the end of that period, less any cashback. It assumes rates don't change and repayments aren't increased. Real loans can differ, so check each lender's key facts sheet. Swish Finance Brokers Pty Ltd. Jessica Ellis and Matthew Brogan are authorised credit representatives of National Lending Group Pty Ltd (ACL 412778).

Cheapest over 5 years
 

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General information only. Not personal financial advice. Calculator results are estimates only.