Reduce Home Loans
Home Owners Dream
Owner Occupied Fixed Principal & Interest 4 Years 80% LVR
6.29%
Interest rate
6.35%
Comparison rate
Ratings
★ ★ ★ ★ ★ (1 reviews)
About Home Owners Dream
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.
Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. Reduce Home Loans Home Owners Dream offers fixed loan terms between 1 - 5 years.
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.
- Reduce Home Loans may also charge you a fixed-rate break cost if you refinance out of Home Owners Dream or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
- Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
- There is upfront costs of $1170 to apply for Home Owners Dream, with no ongoing account keeping fees.
Borrowing Limits
- Reduce Home Loans Home Owners Dream does not offer tier pricing for lower LVR. With Home Owners Dream, you can borrow upto $80% LVR.
Eligibility
- Interest only repayment option is not available with Reduce Home Loans Home Owners Dream for buying next home.
- Interest only repayment option is not available with Reduce Home Loans Home Owners Dream 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 Home Owners Dream
Refinance
Fixed · Principal & Interest
1 Year · 80% LVR
6.29%
Refinance
Fixed · Principal & Interest
2 Years · 80% LVR
6.04%
Refinance
Fixed · Principal & Interest
3 Years · 80% LVR
5.99%
Refinance
Fixed · Principal & Interest
4 Years · 80% LVR
6.29%
Refinance
Fixed · Principal & Interest
5 Years · 80% LVR
6.29%
Owner Occupied
Fixed · Principal & Interest
1 Year · 80% LVR
6.29%
Owner Occupied
Fixed · Principal & Interest
2 Years · 80% LVR
6.04%
Owner Occupied
Fixed · Principal & Interest
3 Years · 80% LVR
5.99%
Owner Occupied
Fixed · Principal & Interest
4 Years · 80% LVR
6.29%
Owner Occupied
Fixed · Principal & Interest
5 Years · 80% LVR
6.29%
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. Reduce Home Loans may also charge you a fixed-rate break cost if you refinance out of Home Owners Dream or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
Does Reduce Home Loans Home Owners Dream comes with an offset account?
Yes, Home Owners Dream 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 Home Owners Dream?
There is upfront costs of $1170 to apply for Home Owners Dream, with no ongoing account keeping fees. Application fee: $440
Valuation fee: $250
Legal fee: $330
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.