Before choosing a savings or loan product, it is helpful to understand how it works, what it costs and what you are expected to do. A key facts statement is designed to bring important product information together in a clear, easy-to-review format.
For loans
Ask for the amount payable, interest rate and calculation method, repayment schedule, fees, insurance requirements, collateral conditions and what happens if a payment is late.
For savings
Ask about minimum balances, withdrawal conditions, any charges, applicable interest or dividends and how to access your funds.
Before you commit: Request the current, approved key facts statement
for the specific product you are considering and make sure you understand the terms.
Request product information