STANDARD VARIABLE RATE

A standard variable rate home loan (SVRHL) is one of the most popular mortgages around.  For many borrowers they offer the right mix of features, maximum flexibility, including the option to fix or split your loan, the ability to make additional repayments when you can afford to, and the option to redraw these funds for any purpose when you need to.

This type of loan is particularly suitable if you want to make extra repayments without penalty, split your loan or have access to a redraw facility.  In return for these benefits, a standard variable rate mortgage will generally have a higher interest rate than a basic home loan, however lenders do offer discounts of up to .70% off the Standard Variable Rate (SVR) depending on the size of the loan.