Basic Variable Rate Loans. Simple.
There are so many loan products out there. For the normal person looking fo a home loan this can be a real minefield. So we at AAFS are making the question what loan product is the right one for you a little easier.
The Basic Variable Rate loan product is a no frills home loan. These basic loans are generally a fee-free home loan product. The basic home loan package has competitive interest rates, and is usually a reasonably flexible loan package.
Some benefits of a Basic Loan:
- Low or no ongoing fees
- Lower or no loan application fees
- Extra repayments
- Redraw facility generally with no fee
- Competitive low variable rate.
Basic Loan exclusions are:
- No loan offset account (with most lenders)
- Does not generally come with other banking facilities (e.g. Credit card, Cheque book facility)
Who suits these Basic Home Loans?
A Basic Home Loan is suitable for those who:
- Are First Home buyers
- Are borrowing less than $250,000
- Have no need for other accounts
- Do not want to pay fees on the home loan
What Lenders have a Basic Home Loan?
Some of the following are the more popular basic Loan products on the market as listed below. Keep in mind (if contacting these suppliers directly yourself) that our position as mortgage brokers managing millions of dollars in loans every month puts us in a strong position to negotiate lower interest rates than you will offered directly. Be sure to contact us before making any loan commitments!
AMP Basic Package Loan
CBA Rate saver
At All About Financial Services we have the expertise to find the right basic home loan that will suit you.