We refer to basic loans as the "no frills" of home loans. 

What this means to you the consumer is that you are not paying for features that you are not going to use.  The standard variable loans generally have all the bells and whistles, which could include features such as offset accounts, regular withdrawal facilities. 

If you don’t plan on using these facilities why pay the extra interest rate to have access to the features. 

Extra repayments are allowed on all Basic variable loans, and generally first home owners find this style of loan suitable to their needs.