Variable Home Loan
A variable home loan changes when there are interest rates increases or decreases. Interest charged depends on your outstanding balance of your home loan. Interest is calculated on your daily balance with variable rate home loans.
Variable rates have flexibilty and features that may not always come with a fixed rate home loan. Some features may include 100% offset account, redraw facility and the abiity to make unlimited additional repayments.
If the market interest rate reduces then generally your variable loan rate may as well. This lowers the rate of your repayment.
You have the option of paying your home loan weekly, fortnightly or monthly which allows you to fit in with your budget. Paying weekly or fortnightly can also reduces the interest you are charged on your home loan.
How do you know if a variable rate home loan suits your needs?
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Your Home Your Mortgage:
A Home Buyers Guide
Your Mortgage Your Options:
A Home Owners Guide To Refinancing
From the moment you turn the key in the lock and take those first few steps through your new front door, the feeling of owning your own home is second to none.
Your Home Your Mortgage aims to arm home buyers and investors with essential know-how and proven techniques to ensure you avoid the common pitfalls of financing a property.
There’s no question the current mortgage environment is one of the most competitive in our nation’s history.
Refinancing provides Australians with a platform to get a better deal on their current mortgage, many of which may have been locked in some years ago at interest rates well above what’s on offer in today’s competitive market.