Basic Variable Rate Loans

Basic Variable Rate Loans offer a lower interest rate, but fewer features than a Standard Variable Rate Loan. This type of loan is also called the "No frills loan". Basic Variable Rate Loans are great loans, if you think your life will not consist of any great changes and you do not have income left over each month.

Frequently asked questions from our clients regarding basic variable home loans:

Question:

Who are these types of loans intended for?

Answer:

Basic Variable Home loans are usually intended for owner occupied residential property purchases or refinances

Question:

What is the maximum lend of the value of the property (LVR) which can be leant on basic variable home loans?

Answer:

LVRs up to 95% can be leant on basic variable home loans

Question:

Can I pay off the loan early?

Answer:

Basic variable home loans usually charge a deferred administration fee or penalty for early payment of the loan. Most lenders give the option of upgrading to a standard variable home loan for a lesser fee.

Question:

Why are the interest rates on basic variable home loans so much cheaper than a standard home loan?

Answer:

Rates are cheaper because fewer features exist to allow you to repay the loan earlier, there are limited payment options and the terms are less flexible than in a standard variable home loan. You save on rate but lose on flexibility.

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