There’s a big difference between a standard and basic product – and the right loan for you will depend on your individual goals and requirements. A basic variable loan generally carries cheaper rates, because they lack the above-mentioned extra features such as an offset or redraw facility.
“A basic or ‘no frills’ loan is around 0.7% lower than a standard variable loan, and is ideal for first homebuyers and owner-occupiers, or investors. These facilities also have higher fees if you wish to redraw funds or discharge early and generally come with no EXTRA’s as such . It is a simple loan with simple features without any bells and whistles.
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