An ARM is an Adjustable Rate Mortgage. Unlike fixed-rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically.
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Interest rate is the amount of interest you will be paid on the balance of your loan each year.
This has an impact on your monthly mortgage payments.
The comparison rate combines the interest rate with the majority of the loan's fees and charges.
This is intended to assist you in determining the loan's cost more precisely and making product comparisons easier.
If you want to know more about the difference between the interest rate and the comparison rate, please contact the North Brisbane Home Loans team.
Home loans in Australia are normally available in two forms.
Either a borrower goes for the fixed rate or for the variable or floating rate of interest attached to such loans.
The borrower can select the type of loan which he or she thinks is best suitable for the purpose of getting a new home or renovating one.