The Reduce Home Loans Home Owners Dream Fixed offers a competitive fixed rate and no ongoing fees
The Reduce Home Loans Home Owners Dream Home Loan carries no ongoing fees, and allows you to lock in a rate for the security of knowing what your repayments will be.
| Product Name | Reduce Home Loans Home Owners Dream Fixed |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $50,000 |
| Maximum Loan Amount | $3,500,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | No |
| Split Loan Facility | Yes |
| Loan Portable | Yes |
| Suitable for Investment | No |
| Extra Repayment | Yes |
| Repayment Type | Principal & Interest |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | At cost. disbursements payable |
| Valuation Fee | At cost |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $500 |
Pros
- Fixed rate for 1 - 3 years
- $0 ongoing fees
- $0 application fee
- $0 settlement fee
Cons
- $500 exit fee
Who is Reduce Home Loans?
Reduce Home Loans is a licensed and regulated finance brokerage that sources home loans from a variety of Australian lenders. Because Reduce Home Loans is an online-only business, it has low overheads and can offer lower rates. And because it can source funding from a variety of Australian lenders, it can offer competitive products to borrowers.Details to consider about the Home Owners Dream Fixed
The Reduce Home Loans Home Owners Dream Fixed is available to borrowers who are looking to refinance an existing loan or who want to purchase an owner-occupied home.
Features of the Home Owners Dream Fixed
- Maximum loan amount. The maximum amount you can borrow with the Reduce Home Loans Home Owners Dream Fixed is $3,500,000. The minimum loan amount is $50,000.
- Maximum LVR. This loan allows you to borrow up to 90% LVR, meaning you’ll need at least a 10% deposit.
- Repayment flexibility. Fortnightly and monthly repayment schedules are available with this loan.
- Additional repayment options. Additional repayments can be made towards your loan without incurring any fees. You can repay an additional $20,000 towards your loan each year.
- Loan term. The maximum term available with the Reduce Home Loans Home Owners Dream Home Loan is 30 years.
- Rate reduction. If you’ve recorded five years of good payment conduct on your loan account, you can apply to receive a discount off your interest rate.
- Repayment methods. Principal and interest repayments on the Reduce Home Loans Home Owners Dream Home Loan can be made by direct debit or by crediting your salary directly into your loan account.
Fees
There are no ongoing annual or monthly fees with this loan. Reduce will also cover the valuation fee if it's under $440. There are some fees to be aware of, including:
- Application fee: $0. This charge covers all the administrative costs associated with preparing your loan documents.
- Settlement fee: $0. This fee is charged for the set up of all your loan documents and accounts.
- Legal fee: At cost. disbursements payable. This fee is charged to complete the legals associated with your loan.
Eligibility and documents required for this loan
You’ll need to be an Australian resident, over 18 years of age and borrowing between $50,000 and $3,500,000 to qualify for this loan.
You’ll also need to provide the following during the application process:
- Your address and full contact details
- 100 points of identification, possibly including your driver’s licence and passport
- Details of the property you are buying including the contract of sale, certificate of title and transfer of land documents
- Details of your current employment situation and your income. PAYG borrowers can provide recent payslips as evidence of income while self-employed borrowers can supply recent tax assessment notices.
- Details of any assets you own, such as shares or a vehicle.
- Details of any liabilities you may have, such as credit card debt or other loans.
