4. Basic Variable Loans
This is a no frill home loan and is similar to the Standard Variable Loan where the interest rate changes at the discretion of the Reserve Bank and/or the lender. However this loan has a lower interest rate than the Standard Variable Loan but have less of the features. This loan may be charged for additional features such as redraws. Different lenders will offer different facilities with the Basic Variable product. It is important that all advantages and disadvantages be considered when comparing lenders.