by Lisa Montgomery, Head of Consumer Advocacy

Only the top products available on the market receive a 5-star rating from Financial Research Company – CANNEX. 

WHAT ARE THEY?

CANNEX star ratings are a consumer-friendly benchmark that help you compare financial products based on their rates and features. We rate seven different product categories – credit cards, reward programs, mortgages, personal loans, deposit accounts, margin lending and business banking – so you can find what’s best for you.  Only the top products, those offering superior value, are awarded five stars. All products are reviewed twice a year and results are published throughout the country in numerous newspapers, magazines, TV and online.

WHY STAR RATINGS?

Since our introduction of the average annual percentage rate (AAPR) in 1993, consumers have accelerated their level of understanding and awareness of banking products. The star ratings add another dimension to the decision-making process of the consumer, not only taking into account the interest rates and AAPR but also the fees, features and flexibility associated with the star rated products. Having started with rating mortgage products, CANNEX star ratings have expanded to six other categories and will continue to add more categories in the near future.

HOW ARE THE STARS CALCULATED?

For all star ratings, CANNEX takes historical interest rate performance, fees and features into consideration. However, several other components have been added in each product category in order to make the reports more relevant.  More specific information can be found in the methodology section of each star ratings report. Products must be competitive in all components of the star ratings process to achieve five star status

For a list of Resi's awards, inlcuding the Cannex ones, click here.

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Want to know more? Ask your home loan specialist here:
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Published on: 26/06/2007

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