Basic Variable Rate Home Loan

A basic variable rate offers flexibility to your home loan, as repayments can either increase or decrease according to the market interest rate. Therefore, because of the variability, loaners on a budget may not find this type of loan to be suitable. 

In addition to flexibility, this loan also offers low fees,  direct salary crediting,  redraw facility and portability options.  However, a basic variable loan may not include offset accounts or a split loan facility, and may have higher account keeping fees and redraw fees.  This is the basic difference between a basic home loan and a standard variable home loan.