Basic Variable Rate loans are sometimes referred to as ‘no frills’ loans. They generally offer a lower interest rate but with less features than a standard variable rate loan, and in some cases, more restrictions. If you require extra flexibility you may have to pay for it. As with all variable rate loans, the interest may be increased or decreased according to the market. If you are a budget conscious borrower, this may meet your needs.
If you need more information on these types of home loan products and how they suit your individual home loan needs, our mortgage consultants can help.