Comparing Loans

Not all loans are the same, and consumers should shop around to get the best deal. Questions to ask include:

• What is the term of the loan?
  
• What is the interest rate? Is it fixed, or can it change?
  
• What fees are associated with the loan?
  
• What will be the actual repayments including fees?
  
• Will there be a penalty if the loan is repaid early?
  

To compare the impact of different interest rates and repayment periods use a multi-loan calculator such as: www.asic.gov.au