A Variable Rate loan is a conventional home loan - but with a difference. When your lifestyle changes, the Variable Rate loan could change with you.

For instance if you change jobs, you may alter your loan payment dates to match your new pay cycle. Under some circumstances, you may even extend the term of your loan.

And you can make many of these changes to your loan yourself using the Internet, or by calling a Home Loan Specialist. A fee may apply to some changes.

The BankDirect Variable Rate loan facility is available when you use a residential property as mortgage security.

Advantages

• Alter loan term; repayment structure; or frequency or dates of repayments at any time

Options available

• Minimum loan amount: $1,000.
• Repayment structures available: table, reducing.
• Terms: minimum 6 months, maximum 25 years.
• Additional options: low, zero start periods.
• Loan holidays*.

Special Features

• Make lump-sum principal repayments at any time without incurring any penalties.

* You may apply for a loan "holiday" suspending your repayments for up to 3 months, however interest will continue to accrue during this "holiday". There must be a minimum of 12 months between the expiry of a loan "holiday" and the beginning of another loan "holiday".

BankDirect lending criteria and a loan processing fee apply. A low equity margin and early repayment adjustments may also apply.