Reduce Home Loans has reduced its one-year fixed Full Doc interest rate by 16 basis points to 4.51% (comparison rate 5.19%).

Your Mortgage’s home loan calculator shows the reduction will save customers about $26 a month for a loan of $300,000, on a loan term of 20 years, compared to the previous rate.

The three-year fixed Full Doc interest rate has been left on hold at 4.79% (comparison rate 5.44%).

The new rate is effective Tuesday, 1 October.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan