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Do you want lower monthly mortgage payments? Meet Own New Rate Reducer, a smart way to buy your new home with lower monthly mortgage payments. It's a mortgage product for new build homes that gives you a reduced rate so your monthly payments are more affordable for the initial mortgage term. It's available to first time buyers and home movers with deposit sizes from just 5%. How does it work? The home builder contributes 3% or 5% of the house price which your lender uses to reduce your interest rate. You can choose a 2 or 5 year fixed rate giving you peace of mind with predictable monthly payments. It's simple. Find your dream new build home by exploring our map, work out potential savings by using our calculator, talk to an approved mortgage broker who will guide you the rest of the way. Own 100% of your new home with lower monthly payments thanks to Own New Rate Reducer.