What is the Comparison Rate Schedule? The Comparison Rate Schedule is a table that displays Comparison Rates for varying loan amounts and terms. At Sandra Jeffery Financial Services, the Comparison Rate Schedules of our major panel lenders will be on display and available for collection. The Schedules will also be provided to customers with each application. The loan amounts and terms displayed in the various lenders' Schedules are examples that are determined by law and will be consistent for all lenders providing similar products. The schedules are not, in themselves, offers of finance at the rates or terms shown and each application is judged on the credit and security criteria standards of the Lender/s approached by Sandra Jeffery Financial Services on behalf of our clients. How does the Comparison Rate work? The Comparison Rate is a legislation-governed calculation that takes into consideration the costs associated with setting up a loan including the nominal interest rate, the loan approval fee and any other upfront or ongoing fees. It excludes government fees and charges, because they are standard across all loans. The resulting Comparison Rate can then be compared against the Comparison Rate for other loan types and loans with other lenders. Why has Comparison Rate Legislation been introduced? To provide customers with information regarding the cost of lending, taking into consideration establishment and ongoing fees to enable comparison of different loan types and lenders. All states and territories have introduced legislation effective 1 July 2003 making it mandatory for lenders to provide a Comparison Rate when advertising interest rates for all lending that is predominately for private purposes, with the exception of Continuing Credit facilities. What is a comparison rate? The Comparison Rate is a calculation that reveals the cost of a loan, taking into account the interest rate, together with all other known upfront or ongoing fees. How long does it take to get approved? Usually just a few hours, however complex or difficult applications can take up to a few days. Once approved, original finance documents must be signed and the supplier will be paid directly, via electronic transfer of funds.