Rates and loan terms
Understand the repayment information shown in your formal quotation.
LENDTEL repayment illustrations use a fixed annual interest rate of 6% and a reducing-balance calculation.
Fixed annual interest rate
The website calculator uses a fixed interest rate of 6% per annum. The estimated monthly instalment, total interest and total repayment change according to the selected amount and repayment period.
Repayment period
Selecting a longer repayment period may reduce the estimated monthly instalment while increasing the period over which the loan is repaid.
What to review before accepting
- Approved loan amount
- Repayment period and instalment frequency
- Annual interest rate
- Estimated monthly instalment
- Total interest over the agreed period
- Total amount repayable
- Early-settlement and default provisions
Your formal quotation and agreement will confirm the approved amount, repayment period, instalment, interest rate, total interest, total repayment and applicable loan conditions.