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BASIC VARIABLE RATE LOAN ADVICE FOR AUSTRALIAN BORROWERS
Information, money saving tips and commentary on Basic Variable Rate Home Loans in Australia

Basic Variable Rate Home Loan



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What is a Variable Rate Home Loan?

With variable rate home loans the interest rate varies according to market forces but is normally several percentage points higher than the current Reserve Bank interest rate. When the Reserve Bank changes official rates then variable rates from bank and non-bank lenders follow suit. Interest Rates can move up or down.

The Variable rate home loan is still the most common form of loan in Australia and is normally a principal and interest type loan, but can be interest only. Equity, Renovation, Low Doc, No Deposit, Debt Consolidation, Investment and First Home Loans are just other names for Variable Rate Loans. However as many of the loan titles suggest, the eligibility criteria is different for each.

Standard Variable loans include features that give the borrower maximum flexibility in management and repayments.

Basic variable loans are usually the cheapest loan on the market in terms of interest rates. However this doesn’t always mean they are the cheapest loan as there may be extra charges like monthly account fees, and they often don’t have many of the useful features of the standard loan (see below).

Variable Rate Loans are still the largest part of the mortgage market as they have been for many years because they are flexible and feature rich.


VARIABLE RATE INVESTMENT PROPERTY
Std Variable Rate Loan
Basic Variable Rate Loan
Fixed Interest Loan
Split Loan
Home Equity Loan
Debt Consolidation Loan
Low Doc Loan
Non-conforming Loan
Line of Credit
Interest Only Loan
Reverse Mortgage
Construction Loan
Renovation Loan
Refinancing
Home Loan Resources
Mortgage Broker
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The best place to start your home loan search

The Tomorrow Finance provide a Free Home Loan Quote service for Australian home owners and real estate investors. Ask them for a Free Quote on a Home Loan or Investment Property Loan.
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