Standard Variable Loan
As the name implies the interest rate applicable to this type of mortgage loan is variable. You may have noticed that when the Reserve Bank alters the ‘cash rate’, it normally has a direct impact on the standard variable interest rate offered by lending institutions.
Traditionally this product is most popular with borrowers. It offers flexibility in repayment by allowing extra payments, as well as generally offering a number of useful features such as mortgage off-set and loan redraw. Some lenders also allow portability of your home loan to a new security property should you move.
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