1. Standard Variable Loan
This loan is a typical loan that most lenders provide. The main feature with this loan is that the interest rate is variable and can move up or down, depending on the Reserve Bank of Australia and/or the individual lender. If the interest rate is increased or decreased, your repayments per month will be altered to reflect the adjustment in the interest rate. Most Standard Variable Loan will include additional features such as redraws, mortgage offset, early repayments and revolving lines of credit. If managed properly, these features can help you to save money.