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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%.

This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.

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Helen is Head of Content at uno - the smarter, faster way to get a better home loan.

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