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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

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.

About this loan

What are the features and benefits 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.

What fees and charges come with this loan?

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: $0. This fee is charged to complete the legals associated with your loan.

How to apply

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.

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