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If you're looking to buy a home to live in and want a flexible, competitive variable rate mortgage then check out the Rate Buster High Lend from Reduce Home Loans. With this loan you can borrow up to 90% of the property's price. But if you have a 20% deposit you can get a lower rate and avoid any lenders mortgage insurance charge.
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Review by
Richard Whitten is a senior writer at Finder covering home loans and property. He helps everyone understand the ins and outs of mortgages so they can make smarter property decisions. He has written for Yahoo Finance, Money Magazine, Homely, and for multiple banks and lenders. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea. Richard has a Bachelor of Education, a Graduate Certificate in Communication and is currently studying a Certificate IV in Finance and Mortgage Broking.
This loan has principal and interest repayments and allows for unlimited extra repayments, plus a redraw facility so you can spend any extra repayments you've made if needed.
The Rate Buster High Lend also has an optional offset account (a very useful feature) but you will need to pay a $10 monthly fee to open one.
The Reduce Rate Buster High Lend Home Loan doesn't have any fees from the lender itself. You may have to pay third party valuation and legal fees but Reduce will cover these up to a certain limit:
If your loan amount is under $200,000 you will have to pay valuation and legal fees estimated at around $250 and $297 respectively.
To apply for this mortgage or to get more information, click the green button and leave your details with Reduce Home Loans. A Reduce Home Loans mortgage specialist will get in touch and you can start your application.