Standard Variable Rate

Standard Variable Rate: An interest rate, which is applied to a loan.

These may have features such as redraw facility, construction, split loans options and mortgage offset.

The standard variable rate is the basis for most of the discounted loans – for example 1% off the standard variable rate with XYZ package. Banks often jostle for and advertise that they have “the lowest Standard Variable Rate Home Loan”, which makes me laugh because no one is paying standard variable rates anymore and the discount you can achieve varies from lender to lender – so lender A may have a standard variable rate which is 20 pts higher but may offer a 1% discount and bank B is 20 pts cheaper but only offers a 0.6% discount. As a consumer its difficult to easily make these comparisons.

But as a broker – it’s part of the job.

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Two Red Shoes Copyright © 2020 All rights reserved. Call on 02 9002 0380, 0404 494 929, email us  or 'old school' fax 02 9002 0381

Jarrett Group Pty Ltd atf Jarrett Group Discretionary Trust trading as Two Red Shoes hold Australian Credit Licence No: 428614 and are members of an external dispute resolution scheme. Details of our complaint resolution process can be found here or please see our credit guide. All information contained on this site is general information only, and does not take into account your particular financial situation or needs. You should consider your personal objectives, financial situation along with the recommendations of your trusted advisors.

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