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Variable Rate Loans

Standard Variable Rate Home Loans (Principal and Interest)

A standard variable loan is the most common loan for those wanting some flexibility. They are suitable if you are planning to make extra payments in order to pay off your mortgage more quickly.  They usually have more loan features available such as equity redraw facility or loan off-set accounts.

Benefits:

  • Repayments fall when official interest rates fall
  • Usually have additional features such as equity redraw, off-set account
  • May have special introductory (honeymoon) rates in the first year
  • Generally no penalty fees apply if you make extra repayments


Disadvantages:

  • Interest rates will increase if official rates increase
  • Generally will have a higher rate of interest than a Basic Variable Loan

 

Basic Variable Rate Home Loans (Principal and Interest)

A basic variable loan generally has fewer loan features than a standard variable loan. Basic variable loans are suitable if you are looking to pay off a regular amount over the full term of the loan, but are not as suitable if you are looking to pay off your mortgage quickly or need flexible extras.

Benefits:

  • Repayments fall when official interest rates fall
  • Rate is generally the lowest rate available


Disadvantages:

  • Limited features (ie no access to equity redraw or off-set accounts)
  • Whilst extra payments may be made additional penalty fees may apply
  • Interest rates will increase if official rates increase

 

With over 650 different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.

Until you value yourself, you won't value your time. Until you value your time, you will not do anything with it.
M. Scott Peck

Variable Rate Loans

  • Most common loans
  • Repayments change with interest rates
  • Flexible loan features offered
  • Can pay off loan sooner

Have a professional Time Finance mortgage broker contact you to get your loan requirements arranged on a no charge, no obligation basis.

Call 1300 833 839 or enquire online ›››

Choose from over 650 loan products from Australia's Top Banks and Mortgage Lenders.