A low-rate variable home loan that doesn't skimp on features.
The Reduce Rate Lovers Variable Home Loan features a low variable rate usually associated with no-frills home loans. But this owner-occupier home loan comes with features often only found in products with higher interest rates.
|Product Name||Reduce Rate Lovers Variable Home Loan|
|Interest Rate Type||Variable|
|Interest Rate (p.a.)||3.49%|
|Comp Rate^ (p.a.)||3.49%|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||80%|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||$330|
|Ongoing Fees||$0 p.a.|
- $0 service fee
- 100% Mortgage Offset
- A $440 application fee applies
- A $150 settlement fee applies
What do I need to know about this loan?
The Reduce Rate Lovers Variable Home Loan is available to owner-occupiers and is suited to individuals, companies and trusts.
What are the features and benefits of the Reduce Rate Lovers Variable Home Loan?
- Loan amount and purpose. The Reduce Rate Lovers Variable Home Loan is only available to owner-occupiers. It has a minimum loan amount of $50,000 and a maximum loan amount of $2,000,000.
- Loan-to-value ratio. The Reduce Rate Lovers Variable Home Loan has a maximum loan-to-value ratio (LVR) of 80%, so you’ll need to have at least a 20% deposit.
- Flexible repayments. You can elect to make your repayments weekly, monthly or fortnightly, and you can make as many additional repayments as you like without penalty.
- Free redraw facility. If you need to access the additional funds that you've paid towards your home loan, you can do so using the loan's redraw account. There is no minimum amount for redraws made via Internet banking.
- 100% offset account. The Reduce Rate Lovers Variable Home Loan offers a 100% offset account for a $10-per-month fee. You can save on interest by keeping funds in the offset account.
What fees and charges come with this loan?
- Application fee: $440. This one-off fee covers the cost of processing your home loan application.
- Settlement fee: $150. This fee covers the administrative costs of processing the funding for your home loan.
- Legal fee: $330 plus disbursements. This fee covers the legal costs associated with settling your home loan.
How do I apply for this loan?
If you're interested in the Reduce Rate Lovers Variable Home Loan you can click the link below. You'll be asked to fill in a few details and you'll be contacted by a Reduce Home Loans team member who will help walk you through the application process.