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CEO's Blog Interest in rates
Interest in rates
SCU is well below the major banks’ standard variable home loan interest rates, and has been for a while.
You may have noticed that there are a range of discounts on home loans in the market, for example, SCU’s Pro-pack home loan offers a discount off our standard variable rate. A lot of these discounts are pretty similar but don’t be fooled by the discount, as these basically come off the standard rate. In some cases the standard rate may already be extremely high so you should look at the standard rate as well as the discount.
It’s also good to look at the comparison rate, as this gives you a better indication of the true cost of the loan including any associated fees and charges. To make it even easier for consumers to compare apples with apples, the federal government made it compulsory for financial institutions to offer home loans key facts sheets from January 2012. These are standardised documents for each home loan product outlining the features, fees, rates and costs of the loan.
Compare and you'll see SCU has a better standard variable rate than the big 4 banks*.
*This information was correct as at 13/2/12. It was obtained from publically available information located on the website of each financial institution. Please note that rates are subject to change.
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Ashley Jennings |
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