Variable Rate Mortgages
A variable rate mortgage is the market standard and a popular option amongst mortgagees. Home Loans with variable rates offer a range of features that allow you to choose the frequency of your repayments, and facilities for redraw.
By applying for a variable rate mortgage, your interest rate will move along with the market rate, so you may find your repayments changing many times a year. This makes it harder to budget for your repayments, so try and factor in a 2 percent buffer to allow for rate movements.
The alternative is to fix your rate for a few years, which is useful for when you think that rates will rise in the future. Many borrowers choose a combination, splitting their loan so that some of it has a fixed rate and the rest a variable rate.
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The table below displays some of the best variable rate mortgages available. Click the "Go to Site" button to visit the institutions website for more detail.
Alternatively, if you're after a more specific search, RateCity has a range of variable rate investment property mortgages to compare as well.
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Monthly repayments are based on advertised rate, loan amount and selected payment frequency over 25 years.
The comparison rate is based on secured credit of $150,000 and a term of 25 years. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.