Standard Variable Rate Loans

This is the most popular type of home loan in Australia. As the name implies the interest rate charged on these loans may move up and down. The rates usually move in line with the Reserve Bank official interest rates. The Reserve Bank board meets on a monthly basis and determines the need to move the interest rate up or down, which is dependent on the performance of the economy.

Standard variable rate home loans require regularly scheduled principal and interest or interest only repayments on a fixed or variable rate, full income declaration allow borrowings of up to 100% of the purchase price.

Good features of standard variable rate home loans

• Interest rates are normally cheaper than fixed rate home loans.
• If the official interest rate drops so can your home loan repayment.
• Extra repayments are possible.
• You can redraw extra repayments if you need to.

Bad features of standard variable rate home loans

• If interest rates increase, your home loan repayments may go up.
• Some variable home loans may have better rates but less flexibility.

Why Platinum Property Loans?

Platinum Property Loans is part of the Platinum Direct Finance group of companies who will finance over 800 million dollars worth of equipment and car finance this year! Due to this volume and buying power, we can give our clients access to the best rates and home loan products across Australia.

Need further information?

If you require further home loan assistants, either complete our friendly enquiry form or call an experienced home loan consultant on 1300 554 553 today.

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