Before making a borrowing decision, understand the important concepts and questions. The following guide is a general explanation, not a personalized lender offer.
Understand the real cost
Ask about interest calculation, effective total cost, fees, rate reset, insurance requirements and any prepayment conditions.
Understand the responsibilities
Ask what happens after a late payment, whether collateral is involved, and how complaints are handled.
Understand your options
Compare suitable lenders and products, verify documentation requirements, and check that the instalment is affordable under a less favourable scenario.
This article is educational, not personalized financial, tax or legal advice. Lender rules, interest rates and applicable requirements can change; confirm the current terms with a regulated lender and a qualified professional.