CANNEX star ratings

What are they?

CANNEX star ratings are a benchmark that help you compare financial products based on their rates and features. This can be really useful when you're attempting to navigate block after block of loans trying to flag you down with all sorts of fancy features. That's why CANNEX star ratings are like a breath of fresh air. They are the top five percent of all financial products available across all categories - credit cards, deposit accounts, mortgages, personal loans, business products (loans, deposits and credit cards) and margin lending.  Only those products offering superior value are awarded five stars. All products are recalculated every 6 months - based on the latest features offered by each lender.  CANNEX also monitors rate changes on an ongoing basis.  

Why star ratings?

Over the last decade the level of financial products on offer has soared and consumers have become much more product savvy. With the increase in product numbers came the need for an evaluation process to cater for the time constraints of consumers. star ratings were the answer, adding another dimension to the decision-making process by providing a reliable guide to the performance of the financial product of interest.  After starting out rating mortgage products, CANNEX star ratings have expanded to other popular product categories, evaluating literally thousands of loans from hundreds of finance institutions. We do the leg work to save you time.

What do they mean?

CANNEX star rated products provide you with a convenient and foolproof way to short-list which product would suit your needs. After intensive consultation with industry, each financial product is carefully assessed and evaluated to give a true representation of the star ratings criteria.

Ratings range from five to one star as indicated below:

SUPERIOR	AVERAGE
EXCELLENT	SATISFACTORY
STRONG	RISING STAR.

             

The Rising Star is awarded to products which cannot meet the criteria at the moment but are likely to achieve at least a strong rating in the future.

How many five star products are out there?

Only five percent of the highest scoring money products rated by CANNEX are good enough to receive the ultimate accolade. The graph below illustrates the typical star ratings achieved by scoring percentage. Of the products that climb the star ratings ladder, only the best succeed and this is your guarantee of a superior all-round performance.

How is it done?

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 to make the reports more relevant.  More specific information can be found at the beginning of each star ratings report. Products must be competitive in all components of the star ratings process to achieve five star status.

The reports are free to download from www.cannex.com.au