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Standard Variable Rate Home LoanThe best place to start your home loan search 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 other lenders follow suit. Interest Rates can move up or down.The Variable rate home loan is 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 flexibility in management and repayments – see below. 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. Standard Variable Rate Loans are still a major part of the mortgage market as they have been for many years because of their flexibility and features. |
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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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