Borrow up to 90% LVR and enjoy no ongoing fees with a Home Owners High Lend 1 Year Fixed Fee Free Loan from Reduce Home Loans
The Home Owners High Lend 1 Year Fixed Fee Free Loan is designed for borrowers who need to borrow a large percentage of the value of the property they are buying. Offering up to 90% LVR, the loan does not charge any ongoing monthly or annual fees to borrowers. In addition, you are allowed to make additional repayments towards your loan at any time without incurring a penalty.
If you don’t need to borrow as high an LVR, you may wish to consider Reduce Home Loans’ Home Owners Dream 1 Year Fixed Loan.
Things to consider about the Home Owners High Lend 1 Year Fixed Fee Free Loan
The Home Owners High Lend 1 Year Fixed Fee Free Loan is available for those who are looking to buy an owner-occupied home or people wanting to refinance. A full doc loan, it offers a maximum LVR of 90%; however, if you borrow more than 80% of the value of your property you will need to take out lender’s mortgage insurance (LMI).
Features of the Home Owners High Lend 1 Year Fixed Fee Free Loan
- Maximum loan amount. The maximum amount you can borrow with a Home Owners High Lend 1 Year Fixed Fee Free Loan is $500,000. The minimum loan amount is $50,000.
- Maximum LVR. As mentioned, the Home Owners High Lend 1 Year Fixed Fee Free Loan allows you to borrow up to 90% of the value of your home. However, if you borrow more than 80% you will need to consider the extra expense of LMI.
- Repayment schedule. Choose from either a fortnightly or monthly repayment schedule to suit your budget.
- Repayment flexibility. If you take out this loan you have the option of making additional repayments (up to a maximum of $20,000 p.a.) at any time without incurring any penalties or charges.
- Maximum loan term. The Home Owners High Lend 1 Year Fixed Fee Free Loan has a maximum term of 30 years, allowing you sufficient time to pay it off.
- Rate reduction. Once you’ve established five years of good payment conduct on this loan, you can apply for a rate reduction from Reduce Home Loans.
- Repayment methods. The repayment methods available on this loan include direct debit, salary crediting, BPAY and EFTPOS.
Fees you can avoid
- Ongoing fees: $0. There are no annual or monthly fees charged as part of this loan.
- LMI: $ amount varies. You can avoid paying for LMI if you borrow less than 80% LVR.
- Establishment fee: $0. There’s no upfront fee for establishing this home loan.
Fees you can’t avoid
- Application fee: $440. This covers the administrative cost of preparing all your loan documents.
- Valuation: $250 or actual cost. As part of the lending process, the lender will have the value of the property you are buying appraised. This fee covers the third party costs involved.
- Legal fees: $330. This fee covers Reduce Home Loans’ legal costs which are incurred during a property transfer.
- Settlement fee: $130. This fee applies once your loan settle.
How to apply for the Home Owners High Lend 1 Year Fixed Fee Free Loan
If the Home Owners High Lend 1 Year Fixed Fee Free Loan sounds ideal for your needs, click the ‘Apply Now’ link on this page to be redirected to the Reduce Home Loans website. There, you can enter your details into an enquiry form to request a discussion with a Reduce Home Loans customer service representative.
You’ll need to supply your name, postcode, phone number, email address and any questions you have.
Reduce Home Loans will then contact you within 1-2 business days to discuss your borrowing requirements.
You’ll need to be an Australian resident and over 18 years of age to take out a loan. You will also need to provide:
- Your name and contact details
- Proof of identity, such as your driver’s licence and passport
- Details of your income and your employment information
- Details of any assets in your name, for example shares
- Details of your ongoing liabilities
- Information about the sale of the property, including the contract of sale, certificate of title and transfer of land.
The Home Owners High Lend 1 Year Fixed Fee Free Loan offers plenty of attractive features to borrowers looking to buy a home or refinance an existing mortgage.