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Does APR mean the same thing in every country?
A nominal rate, APR and an Australian comparison rate should not be treated as interchangeable merely because each is a percentage.
Identify the jurisdiction and product before interpreting the figure. Use its official explanation to check included fees and assumptions, then examine the actual schedule and conditions of the offer.
Details
- Identify the amount received and the opening balance
- Read fee treatment in the written offer
- Compare the dated repayment schedule
Understand the loan structure
Build a consolidation comparison
Record existing commitments and proposed replacement terms separately, including fees, security and remaining payments.