Alt-Doc Loans
Alt-Doc rates from
6.99%p.a. Variable
7.06%p.a. Comparison *
Funded and managed by
Kurt was excellent to deal with. Great customer service, very helpful and experienced. One of the best rates on the market.
Exceptional customer service provided by Nick Freney in assisting us to navigate three separate loans. Wouldn’t hesitate in strongly recommending him to other prospect customers.
Just settled on my refinance with Vaughan at Reduce Home Loans. He made the process super easy and efficient. Was also great to be informed regularly throughout the entire process to put my mind at ease.Thanks 👍
We have been with Reduce Home Loans since 2015 and they've consistently secured the best rates and account features for us. This month we refinanced to a very competitive rate thanks to our Personal Finance Manager Connor.Connor provided us with helpful guidance and thoroughly answered all our questions. Everything was completed promptly and he was so responsive with our queries. The application process has also become much more streamlined and user friendly over the years.Thanks to Connor (and previously Rhyse) at Reduce Home Loans, we've been able to achieve our dream of having a home for our family. We highly recommend them for their personalised, exceptional service and expertise, as well as their broad product offering. Thanks again!
I have used Reduce Home Loans recently. I have dealt with Vaughan from Reduce Home Loans. I find Vaughan very helpful and easy to approach. I think they have great knowledge and great interest rates options and cash back offers. I will recommend to seek their advice for new home loans. Thanks, Dev
Kurt was phenomenal, very knowledgable, patient and communicative across the entire process. Can't recommend them highly enough.
Vaughan Enright has been an absolute pleasure to deal with. He is always extremely responsive and helpful, listens to my needs, and has been working with me to get the best he can. He has been reliable, getting back to me quickly, calling when he says he will (great timekeeper). Very happy with the experience as I initially called 3 or 4 months ago, he has been very informative from tyre kicking/semi serious stage to now at crunch time. Definitely recommend working with him.
I have used Reduce Home loans several times to refinance our loan. I cannot recommend them highly enough. They are extremely knowledgeable and have access to highly competetive interest rates. Their communication throughout the loan application process is excellent and it is very easy to get in touch with them when you need to. Definitely use Reduce!
Nick and the team never fail to impress and always achieve better than expected results. With a great network of lenders and products they always manage to deliver, keeping you well informed along the journey. Always know I am in capable hands and a achieving the best of what's out there.I cannot recommend Reduce highly enough. 11 out of 10! Keep up the good worm 👍
Prompt customer service and staightforward process. Access to great rates. Clear communication. Loan settled without problems and would definitely use them again.
We have been working with Reduce Home Loans for a few years now. We have done some refinancing of home loans and have applied for new home loans with Reduce Home Loans. Each and every time we managed to get some awesome deals, lowest variable rates available on the market. I highly recommend Reduce Home Loans. We will definitely use them again in future!!
Nick Freney, from reduced home loans, was fantastic. He made the whole process of refinancing my house loan, hassle free and also got me a great interest rate. I can't recommend Nick and his team highly enough.
Reduce were very easy to work with, and they got us the lowest variable rate on the market - which is saving us thousands each year.Highly recommend. We'll definitely go with them again in the future.
Overall, we are happy with our experience at Reduce. We moved from another non-bank lender, who wouldn't move our rate, despite their new owner rates being much lower, and our loans under what we originally borrowed. Nick and the team from Reduce were very easy to deal with, and our rate has been competitive since we started with them.
Just refinanced with Reduce Home Loans. Better interest rates, staff have been nothing but helpful and easy process. Can't ask for more!
I had a fantastic experience dealing with Reduce Home Loans who provided finance for my SMSF to purchase an investment property in July 22. I was particularly impressed with Bryce Stimpson's helpfulness, knowledge, responsiveness, professionalism and pleasantness. I received an excellent rate and am happy I went with Reduce.
Using reduce loans has saved me a lot of money on our home loan. The staff are professional and caring, always easy to get in contact with and there to help with any questions you. The switch from one of the big 4 banks (wont name names of who was ripping us off!) was easy with reduce loans. I highly recommend anyone to get in contact and see how many money they can save you.
Reduce Loans were able to find us a much better home loan rate. The process was so easy and we were walked through every step. Everything was done online and the whole process was handled quickly. I would highly recommend working with Reduce Loans.
We secured a great loan with Reduce far below market rates of the large lenders. Was particularly impressed by their flexible banking style in setting up the loan and Nick Freeney was great to work with in the loan application. The only issue is the application process was longer and more admin intensive than some other loans so removing one star - but if you stick with it you can save a bunch over the life of the loan.
Banks said no? Consider an Alt-Doc loan
What’s an Alt-Doc loan? Alt-Doc stands for alternate documentation, and these loans are tailored for borrowers who can’t satisfy the standard income verification requirements of a regular home loan.
Most lenders require full income verification using payslips and income statements, but Australians are far more diverse. If you’re self-employed, an alt Alt-Doc loan may be the solution for you.
If the banks said no, give us a call on 1300 REDUCE (733 823) and speak to an accredited Finance Manager to find out if our Alt-Doc loans can work for you.
When you are in the market for a new home, one of the first decisions you will make is which home loan to choose. How do you know which one is right for you?
Many mortgage lenders in Australia must verify your income before they will consider lending you money. They normally insist on seeing income tax returns, payslips and bank account records to confirm you are able to repay the loan you are applying for.
As a small-business owner or self-employed, you won’t have the documentation required by regular lenders. At Reduce Loans, we provide an alt-doc home loan for you. This means we will accept other proof of your ability to repay the loan.
Before you take the first step towards becoming a home-owner, here are some of the common terms you should recognise and understand:
Reduce Home Loans Alt-Doc Loan
Owner Occupied Capitalizer Alt-Doc
6.99%
p.a. Variable
7.06%*
p.a. Comparison
- Perfect for self-employed applicants
- Interest Only available
- Offset account available
- Free electronic redraw and unlimited extra repayments
Owner-occupier or Investor? (What is the loan for?)
Your lender will want to understand the purpose of the loan:
- Owner-occupied
You intend to live in the home. Generally seen by the lender as lower risk. Owner occupiers tend to ensure they can repay the mortgage on their home, plus they make sure the dwelling is well-maintained.
- Investment
Property investors can be put into the higher risk category, particularly if they plan to rent the property and use the rental income to repay all or some of the loan. Periods when the property is vacant may cause them financial difficulties.
Interest only vs Principal and Interest
Repayments for a Principal and Interest loan include a reduction in the capital value. When the term of the loan is complete, the property will be paid for.
An interest-only loan means lower repayments but depends on the property maintaining, or increasing, in value to pay off the outstanding loan capital.
Offset account
An offset account is separate from your mortgage account. Your wages are paid into the offset account and, when regular bills have been paid, the remaining balance is offset against your outstanding mortgage.
You will only pay interest on the revised balance, so using your offset account wisely can mean you repay less interest throughout the term of your home loan.
Extra payments on a home loan
At Reduce Loans, our variable rate alt-doc home loans permit you to make additional payments. This has the dual benefits of reducing the outstanding balance, so you will pay less interest, plus the balance of all your additional repayments is available to you, via the ‘redraw’ facility, below.
You can make additional payments at any time but there could be restrictions on the total additional payments within each year.
Redraw facility
A redraw facility against your mortgage account records the value of additional payments you have made. You are able to access and withdraw these funds.
You will find this convenient if you need money for emergencies such as medical bills, home repairs or any other unexpected expenses.
You should be able to redraw up to the value of all Additional payments you have made. Note that redraw facilities are likely to restrict the maximum amount you can redraw each time.
Loan to value ratio (LVR)
All mortgage lenders apply a loan-to-value ratio (LVR) against their accounts. The LVR determines the percentage of the purchase price of the property to be financed by your lender and the value of the deposit you will need to provide to determine the type of loan as well as interest rates and the value of the deposit required.
You may be able to arrange a higher loan-to-value ratio for your mortgage. You should expect a higher interest rate if you have a high LVR. A low LVR may mean you will be required to provide a higher deposit for the loan but you can borrow more.
Settlement fees
Settlement fees, sometimes called early-exit fees, are applied if you pay off the entire outstanding loan before the end of the agreed term. They compensate your lender for losses due to early termination of the loan.
Preapproval for your home loan
Having a preapproved mortgage is essential if you intend to enter a bid for a property via an auction, giving you the confidence the funds are available to cover your bid.
Great service and the best home loan rates.
At Reduce Loans, we are proud to provide competitive home loan rates while delivering a first-class service to you. We work online for convenience and cost-effectiveness and our range of home loans has won multiple awards.
| THE BASICS | |
| Rate | 7.39% p.a. Variable 7.46%* p.a. Comparison |
| Purpose | Owner Occupied |
| Eligibility | Personal Company Unit Discretionary Trust |
| Minimum Amount | $50,000 |
| Maximum Amount | $1,000,000 Add 0.30% for loans up to $1,750,000 up to 65% Add 0.30% for $1,500,000 up to 70% |
| LVR | Up to 70% Add further 0.80% 80% |
| Loan Term | Up to 30 years |
| Rate Options | Variable |
| Available for Construction | No |
| FEATURES | |
| Multiple Accounts | 100% offset available - add 0.10% to rate Loan splits available |
| Redraw Facility | Yes No minimum via electronic transfer Daily limit max $10,000 |
| Account Access | Internet transfer access to nominated account |
| Statements | Half yearly |
| REPAYMENTS | |
| Type | Principal & Interest Interest Only - add 0.50% to rate Interest Only max loan amount $1,000,000 80% LVR |
| Frequency | Via Direct Debit - Monthly |
| Methods | Direct Debit from an Australian bank account |
| Additional Repayments | Variable Rate – Extra repayments may be made at any time without penalty |
| FEES | |
| Application Fee | $440 |
| Establishment Fee | $0 |
| Third Party Valuation Fee | At Cost Estimate $250 |
| Third Party Legal Fees | $0 professional legal fee. disbursements payable Does not cover government charges & PEXA Fee |
| Annual Fee | $0 |
| Monthly Fee | $0 |
| Settlement Fee | $480 Settlement fee includes up to $330 professional legal fee. disbursements payable |
Home Loan Refinance Guide
Find out more:
-
- Why should you refinance?
- What are the costs of refinancing?
- How long is the refinance process?
- Common traps to avoid
- What documents you may need to refinance
CRUNCH THE NUMBERS
Handy home loan calculators
THE REDUCE PROCESS
Launch your loan journey
MORE ABOUT OUR LOANS
See our FAQ for easy answers
