Standard variable is the biggest selling loan category in the market and accounts for a big chunk of mortgage business. Getting a standard variable home loan is an easy process for a borrower who meets mainstream criteria and holds a good credit record.
Standard variable home loans often include redraw facilities, portability features and allow the borrower to make additional repayments. Borrowers have the option of making repayments weekly, fortnightly or monthly, and can combine their loan with another eg fixed rate or split loan. However, these flexible features come at a price – interest rates on standard variable home loans are higher compared to the basic loans.