Basic Home Loans | Splendidfinancial

A Basic Home Loan is a ‘no frills home loan’, also known as a ‘Basic Variable Rate Home Loan’.

It’s simple. You will get a low interest rate home loan with ‘no frills’ features.

Having a basic variable interest rate home loan means:

You can purchase your first home sooner, as you will be required to pay less interest and fewer fees.
interest rates of half to one per cent lower than the standard variable rate, with different lenders offering a range of products.

Choice of repayments – Can be monthly, fortnightly or weekly
Low interest rate – The interest rate is lower than a standard variable rate loans.
If you are on a tight budget, it can make your monthly repayment schedule easier to manage.
Extra repayments are allowed – most lenders allow extra repayments without incurring a penalty.

Why wouldn’t I choose a Basic Home Loan?

Variable interest rate – The interest rate fluctuates with market conditions.
Limited features – Certain features may not be available, or be as flexible as a standard variable rate home loan.