Banks Launch Home Loan Comparison Calculator

Prospective borrowers may now compare up to three home loan offers at one time using the recently launched home loan comparison calculator.

The calculator enables prospective borrowers to compare costs and incentives included in each offer to provide an estimated interest rate per year. ‘The effective interest rate’ is what the borrower pays after taking into account any cashback and other benefits offered by the lender, along with loan fees and other costs.

The calculator’s development and ongoing maintenance is funded by New Zealand Banking Association members.

To access the comparison calculator, go to www.interest.co.nz and click on ‘Borrowing.’

DISCLAIMER: All the information published is true and accurate to the best of the authors’ knowledge. It should not be a substitute for legal advice. No liability is assumed by the authors or publisher for losses suffered by any person or organisation relying directly or indirectly on this article. Views expressed are those of individual authors, and do not necessarily reflect the view of this firm. Articles appearing in this newsletter may be reproduced with prior approval from the editor and credit given to the source. Copyright, NZ LAW Limited, 2019. Editor: Adrienne Olsen. E-mail: adrienne@adroite.co.nz. Ph: 029 286 3650 or 04 496 5513.