Basic Standard Variable Rate
The basic standard variable rate loan generally has a lower interest rate than the standard variable rate though does not carry all the features of a standard variable rate loan and usually has less flexibility. With the basic standard variable loan you will ultimately swap added features such a redraw facility for a lower interest rate.
As it is a variable rate loan, the interest rate will move according to the official cash rate set by the Reserve Bank of Australia, therefore it is important that you keep up to date on current interest rates.
Although the basic variable rate may be one of the cheapest on the market it may not necessarily be the best fit for you therefore it is important that you compare many home loans to determine the best fit for you.
