Basic variable rate loans typically offer lower interest rates and fewer features when compared to standard variable rate loans. Interest rates and loan repayments generally vary throughout the term of the loan. You often have the option to pay for additional features.
- Relatively low interest rates
- Lower repayments
- Redraw facility often provided
- Extra repayments allowed
- Many basic variable rate loans do not offer the same flexibility or features as other variable loans
- Generally, don’t have an offset account
Download our ‘Which Home Loan’ brochure (pdf) for more tips and general information.