The Reduce Rate Slasher Variable mortgage is a very competitive variable rate loan with an optional offset account.
The Rate Slasher Variable Home Loan from Reduce Home Loans is a variable rate loan with principal-and-interest repayments. The loan has some of the most competitive variable rates on the market.
It is available for both investors and owner-occupiers, with options for borrowers with 10% deposits. You can choose to add a 100% offset account for a small monthly fee.
|Product Name||Reduce Rate Slasher Variable Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$3,500,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||At cost. disbursements payable|
|Valuation Fee||At cost|
|Ongoing Fees||$0 p.a.|
- Competitive rates
- Optional offset account
- Flexible redraw facility
- There is a $0 application fee
- Offset comes with a small fee
What are the features and benefits of the Reduce Rate Slasher Variable Home Loan?
- Purpose. This product is available for both home buyers (owner-occupiers) and investors.
- Deposit size. You can borrow up to 90% of your property's value.
- Offset account. The loan has a 100% offset account but it's entirely optional, and there's a $10 monthly fee if you choose to use this feature.
- Helpful features. The loan has a redraw facility with no minimum redraw amount. You can also split the loan into fixed and variable portions.
What fees and charges come with this loan?
The Reduce Rate Slasher Variable Home Loan keeps fees fairly low, although there is an application fee and a few other fees to watch out for.
- Application fee: $0. You pay this fee when applying for the loan.
- Legal fee: At cost. disbursements payable. This fee covers the legal costs with processing the loan.
- Valuation fee: At cost. Third-party valuation fees are not charged by the lender but will apply at cost.
- Offset fee (optional): $10. This is a monthly fee that only applies if you add an offset account to the loan.
How do I apply for this loan?
To apply for this product or to get more information, click the green button and follow the application process to speak to a Reduce Home Loans mortgage specialist. They'll talk you through eligibility requirements and assist you with the application.