When it comes to choosing the right mortgage, understanding the difference between standard and basic variable rates could save you thousands of dollars each year!
● Standard Variable Rates: These rates come with a range of features, such as flexible payment options and the ability to make extra repayments. This means you can potentially pay off your home loan faster. However, they often come with higher interest rates.
● Basic Variable Rates: These offer fewer features, which may limit how quickly you can repay your loan. But on the upside, they typically have lower interest rates, making them a more affordable option for many.
There are pros and cons to both, and the best choice depends on your personal circumstances, such as your financial goals and flexibility needs.
Want to know which one is right for you?
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