Standard Variable Home Loans

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The standard variable rate home loan is the most popular  of all the home loans on the market today and offers the borrower a good deal of flexibility.

With this type of home loan the interest rate moves up and down depending on the interest rates in the market at the time. An important point to note is that if interest rates go up, then so do your home loan repayments. And if they go down, that is great for you.

This type of loan offers a good deal of flexibility and can include features such as:
-an offset account
-split loan facility (where part of the loan is at a fixed interest rate and part is at a variable interest rate)
-loan portability
-the ability to make extra payments

When comparing the Standard Variable Home Loan to the Basic Variable Home Loan which generally has a lower interest rate but less features, one would have to weight up the benefits of the features offered by a Standard Variable Home Loan, as opposed to a lower interest rate of Basic Variable home Loan. In other words ‘features’ or ‘a lower interest rate’. You would have to ask yourself, would the extra features be worth paying a higher interest rate for.

Should you need any further information on this type of home loan or any other type of home loan .................. and what loans may be suitable for your situation, please don't hesitate to contact us.


Some Pros
-Monthly repayments are likely to be reduced when interest rates fall
-Usually can make additional repayments and pay off home faster
-More flexible than the Basic Variable Home Loan
-Portability - can move the loan from one home to another without having to take out a new loan
-Redraw - can draw out any extra money paid into the loan
-Offset account - savings on interest paid from extra money paid into the loan
-Range of other facilities available
-More features than the Basic Variable Home Loan


Some Cons
-Monthly repayments are likely to increase when interest rates increase
-Interest rates higher than the Basic variable Home Loan



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