Reduce Home Loans
Economizer Home Loan
Owner Occupied Variable Principal & Interest 0 Years 80% LVR
6.29%
Interest rate
6.35%
Comparison rate
Ratings
★ ★ ★ ★ ★ (1 reviews)
About Economizer Home Loan
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Fees & Costs
- A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
- Reduce Home Loans charge a discharge fee of $500, which covers the cost for removing the mortgage that has been registered on the title of your property.
- There is upfront costs of $697 to apply for Economizer Home Loan, with no ongoing account keeping fees.
Borrowing Limits
- Reduce Home Loans Economizer Home Loan does not offer tier pricing for lower LVR. With Economizer Home Loan, you can borrow upto $80% LVR.
Eligibility
- Interest only repayment option is not available with Reduce Home Loans Economizer Home Loan for buying next home.
- Interest only repayment option is not available with Reduce Home Loans Economizer Home Loan for refinance.
IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Reduce Home Loans or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Economizer Home Loan
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
Reduce Home Loans charge a discharge fee of $500, which covers the cost for removing the mortgage that has been registered on the title of your property.
Does Reduce Home Loans Economizer Home Loan comes with an offset account?
Yes, Economizer Home Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for Reduce Home Loans Economizer Home Loan?
There is upfront costs of $697 to apply for Economizer Home Loan, with no ongoing account keeping fees. Valuation fee: $250
Legal fee: $297
Document fee: $150
Fees
- Application fee
Important Information
Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Reduce Home Loans or a mortgage broker just to be sure. This information should be used as a guide only.