Standard variable home loans are a popular loan type in Australia. A standard variable rate home loan has a fluctuating rate. This generally moves up and down in line with changes the Reserve Bank of Australia (RBA) makes to official interest rates.
Standard variable rate home loans may let you have a redraw facility on your loan or let you make additional payments at no cost.
Different banks offer a variety of features and flexible options on their mortgage broker products. In some cases, you can even tailor your mortgage to suit your own goals and financial needs.
Mortgage Offset Accounts
Mortgage offset accounts are also popular with variable rate loans. A mortgage offset account lets you have a savings account with the same lender. Instead of getting interest on the savings account, the interest on your loan is calculated on the net balance of the loan less the amount you have in your savings account.
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