How the loans are compared
Loans which qualified for the awards were ranked according to their comparison rate and the awarding of feature points (“points”).
The comparison rate incorporates the basic interest rate with all fees necessary to establish and maintain the loan. The lower the comparison rates the better.
Points were awarded to loans according to nine main criteria. The more points the better.
The comparison rate was multiplied by 100 and the points deducted. The lower the total the better.
Points for the 2008 awards
Points were awarded in nine different areas within which a number of different criteria were assessed.
- Additional payments without penalty
- Combination loan facility
- Redraw facility
- Maximum percentage of valuation lent with mortgage insurance
- Maximum percentage of valuation lent without mortgage insurance
- Switch to fixed/refix
- Offset accounts
- All-in-one accounts
To find out who came out on top of Australia’s Best Home Loans for 2008, pick up a copy of the August issue of Your Mortgage today!
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