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Hi Marksa,
Can you clarify what is the difference between APR and a fixed interest rate.
If the advertised APR is 3.8% where does the additional 0.95% come from?
Thanks
The regulator somehow lets the banks advertise an APR based on a 20 year period. So if you are fixed for 2 years and the fixed rate is higher than the variable rate, they fudge the APR down by quoting you an APR that is an average of 2 years of the higher fixed rate and 18 years of the lower variable rate.
It's very misleading in a situation that's already complex enough.
So are there alternatives?
The regulator somehow lets the banks advertise an APR based on a 20 year period. .
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