The comparison rate is calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.
Keeping your property insured
Obtaining and keeping, your property insurance up-to-date is important and ensuring your mortgaged property is adequately insured for the life of the loan. Insurance protects you against unforeseen risks. You should check with your insurance provider to ensure that your cover is current and adequate.
For information on property insurance, you can visit the Australian Securities and Investments Commission’s MoneySmart website.