Basic loans are exactly as they sound: very, very simple. They usually have a very low interest rate and they are also usually very restrictive.

Today, good basic loans are anything but basic! You can usually pay more than the minimum each month (allowing you to pay off the loan faster) and you could be able to redraw any extra money you have paid. Basic and Standard loans can also be 'interest only' for your investments.

Tip...

The cheapest home loan is not the one with the cheapest interest rate but the one you can repay the fastest.