Banks.com.au - Australian Banking, Finance and Investments

A Basic Variable Home Loan is a popular choice for first home buyers who purchase their new home.

The basic variable home loan is a no thrills product charging a low rate of interest, generally between .5% and 1% less than that charged on a standard variable home loan.

While a standard variable home loan has many features and allows you to make extra payments without incurring any penalties, a basic variable home loan far fewer features and you can incur penalties for making extra payments.

However, you can shop around with some lenders offering extra payment options to customers.

A full and comprehensive list of home loan providers and products is available in our Tools section where you can compare the different products available.

Bank, Australia has also provided online calculators for those who wish to compare the savings possible by applying for one of the different home loans. We have different types of calculators available offering you an insight into the amount you can not only borrow but also what you can expect your repayments to be.