The basic home loan is offered by most institutions, generally at a reduced interest rate. It has minimal features but is very attractive to borrowers that are looking for a loan without all the other account features.
This product is offered by most financial institutions as their main stream home loan. The standard variable home loan has greater flexibility, more features and better options than the 'basic home loan’.
Some of the features and options include: Salary crediting, redraw facilities, off set accounts, additional repayments options, top ups, construction loans and fixed rate options.
A standard variable rate loan does not mean you pay the standard rate, with all financiers offering "life of loan" discounts based on the package you qualify for.