Basic Variable Home Loans
Don’t need all the frills, then the basic loan is the answer. The basic loan is a variable loan is a low with less features and a lower interest rate. One of the best ways to pay off your mortgage quickly is to have a lower interest rate.
Lower interest rates
These type of loans are popular with first home buyers and typically offer interest rates of half to one per cent below the standard variable rate. Many also have lower ongoing fees.
In exchange for a lower interest rate, basic home loans have fewer features and can be less flexible. You may be offered the option to pay for extra features when you need them. There may also be fees and charges if you decide to switch loans or lenders, or pay off the loan sooner.
At a glance
- lower interest rates
- lower ongoing fees
- minimal features
- less flexibility
- no additional repayments
- or owner/occupiers only
