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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.
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.