Reduce Home Loans Home Owners Loan

The Reduce Home Loans Home Owners Loan is designed for borrowers looking to lock in a no-fuss, low rate fixed home.

The Home Owners Dream Loan gives you a choice of fixing your loan for a period of one, two or three years. Loan products vary depending on your deposit size, with loans catering to borrowers looking to loan anywhere between 80 to 95 percent of the property value.

All of the Home Owners Dream loans give you the option of splitting your loan into both fixed and variable interest rate options, which is ideal for borrowers who like the best of both worlds.

All Reduce Home Loans fixed rate loans are portable which means that you can keep your home loan when you move which can save you the hassle of refinancing or applying again.

While these fixed rate loans have no 100 percent offset account or redraw facility, they do give the option of paying off your loan faster by making additional repayments without penalty.

If you haven’t quite managed to save a full deposit yet, this fixed rate loan gives you the option of borrowing up to 95 percent of the property value, however loans over 80 percent will need to pay lenders mortgage insurance.

The very high upfront fees may be a barrier for refinancers and the when coupled with the high discharge fee and lack of interest-only payments, this loan looks less attractive to investors. The low fixed rate, flexible deposit requirements and portability make this loan better suited to owner-occupiers and first home buyers.