The interest rate is the cost of borrowing, or reward for saving. For a home loan interest rate, this is shown as a percentage of the total loan amount.
For example, you borrow $100,000 for one year on an interest only home loan. The interest cost for one year is $5,500. Therefore the interest rate is 5.5 % = 5500 / 100,000 x 100%
Tella has compiled an extensive list of lenders and their home loan borrowing rates; find a link to the page in the Useful Links section below.