No what I'm saying is that the $375 annual fee is an effective increase in the interest rate of 0.075%, so rather than paying 5.7% you are paying 5.775%. That is what the comparison rate is for.
Assuming that you service easily then you can get a bit better than that. But it really depends on other factors since ANZ's breakfree package is a $375 annual fee which is another 0.075% on a $500,000 loan.