A standard variable rate home loan is one of the most common home loans. For most, a standard home loan offers a good mix of features, flexibility, interest rate and fees.
This type of loan is right for you, if you want to make extra repayments without penalty, split your loan or have an offset account. The downside is that they generally have a higher interest rate in return for the extra features and flexiblity.
In summary
- repayment flexibility
- ability to make additional repayments
- redraw facility
- split loan feature
- portability
- may offer direct deposit salary, rental or dividend income, credit/debit card and line of credit facility
- can be used for building purposes
