When it comes to banking, fine print comes with the territory. We’ve aimed to make our terms and conditions as clear and straightforward as possible, so you can make an informed decision. As always, if you have any questions, we’re here to help.
The ePayments Code (formally known as the Electronic Funds Transfer Code of Conduct) regulates electronic payments, including ATM, EFTPOS and credit card transactions, online payments, internet and mobile banking, and BPAY®. The Code is a voluntary code of practice, of which Australian Unity is a subscriber.
A Comparison Rate is an all in one interest rate designed to help people identify the 'true' cost of the loan and is calculated by taking into consideration: the annual interest rate, any discount or honeymoon rate, any discount or upfront fees, and any known ongoing (monthly) fees.
It is a requirement by law that all financial institutions advertise comparison rates when promoting their lending products, to allow people to make a more objective comparison with the lending products offered by other financial institutions. An example of the comparison rate methodology for a Australian Unity home loan follows.
The comparison rate is based on fortnightly repayment calculations. It does not include government fees as they are standard regardless of the lender. Whilst a comparison rate may assist you in making more objective comparisons when evaluating competing loan products, it is important to recognise this limitation of comparison rates. Many complimentary loan features that Australian Unity offer including the ability to make additional and lump sum repayments without penalty, 100% mortgage offset facility, and free redraw of advance repayments are not taken into account in the comparison rate calculation. For this reason, when comparing lending products it is important to consider additional features which differentiate loan products as well as comparison rates. Comparison rates are calculated for all loans with a fixed term, including home, investment, car and personal loans. Overdrafts and credit cards are classified as continuous lines of credit and therefore a comparison rate cannot be calculated.
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