While the comparison rate can be a useful tool, Your Mortgage has gone even further and developed its own method to uncover the true cost of a mortgage. The team at Your Mortgage has worked out the 'true cost' of the 23 introductory loan products from banks and 36 products from non-bank lenders in our books, by taking into account each and every fee, including upfront, ongoing and deferred establishment fees, as at 25 June 2008.

By working out how much a given loan will cost you after a range of time periods - three, five and 10 years - we show you the impact that these fees can have on the total cost of your mortgage. By adding all fees to the cost of principal & interest (P&I), we calculate the true cost of a mortgage over three, five and 10 years. This month, we have based our calculation on a loan amount of $300,000 at 80% LVR taken over 30 years.

And the winner is...

The Editor's Choice award for the best value introductory loan in the bank category in Australia goes to NAB's Introductory 3 year variable rate loan.

With interest rates set initially at an attractive 8.66%, the loan comes out $2,465 cheaper compared to the average cost of the average loan in our books if you hold it past the three-year mark. After 36 months, interest rate reverts to the bank's SVR, which is set at 9.46%.

Economy Home Loans' 5 Year Honeymoon Rate Loan has won the top spot for best introductory loan in the non-bank category, thanks to its competitive interest rates.

The initial interest rate is set at 8.65% for five years and then it reverts to an even lower 8.55% after the intro period. Compared to the average cost of an average loan in our database, the Economy 5 Year Honeymoon Rate Loan comes out $4,620 cheaper after five years.

Even with total upfront fee of $1,140 and exit fee of $350, borrowers can still save $12,343 over 10 years compared to the average loan in the same category.

For the complete list of top-ranking basic variable rate products, read the latest issue of Your Mortgage magazine, on sale now.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker