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Since 1st July 2003, all credit providers have been required to comply with new legislation and publish a comparison rate when advertising any personal or home loan interest rates.
The true cost of your loan product
The mandatory comparison rate has been designed to help consumers compare the true cost of different loan products by building the costs attached to the loan, such as upfront, ongoing and discharge fees, into the comparison interest rate.
As all credit providers are legally obliged to use the same comparison rate formula, you will be able to compare rates from different lenders and establish the "true" cost of any loan product.
This means that when any loan is advertised using an interest rate, two interest rates must be shown, the annual percentage rate (APR) and the comparison rate.
A copy of the schedule can also be found at all our branches.
The comparison rate schedule details all our personal and home loan products and shows the annual percentage rate and comparison rate for those products for a number of different terms and amounts (which are prescribed by the legislation).
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