What is a variable loan?
A variable loan comes with a variable interest rate that can go up and down at any time during the life of your loan. With variable loans, you’ll have more flexibility to increase your repayments without getting charged for it. Any additional payments you make will show as available funds in your loan account (otherwise known as your redraw facility), and you can redraw additional payments whenever you like.
If you’re an Own variable customer with a linked Spend or Save offset account, you can use your linked account to offset the interest charged on your home loan. For more info, check out our FAQ on the difference between fixed and variable home loans.