Product:  Variable Rate

Introduction

The interest rate applicable to this type of product tracks changes in official interest rates and are generally suitable to all types of borrowers who hurdle general credit policies.

Key Features & Advantages

Generally, lenders allow borrowers to make additional repayments and access offset and line of credit facilities.

When official interest rates go down, the variable interest rate will also go down.

Considerations

As official interest rates go up so do variable interest rates.

Suitable for

All types of borrowers who can cope with interest rate rises.

Example of product

ING Bank's Mortgage Simplifier