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It can be difficult to compare home loans that have different interest rates and fees. This is why credit providers must give a comparison rate when they advertise a rate or a weekly payment for home loans. The comparison rate includes the interest rate or weekly repayment amount, plus most fees and charges.

A comparison rate gives you an indication of the true cost of a loan. It’s a way of comparing loans equally by including known fees (upfront, ongoing and exit) on top of the interest rate and is calculated specifically on a $150,000 loan over 25 years. As this is a precise reference point, we recommend that you look at the cost of the mortgage over the entire loan term (which uno provides) because it’s more accurate and tailored to your situation.

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

FAQs Glossary

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Requirements & Objectives

What the customer is looking to achieve and expects from the loan.

Redraw Facility

Redraw facility is a loan feature that allows consumers to access any extra funds that have been contributed to their home loan. Redraw facilities can give customers flexibility when needed and allow them to make extra repayments to pay off their loan faster.

Recommendation

A suggestion to a consumer that they apply for, increase or remain in a particular credit contract. This can only be given once an assessment is completed and the assessment result is that the particular credit contract is ‘not unsuitable’ for the consumer. This is a form of credit assistance.

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