However, it does offer lower interest rates than a standard variable home loan. Basic variable home loans are usually quite popular with first home owners who don’t need all the features of a standard variable home loan, but want a competitive interest rate.
Advantages of a Basic Variable Home Loan
Disadvantages of a Basic Variable Home Loan
You should seek pre approval before entering into an basic variable loan arrangement. The reason is simple, building is a complex exercise requiring good co ordination and technical skills.
Lenders are aware of the complexity home builders face, and the possibility of costs over runs. This comes primarily from in-experience with managing this type of project. Hence most lenders are not generous when it comes to lending at high LVR’s on a Basic Variable Loans.
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