The standard variable rate home loan is the most popular home loan type in Australia. The rate is not fixed and is mostly determined by the official cash rate set by the Reserve Bank of Australia. The banks can change their standard variable interest rates as they wish, however due to the competitive nature of the industry, this very rarely occurs.

Advantages:
- Most Flexible product
- Can make additional repayments to pay down principal
- If Interest rates drop, it is likely that your repayments would drop too

Disadvantages:
- If interest rates rise, it is likely that your repayments would rise too
- Due to its flexibility, it is likely that the rat will be higher than a basic variable home loan 

This is similar to a standard variable rate home loan without the additional features and flexibility. Also known as a “no frills” product, this home loan type usually offers a lower interest rate that the standard variable rate.

Advantages:
- Lower interest rate than the standard variable product
- If Interest rates drop, it is likely that your
- repayments would drop too

Disadvantages:
- Less flexible than Standard variable rate
- If interest rates rise, it is likely that your repayments would rise too
- Less Features

The professional package is a flexible home loan that provides all the features you need at a competitive variable interest rate. You are eligible for an interest rate discount between .4% - .7% off the standard variable loan, depending on the loan size. There are some requirements to access these loans such as meeting the lenders minimum loan amount.