Basic Rate Home Loan
Understanding Your Home Loan
The basic rate home loan (also referred to as a "No Frills Home Loan" is a variation of the Standard Variable Rate Home Loan
The Basic Rate offers a discounted interest rate from the standard rate determined by the Reserve Bank.
The main difference being that some of the added features or "bells and whistles" available on the standard variable rate home loan have been removed.
Such features could include:- Introductory/Honeymoon rates
- Offset facilities
- Additional repayments
- Redraw facilities
Some of these features may still be available on a No Frills home loan, depending on the lender you use.
Generally the cheaper the interest rate the less features offered by the lenders.
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