MONEY FOCUS

With Heidi Armstrong*

Working out what’s the best value in a home loan is easier than ever. Previously lenders were only required to display a comparison rate (and prescribed warning) when they advertised an interest rate. While this reflected the various fees and charges, it had limited value given the comparison was always based on a loan of $150,000 over 25 years. Not very helpful if you have a different amount or term! Now, with the introduction of “key facts sheets”, you can properly compare products because they personalise the calculations based on your own lending requirements. With personalised comparison rates you soon discover that your loan size and term influences the point at which one loan represents better value than another.

*Director of operations, State Custodians

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