Variable Rate loans
is the most common loan on
offer.
- These Loans Vary significantly between
Financial Institutions.
- They Generally Have a Low Variable interest
Rate, Generally linked to the Reserve bank
rate.
- The Term of the loan can vary up to 30
years.
- The Maximum amount of the Variable loan is
generally 95% of the valuation of the security
property; however this will vary between
loans.
- Lenders Mortgage Insurance is normally
Required if amount borrowed is more than 80% of the
valuation of the security property
- You do have the ability to repay the loan
early, some conditions may apply.
Other features can include (varys between
lenders products):
- Ability to make additional repayments, which
means you can pay off your loan faster and save on
interest costs.
- Mortgage Offset - these mortgage offset
accounts make the most of your available funds to
reduce interest costs, and shorten the term of your
loan:
- Redraw facility, this allows you to access
any additional loan payments you have
made.
- Repayment Holiday, the ability to
temporarily stop repayments due to special
circumstances.
- Linked to credit cards
- Ability to split loan between fixed and
variable Interest rates.
- Interest only payments up to 10 years,
Minimise your repayments and free up cash by paying
interest only.
See what variable loan we can offer offer
you
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