![]() This period of time can vary but is typically between one and five years. ![]() This may come with a slightly higher interest rate than the basic form of mortgage.Ĭompare Variable Home Loan Rates Fixed Home LoanĪ fixed-rate home loan is one in which the interest rate you pay is locked in place or ‘fixed’ for a set period of time. ![]() Standard Variable Rate Mortgage: Standard variable rate home loans tend to have more flexibility in repayments and available features attached to the loan.Basic variable rate home loans also tend to have lower account fees (such as establishment fee or ongoing service fees) Basic Variable Rate: Tends to focus more on competitive rates than features and repayment flexibility.There are a few different types of variable-rate home loans which may be offered by lenders. This means interest repayments on a variable rate home loan could go up or down at any time, creating potential inconsistencies between each payment period (which can be weekly, fortnightly, monthly or quarterly).īut variable rate home loans often offer the most competitive interest rates on the market, along with features such as linking an offset account, redraw facility or ability to make extra repayments. Loan Types: Different ways interest rates are calculated on home loans Variable Home LoanĪ variable rate home loan is one in which the interest rate is changeable and can fluctuate depending on market conditions, including movements of the RBA cash rate, and decisions of the lender. ![]()
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