Why is the interest rate on my Loan Offer different to my Rate Estimate?

When we provide you with a Rate Estimate, we ask you a few short questions to help us understand your financial situation and quickly estimate your likely interest rate. This is to help you make a decision about applying for a loan from us.

After we assess your full loan application, including any subsequent documentation required, we have a better understanding of your individual circumstances and can determine the exact interest rate of your Loan Offer. In some cases your interest rate can differ from what we provided on your Rate Estimate. This is due to a number of factors such as your credit history, the stability of your income, and how you have managed your accounts, loans and credit cards.

For example, if you have answered one of the questions in the Rate Estimate Form incorrectly, our assessment might change and we may offer you a higher interest rate than our initial Rate Estimate. However, if your information shows you have a stronger financial situation than we initially estimated, we may offer you a lower interest rate than our initial estimate.

Our assessment process is geared to make sure you get the right rate for your personal circumstances.