Reduce Home Loans offers home loans for the following types of borrowers:
- First home buyers
- Self-employed (low-doc loans)
There are a variety of interest rates options available to Reduce Home Loan customers:
- Variable interest rates
- Fixed interest rates
- Principal-and-interest home loans
- Interest-only home loans
- Split loans
Reduce Home Loans has several mortgages that would suit borrowers with small deposits, and also offers the ability for parents to sign on as guarantors.
Unlike the big banks that lend out extremely high amounts to eligible customers, Reduce Home Loans has set maximum amounts for its home loans. Several products require loans to be between $50,000 and $2,000,000.
With mortgage terms of up to 30 years, customers can make repayments weekly, fortnightly or monthly.
Reduce Home Loans allows extra repayments to be made without penalty and many of its products come with offset accounts. All mortgages come with redraw facilities, although varying fees apply.