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How can I separate a loan from a linked bank account?
A linked account may have charges or conditions outside the loan schedule.
Identify whether opening or maintaining it is required for the quoted terms.
Ask where those costs enter the comparison and what happens if the account changes. A loan total alone may not describe every associated service the borrower must maintain.
Open the loan comparison guides
Definitions
- Nominal interest rate
- Stated rate used to calculate interest under the agreement; it does not describe every other charge.
- Annual comparison measure
- Annualized disclosure used to compare borrowing costs; its calculation and included charges depend on the jurisdiction and product.