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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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FAQs Glossary

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Key Fact Sheet (KFS)

A document authored and published by a lender in a set format to inform borrowers about a the features of a loan. The product KFS is usually available via the lender website.

Guarantor

The guarantor is legally responsible for paying back the entire loan if the borrower cannot or will not make the repayments. The guarantor will also have to pay any fees, charges and interest.

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