Reduce Loans

• Home loans up to $150,000
• Low-interest starting from 2.19%
• Repayment up to 25 years

Table of Contents

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Reduce Loans - Their loans have many benefits

Their home loan basic repayment calculator helps you to estimate your repayments that are based on the home loan amount, interest rate entered and the term, their calculator will also assist you in deciding how much you are able to afford, you can also give your personal manager a call who can assist and guide you.

In a nutshell

• Self-Employed - Reduce Loans have a range of products that are designed for the self-employed although this is subject to their lending criteria.
• Additional fees - Expenditures differ depending on the mortgage you choose. In addition to your application, settlement fees and valuation you will need to make provision for other fees such as solicitor and stamp duties. You are able to use the stamp duty calculator provided by Reduce in order to find out the cost of stamp duty fees payable in your State or Territory.
• Approval Period – Your Home Loan Manager will be able to provide you with conditional approval within 48 hours. The quicker you provide the required documentation to support your application the quicker your approval will be. Be advised that the common causes that delay your approval are generally the simplest like – missed signature and unclear identification etc.
• Pre-Approval – Their pre-approval is only valid for 3 months from the date of issue.
• Stamp duty – Please be advised that stamp duty on your new property will depend on a number of factors that included if you are a first-time home buyer, which state you purchase in and if you are going to live on the property or if you will be renting it out.
• Repayments – This will depend on the amount of the loan if you are paying principal and interest of interest only. They offer their customers the opportunity to make additional repayments, but the terms and conditions could vary depending on the loan you choose, you are however able to speak to your Personal finance manager regarding full details.
• Equity – You may use the equity in your present property to assist you in purchasing an investment property, even if you do have a mortgage on the property. In all probability, you will have enough equity to purchase an investment property.
• Lender’s Mortgage Insurance – This insurance protects the lender and not the borrower. The lender’s Mortgage Insurance is a once-off fee that would typically apply for a loan where the customer borrows more than 80 % of the purchase price. Depending on the amount you borrow normally between 80 and 95 % and let’s say the loan amount is $450 000 LMI can start from $6 000 and range up to 5 % of the loan price.
• Redraw Facility – They offer a redraw facility that acts as an emergency loan but notes that fees may apply depending on your individual product.