Basic Home Loan

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 home loan variable interest rate 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.

 

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.

basic home loan reserch

Contact our Credit Adviser for assistance!

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