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- Basic Home Loan Variable
Basic Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 40% min deposit
- P&I
Interest rate p.a.
5.99%
Comparison rate* p.a.
6.04%
Basic Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 40% min deposit
- P&I
Interest rate p.a.
5.99%
Comparison rate* p.a.
6.04%
Reduce Home Loans Variable Rate Home Loan overview
For Basic Home Loan (Principal and Interest) (LVR < 60%)
Principal & Interest (P&I)
Loan type
Loan to value ratio
Interest rate
Comparison rate
Interest only
Loan type
Loan to value ratio
Interest rate
Comparison rate
Details
Maximum LVR
60%
Total repayments
Interest rate type
Variable
Borrowing range
$150k - $100m
Suitable for
Owner Occupiers
Loan term range
1 - 30 years
Repayment type
Principal and Interest
Applicable states
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Repayment options
Fortnightly, Monthly, Weekly
Target Market Determination
Visit Reduce Home Loans Pty Ltd to view Target Market Determination.
Features
Extra repayments
Unlimited
Redraw facility
Redraw fee: $0
Offset account
Split interest facility
Loan portability
Repayment holiday available
Allow guarantors
Available for first home buyers
Other benefits
$300 waived for over $150K
Fees
Total estimated upfront fees
$300
Application fee
$300
Legal fee
$0
Valuation fee
$0
Settlement fee
$0
Other upfront fee
$0
Ongoing fee
$0
Discharge fee
$0
Other Restrictions
Max loan amount may vary depending on the loan purpose, postcode, and other factors Refer to your Reduce Finance Manager for loan amount policy
RateCity says
"Enjoy no ongoing fees, unlimited extra repayments and free redraw facility with this competitive variable rate home loan."
Pros and Cons
For Basic Home Loan
Benefits
- Interest rates ranked in the best 20%
- No ongoing fees
- Extra repayments and redraw facility
- Free redraw facility
- Winner of Best Refinance Home Loan, RateCity Gold Awards 2024
Drawbacks
- No offset account
- Higher than average upfront fee
- Maximum loan amount is limited to 60% of the property's value
- No repayment holidays
