Basic Home Loans

A Basic Home Loan is a 'no frills home loan’, also known as a 'Basic Variable Rate Home Loan'.

It's simple. You will get a low interest rate home loan with 'no frills' features.

Having a basic variable interest rate home loan means:

•    You can purchase your first home sooner, as you will be required to pay less interest and fewer fees.

•    interest rates of half to one per cent lower than the standard variable rate, with different lenders offering a range of products.  

Pros and Cons of a Basic Home Loan:

Advantages of a  Basic Variable Rate Home Loan

•    Choice of repayments – Can be monthly, fortnightly or weekly

•    Low interest rate - The interest rate is lower than a standard variable rate loans.

•    If you are on a tight budget, it can make your monthly repayment schedule easier to manage.

•    Extra repayments are allowed – most lenders allow extra repayments without incurring a penalty.

Why wouldn't I choose a Basic Home Loan?

•    Variable interest rate - The interest rate fluctuates with market conditions.

•    Limited features - Certain features may not be available, or be as flexible as a standard variable rate home loan.

Want to find out more about a Basic Home Loan?

Call or Email Channel Direct Home Loans now. We'll help with free, unbiased advice and information.