Basic Variable Rate loans are usually referred to as 'no frills' loans. They generally offer a lower interest rate but have less features (such as credit cards & offset accounts) and in some cases more restrictions than a Standard Variable loan.
Standard Variable Rate loans are the most popular and common type of loan, they will vary depending on the market but the interest rate is based on the official 'Reserve Bank' rate.
This type of loan is usually the most flexible, and has a variety of features such as the flexibility to offset your loan or make additional repayments on the principal, which enables you to pay off your loan faster without incurring any penalties. You also have the ability to redraw funds or split the loan at your discretion. Some lenders may also have an Introductory Discounted Rate with this type of loan, (which will then revert to the Standard Variable Rate after the term offered expires.)
For more information on which Loan Type would best suit your needs please Contact Us
Basic Variable Rate loans are usually referred to as 'no frills' loans. They generally offer a lower interest rate but have less features (such as credit cards & offset accounts) and in some cases more restrictions than a Standard Variable loan.
Standard Variable Rate loans are the most popular and common type of loan, they will vary depending on the market but the interest rate is based on the official 'Reserve Bank' rate.
This type of loan is usually the most flexible, and has a variety of features such as the flexibility to offset your loan or make additional repayments on the principal, which enables you to pay off your loan faster without incurring any penalties. You also have the ability to redraw funds or split the loan at your discretion. Some lenders may also have an Introductory Discounted Rate with this type of loan, (which will then revert to the Standard Variable Rate after the term offered expires.)
For more information on which Loan Type would best suit your needs please Contact Us