Reduce Home Loans reveals new 3.09% home loan rate with a catch
13 Jun 2019

Reduce Home Loans has launched a new Reduce Home Loans Low Rider that features a rock bottom variable rate of 3.09% (3.12% comparison rate*) - the lowest variable rate in the Mozo database (at the time of writing).
Aside from the low rate, the loan also features no application, upfront or ongoing fees as well as free extra repayments and an offset account.
But before you scramble to the nearest computer to submit your application, there is one thing to keep in mind: to be eligible for this home loan you’re going to need a 40% deposit. On a $800,000 home, that’s a deposit of $320,000.
UPDATE (14/06/19): Reduce Home Loans have now altered its Low Rider Home Loan and now offer the same rate but with a new LVR of 80%.
Although it’s the lowest in our database, this isn’t the only super low rate offer to hit the market recently. Since the RBA cut rates to a record low of 1.25%, we’ve seen a pretty consistent response from banks with a total of 33 lenders cutting their variable home loan rates.
And with 21 lenders passing the full rate cut onto customers, many home buyers across the country may be able to snag a sweet home loan deal.
So if the hefty deposit required for the new Reduce Home Loans Low Rider is just out of reach, don’t worry, you can still score a great deal on your home loan.
Kickstart your search by checking out some of the latest home loan offers down below:
Variable home loan offers
Rates updated daily. Advertiser disclosure.
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1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
$1234
Product details Close detailsSmart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
Smart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
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1.99% p.a.variable for 12 months and then 2.48% p.a.
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2.47% p.a.
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$520
-
$0.00
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$0.00
-
yes - free
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yes - free
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Optional - with 0.10% additional interest
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80.00%
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$520
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$50,000
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$1,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Booster Home Loan
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2.34% p.a.
2.34% p.a.
$1234
Product details Close detailsUHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.34% p.a.
2.34% p.a.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
UHomeLoan - Discount Offer
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
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2.34% p.a.
-
2.34% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$0
-
$100,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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2.19% p.a.
2.19% p.a.
$1234
Product details Close detailsCelebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a.
2.19% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Celebrate Variable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
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2.19% p.a.
-
2.19% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
60.00%
-
$0
-
$100,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
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-
2.64% p.a.
2.64% p.a.
$1234
Product details Close detailsBasic Home Loan
Owner Occupier, LVR<80%, Principal & Interest
2.64% p.a.
2.64% p.a.
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
Basic Home Loan
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
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2.64% p.a.
-
2.64% p.a.
-
$0
-
$0.00
-
$400.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$0
-
$150,000
-
$749,999
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
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-
2.19% p.a.
2.20% p.a.
$1234
Product details Close detailsNeat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
2.19% p.a.
2.20% p.a.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
Neat Home Loan
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
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2.19% p.a.
-
2.20% p.a.
-
$250
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
no
-
60.00%
-
$250
-
$80,000
-
$5,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Neat Home Loan
-
-
2.17% p.a.
2.20% p.a.
$1234
Product details Close detailsWell Balanced
Owner Occupier, Principal & Interest, LVR <80%
2.17% p.a.
2.20% p.a.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
Well Balanced
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
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2.17% p.a.
-
2.20% p.a.
-
$785
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
Optional - $10 per month
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80.00%
-
$785
-
$200,000
-
$2,000,000
-
Variable
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Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Well Balanced
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^See information about the Mozo Experts Choice Home loans Awards