There are two types of Variable Rate Home Loans: Standard and Basic.
With a standard variable rate home loan, as interest rates rise and fall, so do your repayments. They also offer strong account features and repayment flexibility. With a standard variable home loan, your regular repayments are not only paying off the interest on the loan but are also contributing towards the principal amount of the loan.
With a basic variable rate home loan, you can choose a lower interest rate but you will have less account features and less flexibility with your repayments.