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  • Additional repayments help reduce the interest and shorten the loan term
  • Many lenders allow direct salary crediting
  • Good for small loans
  • Usually a cheaper loan



  • Often have redraw fees and minimum redraw amount
  • Loan may have upfront and/or ongoing fees
  • Not as flexible as a loan with an offset account

Basic Home Loan

Most banks and lenders offer what they call a Basic Home Loan. They usually have a lower variable interest rate than their standard variable rate (SRV). However, these loans do not come with all the bells and whistles. They usually allow you to make extra repayments and then give you access to those additional funds if needed, but may not have as many features as other loans.

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