Basic Variable Home Loans
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The Basic Variable Home Loan generally has a lower interest rate than the Standard Variable Home Loan, but the features offered are very basic. Although this is the case, it may be prudent to check out what basic features are available, as some lenders offer more features than others.
Some borrowers are initially taken in with the glitter of all the features offered by the Standard Variable Loan but end up under-utilising these features, and it may have been better to have selected the Basic Variable Loan with has a lower interest rate.
For borrowers who are keen to find a loan with a low interest rate, the Basic Variable Loan is certainly one to consider.
Like the Standard Variable Loan, the Basic Variable Loan has a variable interest rate. The term of the loan can be up to 30 years.
Some lenders do not allow extra repayments, and many lenders do not offer loan portability on this type of loan.
Some Pros
-Monthly repayments are likely to be reduced when interest rates fall
-Offers a low interest rate
-Lower repayments due to lower interest rate
Some Cons
-Monthly repayments are likely to increase when interest rates increase
-Generally less features than the Standard Variable Loan (e.g. no offset account)
-Less flexible than Standard Variable Loan
-Higher fees & charges
-Loan portability not often available
Some borrowers are initially taken in with the glitter of all the features offered by the Standard Variable Loan but end up under-utilising these features, and it may have been better to have selected the Basic Variable Loan with has a lower interest rate.
For borrowers who are keen to find a loan with a low interest rate, the Basic Variable Loan is certainly one to consider.
Like the Standard Variable Loan, the Basic Variable Loan has a variable interest rate. The term of the loan can be up to 30 years.
Some lenders do not allow extra repayments, and many lenders do not offer loan portability on this type of loan.
Some Pros
-Monthly repayments are likely to be reduced when interest rates fall
-Offers a low interest rate
-Lower repayments due to lower interest rate
Some Cons
-Monthly repayments are likely to increase when interest rates increase
-Generally less features than the Standard Variable Loan (e.g. no offset account)
-Less flexible than Standard Variable Loan
-Higher fees & charges
-Loan portability not often available
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RESOURCES
I NEED A HOME LOAN
- Make an appointment
- Apply Now!
- Free mortgage check
-'Home loan symptoms'
- Loan pre-approval
- Home loan calculator
ARE YOU -
- A First time home buyer
- Need loan pre-approval
- Refinancing
- Buying your next home
- Investing in Property
- Using Equity in a home
- Self Employed
- Credit impaired
TYPES OF HOME LOANS
- Standard variable loans
- Basic variable loans
- Fixed interest loans
- Low Doc loans
- No deposit loans
- Credit impaired loans
- Investment loans
- Split rate loans
- Redraw
- Honeymoon loans
- Line of credit loans
- Debt consolidation loans
- Loan portability
- First home buyer loans
- All in one loans
- Line of credit loans
- Renovation loans
- Bridging loans
- Reverse mortgage loans
- Offset loans
- Construction loans
ABOUT US
- About us
- Why use us
- Privacy
- Terms of Use
CONTACT US
- Contact us
- Request an appointment
FAQ's
MY CREDIT RECORD
SITE MAP
WHERE WE OPERATE
- Sydney Upper North Shore
- Sydney Lower North Shore
- Sydney Northern Beaches
- Western Suburbs
- Sydney Hills District
- Eastern Suburbs
- Sydney Inner West
- Sydney CBD
RESOURCES
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Use of the information on this page and on this website is subject to the Terms of Use & Disclaimer which can be read by clicking here on Terms of Use and Disclaimer. Our Privacy Policy can be viewed by clicking here on Privacy Policy.
Use of the information on this page and on this website is subject to the Terms of Use & Disclaimer which can be read by clicking here on Terms of Use and Disclaimer. Our Privacy Policy can be viewed by clicking here on Privacy Policy.
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