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 compared  all 247 (44 bank products & 203 non-bank) standard variable loan products in our books by taking into account each and every fee, including upfront, ongoing and deferred establishment fees as 31 January 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 and interest (P&I), we calculate the true cost of a mortgage over three, five and 10 years. This month, we based or calculation on a loan amount of $300,000 at 80% LVR taken over 30 years.

And the winner is...
Adelaide Bank's Variable SmartFit emerged as the overall winner in the bank division for the best value standard variable rate loan in Australia after coming out on top on both the 5-year and 10-year categories.

With interest rate as low as 8.05% as at 31 January, this product could save up $4,207 after 3 years,  $6719 over 5 years and a hefty $13,502 after 10 years compared to the average standard variable rate loan in our database.

Pacific Mortgage Group's PMG Standard Variable Rate has topped the non-bank sector and once again dominated all 3, 5, and 10 year categories. The product has already won the Editor's Choice awards in the recent months thanks to its consistently low interest rates and zero start up and ongoing fees. The PMG standard variable product can save you $15,743 over 5 years and a whopping $29,026 over 10 years.

For the complete list of top ranking standard variable rate loans read the latest issue of Your Mortgage magazine out on sale now.

* Please note that the rates were taken before the RBA raised rates by 0.25% on 5 February and another 0.25% on 5 March.

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