Category: Interest rates

July 6, 2020

What is a Comparison Rate?

A comparison rate includes both the loan interest rate and any associated fees combined into a single percentage so there is complete transparency in the total cost to you.

A comparison rate is calculated in terms of industry regulations and determined by the following:

  • A loan amount of $150,000
  • A loan term of 25 years
  • The repayment frequency
  • The interest rate, including known changes to the interest rate such as introductory rates, interest-only periods and loyalty bonuses
  • The fees and charges connected with the loan such as establishment fees, annual package fees, monthly fees, valuation/documentation/settlement fees 

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.

Joust removes confusion for customers by only allowing its panel of lenders to submit a bid if their comparison interest rate is lower than the previous best comparison interest rate bid. 

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“. 

How Joust Helps Deliver Some of the Lowest Home Loan Rates in Australia

Are you completely lost when it comes to finding the best home loan rate for you? Are you unsure about the current home loan rates you are paying?

We understand the difficulty of negotiating with lenders and differentiating between them. What really sets them apart?

We believe Joust provides the most proactive and accurate home loan comparison Australia can offer. We give you a dynamic and simplified process to find the best home loan rates. After all, buying a house should be an exciting time in your life – not a source of frustration!

Here are some of the main benefits you will experience using our competitive platform:

Gain Transparency in Your Search For the Best Home Loan Rate in Australia

Home is where the heart is. Your home is probably your most valued and cherished asset, and your largest financial responsibility. Needless to say, it’s very important to find the best home loan rate available to you.

Joust has been designed to simplify your search and achieve transparency with home loan rates. If you want to know exactly what each lender can offer you, you shouldn’t have to spend your time going to each bank to negotiate the best deal.

Whether you’re negotiating by yourself or using a mortgage broker, you could be skeptical of the value of the home loan rate being offered to you. It’s a difficult process to navigate by yourself, and the independence of a mortgage broker is often unclear.

Joust removes the need for a mortgage broker or a home loan comparison site. We bring the lenders directly to you, offering their best home loan rates in an effort to win your business. By removing the middleman, most lenders can bid with great interest rates and without those annoying fees. This competitive tension creates transparency, as lenders are encouraged to offer their best rates directly to you.

Gain Empowerment as We Put You Back In Control of Your Finances 

As lenders bid against one another for your business, you can forget about having to achieve transparency or clarity by yourself. We put you back in control of your home loan as our platform does all the work for you, bringing the banks to you. Joust also acts as a personalised home loan calculator without impacting your credit score. We have access to a specific Veda service that allows you to inquire privately. Your profile remains anonymous, giving out only essential details that lenders need to tailor a rate to you.

So if you’re looking for a home loan offer that won’t affect your credit score negatively, Joust can give you peace of mind.

Experience The Convenience Joust Offers in the Search for a Home Loan in Australia

Joust is a competitive digital marketplace, which means you don’t have to go from bank to bank finding your own way.

Joust is simple and easy to use, only requiring you to create a profile of basic information about yourself and the type of loan you need. After that, you can sit back and enjoy watching your bids roll in and lenders compete for you.

We have created the ultimate home loan comparison tool that gives you the convenience of targeted information and accurate offers – all through your mobile phone. With Joust, receive the best Australian home loan rates in your hand.

Would you like to learn more about how Joust can help you?