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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Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.85% p.a.variable for 24 months and then 2.25% p.a.
2.21% p.a.
$1234
Product details Close details
Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.85% p.a.variable for 24 months and then 2.25% p.a.
2.21% p.a.
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
Smart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
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1.85% p.a.variable for 24 months and then 2.25% p.a.
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2.21% p.a.
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$520
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$0.00
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$0.00
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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
Details Close
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2.29% p.a.
2.29% p.a.
$1234
Product details Close detailsBasic Home Loan
Owner Occupier, LVR<60%, Principal & Interest
2.29% p.a.
2.29% p.a.
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
Basic Home Loan
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
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2.29% p.a.
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2.29% p.a.
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$0
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$0.00
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$400.00
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yes - free
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yes - free
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no
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60.00%
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$0
-
$150,000
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$5,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a.
1.99% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
1.99% p.a.
1.99% p.a.
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
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1.99% p.a.
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1.99% p.a.
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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no
-
60.00%
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$0
-
$100,000
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$2,000,000
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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 Celebrate Variable Home Loan
Details Close
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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) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Neat Home Loan
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
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2.19% p.a.
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2.20% p.a.
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$250
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$0.00
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$300.00
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yes - free
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yes - free
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no
-
60.00%
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$250
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$80,000
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$5,000,000
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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 Neat Home Loan
Details Close
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1.99% p.a.
1.99% p.a.
$1234
Product details Close detailsVariable Home Loan
Owner Occupier, Principal & Interest
1.99% p.a.
1.99% p.a.
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Comes with Visa debit card and the ability to use digital wallets; Apple and Google Pay. 25% deposit required.
Variable Home Loan
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Comes with Visa debit card and the ability to use digital wallets; Apple and Google Pay. 25% deposit required.
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1.99% p.a.
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1.99% p.a.
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$0
-
$0.00
-
$0.00
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yes - free
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yes - free
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yes - offset sub account
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75.00%
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$0
-
$100,000
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$2,500,000
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Variable
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
Details Close
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2.94% p.a.
3.34% p.a.
$1234
Product details Close detailsDiscounted Variable Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
2.94% p.a.
3.34% p.a.
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent.
Discounted Variable Home Loan Premium Plus Package
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent.
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2.94% p.a.
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3.34% p.a.
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$0
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$395.00 yearly
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$0.00
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yes - free
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yes - free
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yes
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80.00%
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$0
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$150,000
-
-
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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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$2,000 cashback when you refinance your home loan from another financial institution when you apply by 30 September 2021 and are funded by 30 November 2021, min $250k, LVR <80%
Read our Mozo Review to learn more about the Discounted Variable Home Loan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
