AAA Mortgage Solutions

STANDARD OR BASIC VARIABLE RATE HOME LOANS

Looking for a loan with flexibility or lower interest rates?
A standard or basic variable rate home loan could be your best choice.

  • A variable rate loan means your interest rate fluctuates with the market.
  • There are two types of variable rate loans – standard and basic.
  • With years of expertise and unlimited dedication, we can make your home loan easy.

Considering a standard or basic variable rate loan, or something else altogether? We’ll find the loan type that’s right for you.

Standard variable rate loans

Standard variable rate loans give you flexibility and the option of extra features that can save you thousands in the long run.

Unlike a fixed rate loan, you will be able to pay off your mortgage earlier than planned without attracting extra fees.

You can also add an offset account, which is a transaction account linked to your loan. Any credit in here is offset against your loan balance, reducing the payable interest on your mortgage and potentially saving tens of thousands of dollars over the life of your loan.

A standard variable rate loan also gives you the option to redraw funds or split your loan so that a portion of it is a fixed rate.

Basic variable rate loans

A basic variable loan usually has a considerably lower interest rate, but doesn’t allow an offset account.

It’s best suited to people who only want to make minimum repayments at fortnightly or monthly intervals over the term of their loan.

Variable loan drawbacks

The downside of variable rate loans is that they are subject to market sensitivity. If the official interest rate rises, so will the interest rate on your loan and you will find yourself paying more than expected each month. If you need predictability in your repayments, you may be better suited to a fixed rate home loan.

Speak with us

We’ll educate you on the loan option best suited to your circumstances. Chat with one of our friendly brokers today.

Stay Informed

We place huge emphasis on educating our clients, so that they can be personally confident in their decision. Let us keep you updated with the latest information so you can reach your goals faster.

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Working out your best mortgage option? We have the expertise and dedication to make your home loan easy.

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