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Variable Rate loans is the most common loan on offer.
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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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