Business and Personal Finance Dictionary

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• COMPARISON RATE
  
  The Comparison Rate provides an indicative interest rate that takes into account certain costs associated with setting up a loan. This rate includes the nominal interest rate/s, loan approval fee, any other up front fees and known ongoing fees. The Comparison Rate does not include government and statutory fees, since these are standard across all loans regardless of the lender. It also doesn't include other fees and charges that are 'event based' and which may or may not apply throughout the term of your loan (for example, redraw fees and early repayment costs).
  
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