Comparison Rate
Comparison Rates is the interest rate plus other fees and charges associated with maintaining a loan. The comparison rate is calculated based on a certain loan amount and loan term. When you compare loan cost, it is important to compare their comparison rates, rather just the interest rates as it reflect the real cost of the loan.

Variable Rate
Variable rate is the most popular type of home loan interest rate. Usually the variable rates move along with the Reserve Bank. However, lenders have the right to change the interest rate with their own discretion.
With the recent completive market, many lenders now offer lower variable interest rates compare to others. As discussed above, please take the comparison rates into account when comparing loan products.

Fixed Rate
Most lenders offer fixed rate loans, generally for 1 to 5 year terms. At the end of the term, the interest rate usually converts to variable. On a fixed rate loan, your interest rate remains the same during the entire fixed rate term, even if variable market rates change. The fixed rates offered by lenders can be either higher or lower than the variable rate at any given time; therefore you need to make a comparison when considering this option.