Fintrack Mortgages 3 Year Fixed Rate Loan claimed the gold medal in the November issue of Your Mortgage magazine's Editor's Choice competition, buoyed by its competitive interest rates.

It has an attractive interest rate at 7.49% (correct as at 21 August 2008), which then reverts to an even lower 7.2% after the fixed term.

Borrowers can borrow up to 95% loan to value ratio (LVR) when buying a home and up to 90% LVR when refinancing. After the five-year period, Fintrack's product cuts your cost by $6,271 against the average loan in our books.

The product carries a hefty break cost and early repayment fee if you pay off your mortgage within five years. Like most fixed rate loans, you won't be allowed extra repayments, redraw or offset facility with this product.

Based on a $300,000 loan at 80% LVR over 30 years, you can save $3,970 in three years, $6,271 in five years and $14,679 in 10 years.

For the complete list of top-ranking fixed rate products, read the November issue of Your Mortgage, on sale from 1 November.

How the loans were compared
The team at Your Mortgage has worked out the 'true cost' of all 122 three-year fixed rate home loans in our books by taking into account every fee, including upfront, ongoing and deferred establishment fees.

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, we calculate the true cost of a mortgage over three, five and 10 years. This month, we based our calculations on a loan amount of $300,000 at 80% LVR taken over 30 years.
The 'overall winner' title is assigned to the product that offers the highest average savings over three, five and 10 years compared to the average loan in our database.

Check out the Your Mortgage website for the full list of top-rated home loans.