A comparison rate includes both the loan interest rate and the associated fees combined into a single percentage so there is complete transparency to you.
A comparison rate is determined by the following:
The amount of the loan
The term of the loan
The repayment frequency
The interest rate; and
The fees and charges connected with the loan such as establishment fees, annual package fees etc.
When comparing any finance offers you need to know all the fees and charges you are currently paying or will be charged. If an offer has the same advertised rate and comparison rate then you know that there are no hidden fees or charges.
That means that all lenders are bidding on the same "best comparison interest rate" basis. This feature is what makes Joust truly revolutionary and unique as you don't need to seek any independent advice to determine which is the best interest rate bid.
Would you like to learn more about how you can find the best home loan interest rates? If so, download our free eBook "19 Secrets to Finding the Best Home Loan Rate".