28LAStandard home loans

#### 28LA Standard home loans For subsection 133AA(2) of the Act, a standard form of credit contract is a contract for a home loan that: (a) is described in the table; and (b) obliges the consumer to make repayments that repay principal and interest for the full term of the home loan. | Item | Type of loan | Characteristics | | ---- | ----------------------- | --------------------------------------------------------------------------------------- | | 1 | Variable rate home loan | The interest rate on the entire loan balance may vary at the lender’s discretion | | 2 | Fixed rate home loan | The interest rate on the entire loan balance is fixed for the whole or part of the loan |