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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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