If you’re looking for a loan with a competitive rate and no annual fees to help you buy an investment property, the Investor Rate Buster 1 Year Fixed Loan could be the loan for you
Property investors have unique borrowing needs and the Investor Rate Buster 1 Year Fixed Loan from Reduce Home Loans is designed to meet these needs. It offers a competitive fixed rate, the security of consistent repayments and no ongoing monthly or annual account-keeping fees, this home loan is designed to make it more affordable to purchase an investment property.
Things to consider about Investor Rate Buster 1 Year Fixed Loan
As the name suggests, this loan is designed to suit the needs of those buying an investment property. However, it’s also available for people looking to refinance or to purchase an owner-occupied property. A full doc loan, the Investor Rate Buster 1 Year Fixed Loan allows you to borrow up to 85% LVR and the interest rate you receive varies depending on your LVR.
While principal and interest repayments are available, you can elect to make interest-only repayments for a maximum period of five years. You can also make extra repayments towards your loan at any time without incurring a penalty, while the fact that there are no ongoing fees can help you save money over the life of your loan.
Features of the Investor Rate Buster 1 Year Fixed Loan
- Maximum loan amount. The maximum loan amount with an Investor Rate Buster 1 Year Fixed Loan is $750,000. The minimum amount you can borrow is $50,000.
- Maximum LVR. As mentioned, investment and owner-occupier borrowers are entitled to borrow up to 85% LVR. However, lenders mortgage insurance (LMI) is required if you borrow more than 80% LVR.
- Repayment options. You have the option of making interest-only repayments for up to five years with this loan. While principal and interest repayments can be made on a fortnightly or monthly basis, interest-only repayments must be made monthly.
- Additional repayment flexibility. An attractive feature of the Investor Rate Buster 1 Year Fixed Loan is the ability to make extra repayments towards your loan at any time without incurring an extra fee.
- Rate discount. If you hold your Investor Rate Buster 1 Year Fixed Loan for at least five years and establish a good payment record, you can apply to Reduce Home Loans for a 1% interest rate discount.
Fees you can avoid
- LMI. This can be avoided if you save a deposit of 20%.
- Ongoing fees: $0. Reduce Home Loans charges no annual or monthly fees as part of the Investor Rate Buster Loan.
Fees you can’t avoid
- Application fee: $440. This fee is designed to help cover the administrative costs associated with preparing your loan documents and setting up your loan.
- Valuation fee: $250 or actual cost. When you apply for a loan, Reduce Home Loans will need to have the value of your property appraised. You will need to cover the third party costs involved.
- Settlement fee: $130. This fee is charged when your loan settles.
How to apply for the Investor Rate Buster 1 Year Fixed Loan
If this loan sounds ideal for your borrowing requirements, click the ‘Apply Now’ link to be safely redirected to the Reduce Home Loans website. You can then fill out an enquiry form to arrange to discuss your borrowing needs with a Reduce Home Loans representative.
You’ll need to provide your name, email address, phone number, postcode and any questions you may wish to ask. Once the form has been submitted, Reduce Home Loans will contact you within 1-2 business days.
Eligibility & Required Documentation
In order to qualify for a loan you will need to be at least 18 years of age and a permanent Australian resident.
You will also need to provide the following information:
- Your name, date of birth and full contact details
- Proof of ID, such as a driver’s licence or passport
- Details of your employment and evidence of your annual income
- Information about any assets that you own
- Details of liabilities in your name, for example credit card debt
- Information about the property you are buying. This includes the contract of sale, certificate of title and transfer of land documents
The Investor Rate Buster 1 Year Fixed Loan offers plenty of handy features to suit your borrowing needs.