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The standard variable rate (SVR) is the default home loan rate charged by the lender. It’s normally used as a benchmark rate from which other variable products are priced and discounts are offered. Being on the SVR is also known as paying the ‘Lazy Tax’, whereby no discounts are offered. Customers who haven’t reviewed their loan for some years might find their discount or fixed rate term expired and the loan reverted to the SVR (typically a very high rate).
