Sounds Pretty Good Right? Let’s Have A look!
Normally our banker friends love to add in extras to a loan, like establishment fees, maintenance fees and others they add in to increase the profit on a loan product.
Luckily for you, smart shopper 😉 we are in a good market and we have good banks on board. Banks are fighting hard for good customers and on many loans they are willing to offer to exclude the normal fees attached to them, in order to win business.
Put The Whole Picture Together
Yes it sounds great when a bank offers no fees, you just need to keep in mind, it’s not everything. The interest rate might be slightly higher and vice versa, the interest rate might be really low but, have high fees.
That’s why it’s important to look at the comparison rate (a rate that includes fees + interest) and to look at monthly repayments and total repayable amount of the loan and put the whole picture together.