Variable Rate Home Loan

Most Lenders offer a variable rate loan. The interest rate on these loans does exactly what the name suggests. It can vary with time depending on the market. Variable rates are based on official Reserve Bank rate and generally won't change unless there is an official change. Variable loans include basic, standard, or revolving line of credit products and are traditionally the most flexible. Variable loans generally allow you to offset your mortgage, make extra repayments and have access to redraw. It also allows you to pay your loan out early.