An Assessment Rate is the interest rate used when the lender is assessing the serviceability of your loan. It is generally higher than the rate of the product you are applying for. For example, if the product’s interest rate is 5%, they may assess you on your ability to pay off the loan if the (assessment) rate is at 7%.
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Your real estate agent may appraise your property. However, this isn’t the same as the valuation a lender will carry out. Let’s look at the differences between the two.
If you’re the sole employee of your own company, you can apply for a low doc home loan. To assess your finances, lenders will ask you to provide your ABN.