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.