Variable Rate Home Loans

A variable rate home loan is a home loan where the interest rate varies when either the Reserve Bank of Australia increases or decreases the official cash rate, or the banks or lenders change them. Most banks or lenders offer discount basic variable home loans. These are generally a 'No Frills' home loan but have many great features like redraw, and the ability to pay as much towards your loan, as you can afford. Variable rate home loans are generally have a lower interest rate than other types of home loans.


  • Generally the interest rate is lower than other types of home loans.
  • With most variable rate home loans you can pay as much off the home loan without penalty (all banks have different rules, but a good home loan has this feature).
  • With most banks, any extra you pay off the home loan, you can redraw those funds and use them if required.
  • Some banks and lenders offer an offset account, which will offset against a variable home loan.
  • With most banks, variable rate home loans can be packaged under a banks professional package, saving you fees, and some banks offer a cheaper variable interest rate under their professional package.



  • The interest rate can go up.
  • It is may be hard to set a household budget when your not sure what your home loan repayments may be in the future.


General Variable Interest Rate Home Loan Fees

  • An application fee may apply to your variable rate home loan.
  • Your Variable rate home loan may have a monthly fee.
  • If your loan is greater than 80% of the property value, you will pay a once off mortgage insurance fee.


Loan Term And Repayment Types

  • Home loan terms from 5 to 40 years (Depending on the bank or lenders credit policy)
  • Principle and interest repayments are available.
  • Interest only repayments may be available.

If you would like some more information on variable rate home loans, contact Perth Mortgage Broker Group , or call Troy on 0411 229 602, 7 days a week.

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