Variable Interest Rate Loans

Successful Money Management – servicing the Geelong finance market for over 10 years.

Variable Interest Rate Loans

Variable Interest Rate Loans are the most popular home loan type in Australia. The interest rate on this loan moves up and down in line with official interest rate fluctuations. This means the interest rate may go up or down during the loan term. These variable interest rate loans can be divided into two catergories being standard variable loans and basic variable loans.

Standard Variable Interest Rate Loans

Standard variable loans are one of the most popular home loan type in Australia. The interest rate on this loan moves up and down in line with official interest rate fluctuations. This means the interest rate may go up or down during the loan term. Different lenders offer different features and rates on their standard variable loan products, generally according to the amount you are borrowing.

As stated above standard variable loans are actually not standard across the board.  Different lenders have different standard variable loan products available.  This is where finding a professional mortgage broker, such as Leigh Nichols at Successful Money Management will help you source the most effective loan for your needs.

Basic Variable Loans   

Basic variable loans are loans with lower interest rates, but with fewer features than a standard variable loan. The interest rate can rise or fall over the term of the loan. These loans are typically “no frills” products although there are more features being added by some lenders as the market becomes more competitive.