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Basic variable rates
Low-rate, low-feature, low-flexibility loans whose rates change regularly.
Basic variable-rate loans are the borrowing equivalent of no-name supermarket brands. The big attraction is the low rate - up to one per cent less than standard variable rates. For that you get a no-frills loan, with few features.
Our table shows:
- the lender's published rate
- the "comparison rate" - a government-specified "artificial" rate that takes into account both interest and the fees and charges you would pay on a $150,000 loan over 25 years
- "upfront fees", including application fees, valuation charges, legal charges and other fees
- "ongoing fees" which are paid each month, quarter or year for the life of the loan
To determine the right loan, you must deal with more than just rates and fees . You must find out:
- Is this loan available to me?
- Does this loan come with the features I need?
- Can the lender deliver the level of service I need?
The rates and fees that apply at the start of a loan are also likely to change during the life of the loan.
Lender Product Rate Comparison rate Upfront fees Ongoing fees
Adelaide Bank |
Greatsaver |
6.79% |
6.83% |
$595.00 |
Nil |
AMP Banking |
Basic Variable Rate Loan |
6.76% |
6.92% |
$775.00 |
$10/m |
ANZ Bank |
Money Saver Loan <$250k |
6.72% |
6.84% |
N/A |
N/A |
ANZ Bank |
Money Saver Loan $250k + |
6.62% |
N/A |
$600.00 |
$8/m |
Aussie Home Loans |
Basic Variable |
6.74% |
6.80% |
$850.00 |
Nil |
Australian Central CU |
Discount Variable Rate |
6.74% |
6.88% |
$745.00 |
$8/m |
Bank of Queensland |
Economy Home Loan |
6.74% |
6.89% |
$595.00 |
$10/m |
BankSA |
Essential Home Loan |
6.74% |
6.89% |
$654.00 |
$10/m |
BankWest |
Lite Home Loan |
6.65% |
6.65% |
Nil |
Nil |
Citibank |
Basic Mortgage > $250k |
6.62% |
N/A |
N/A |
N/A |
Citibank |
Basic Mortgage < $250k |
6.75% |
6.90% |
N/A |
N/A |
Colonial |
Rate Saver HL Int Only |
6.81% |
N/A |
N/A |
N/A |
Colonial |
Rate Saver HL P&I |
6.81% |
N/A |
N/A |
N/A |
Colonial |
Rate Saver HL IO $150k + |
6.81% |
6.86% |
$700.00 |
Nil |
Colonial |
Rate Saver HL $150k + |
6.81% |
6.86% |
$700.00 |
Nil |
Commonwealth Bank |
Economiser HL P & I |
6.81% |
N/A |
N/A |
N/A |
Commonwealth Bank |
Economiser HL $150k + |
6.81% |
6.86% |
$700.00 |
Nil |
Credit Union Australia |
Basic Variable |
6.72% |
6.76% |
$625.62 |
Nil |
Heritage B Soc |
Basic Variable |
6.70% |
6.83% |
$600.00 |
$8/m |
HomeSide Lending |
Plain and Simple P+I |
6.76% |
6.78% |
$300.00 |
Nil |
HSBC |
Home Value |
6.69% |
6.74% |
$650.00 |
Nil |
IMB Limited |
Budget Blue Home Loan |
6.75% |
6.81% |
$908.50 |
Nil |
IMB Limited |
IMB Budget Home Loan |
6.70% |
6.76% |
$908.50 |
Nil |
ING Bank |
Home Loan Saver |
6.70% |
6.74% |
$636.50 |
Nil |
Melbourne Credit Union |
First Home Buyers Loan |
6.95% |
7.01% |
$600.00 |
$24/a |
National Australia Bank |
Base Var Rate Home Loan |
6.82% |
6.86% |
$600.00 |
Nil |
National Australia Bank |
Base Var Rate Discount1 |
6.72% |
6.76% |
$600.00 |
Nil |
National Australia Bank |
Base Var Rate Discount2 |
6.62% |
N/A |
N/A |
N/A |
RAMS |
Basic Home Loan |
6.69% |
6.74% |
$645.00 |
Nil |
RESI Mortgage Corp |
Great Rate Home Loan |
5.80% |
5.83% |
$434.50 |
Nil |
St George Bank |
Essential Home Loan |
6.74% |
6.89% |
$654.00 |
$10/m |
SUNCORP |
Back To Basics |
6.74% |
6.78% |
$600.00 |
Nil |
Westpac |
First Option Home Loan |
6.74% |
6.88% |
$750.00 |
$8/m |
Wizard Home Loans |
Rate Breaker Loan |
5.77% |
5.82% |
$760.00 |
Nil |
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