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Variable Rate Home and Investment Loans

 

 

Variable rate home loans are subject to interest rate movements. They can change when the lender chooses to increase or decrease the rate, generally in line with the Reserve Bank of Australia's cash rate.

 

There are many types of variable rate loans on the market, all of which offer different degrees of flexibility when it comes to

- upfront and ongoing fees,

- the cost of accessing extra repayments made into your loan - the redraw facility

- features attached to the loan such as an offset account

 

There a a number of variable rate loans available and the can be classified as follows;

- Basic Variable Loans

- Professional Packages

- Line of Credit or Home Equity Loans

 

What to watch out for:

  Additional repayments are excellent for reducing the interest paid and the loan term

  Fees – look for loan products with no upfront and ongoing fees

  Minimum redraw amount – look for low redraw minimums and are free

  Number of redraws – look for unlimited redraw transactions

  Lenders allowing direct salary crediting into your loan account so you can redraw the funds

    as you need them

 

Advantages

  Very flexible and allow you to make extra repayments with out penalty

   If interest rates go down your repayments will be less

 

Disadvantages

   If interest rates go up your repayments will be higher

   Not all variable loans are the same so be wary of the fine print

 

Compare Variable Rate Home and Investment Loans

 

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