One of the most popular Australian home loans in the market, the interest rate in a standard variable home loan can vary throughout the term of the loan, as it depends on the interest rate set by the Australian Reserve Bank. If interest rates fall, your home loan repayments will come down, However, if the interest rates increase, so will your monthly home loan repayments.
Most borrowers prefer a standard variable home loan because they are the most flexible home loan available and offer a range of features, such as a redraw facility, repayment frequency flexibility, portability, the ability to make extra repayments without penalty, line of credit, offset accounts, redraw facilities and the flexibility to split your home loan.
Please use the home loan repayment calculator to get an idea on your borrowing capacity and stamp duty fees. Alternatively, speak to an Intellichoice mortgage broker on 1300 55 10 45 to find out more about our wide range home loans and how we can help you find a home loan to suit your needs.