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
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Promoted
loans.com.au
2.57% p.a.
2.59% p.a.
$1234
Product details Close detailsloans.com.au Smart Home Loan 80
Owner Occupier, Principal & Interest
2.57% p.a.
2.59% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ 20% deposit required. Limited time only.
Smart Home Loan 80
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ 20% deposit required. Limited time only.
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2.57% p.a.
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2.59% p.a.
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$520
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$520
-
$50,000
-
$1,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Smart Home Loan 80
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Promoted
UBank 2.59% p.a.
2.59% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.59% p.a.
2.59% 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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2.59% p.a.
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2.59% p.a.
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$0
-
$0.00
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$0.00
-
yes - free
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yes - free
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no
-
80.00%
-
$0
-
$200,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
Bank of Queensland2.69% p.a.
2.86% p.a.
$1234
Product details Close detailsBank of QueenslandEconomy Home Loan Discount Rate
Owner Occupier, Principal & Interest, <70% LVR
2.69% p.a.
2.86% p.a.
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
Economy Home Loan Discount Rate
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
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2.69% p.a.
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2.86% p.a.
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$450
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$10.00 monthly
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$320.00
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yes - free
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yes
-
no
-
70.00%
-
$450
-
$150,000
-
-
-
Variable
-
Principal & Interest
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Owner Occupier
-
Weekly, Fortnightly, Monthly
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$2,500 cashback when you refinance your home loan to BOQ, min $250,000, 70% LVR or less. Apply before 15 August 2020, settle by 31 October 2020.
Read our Mozo Review to learn more about the Economy Home Loan Discount Rate
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Promoted
Newcastle Permanent2.94% p.a.
3.34% p.a.
$1234
Product details Close detailsNewcastle PermanentDiscounted 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. Extra repayments and redraw facility.
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. Extra repayments and redraw facility.
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2.94% p.a.
-
3.34% p.a.
-
$0
-
$395.00 yearly
-
$0.00
-
yes - free
-
yes - free
-
yes
-
80.00%
-
$0
-
$150,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Discounted Variable Home Loan
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Promoted
People's Choice Credit Union2.69% p.a.
2.69% p.a.
$1234
Product details Close detailsPeople's Choice Credit UnionBasic Variable Home Loan
LVR<80%, Owner Occupier, Principal and Interest, >$150k
2.69% p.a.
2.69% p.a.
A People’s Choice Basic Variable home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate and no upfront or ongoing fees. It also allows you to have the freedom to make extra repayments to pay off your loan sooner.
Basic Variable Home Loan
A People’s Choice Basic Variable home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate and no upfront or ongoing fees. It also allows you to have the freedom to make extra repayments to pay off your loan sooner.
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2.69% p.a.
-
2.69% p.a.
-
$0
-
$0.00
-
$350.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$0
-
$150,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Basic Variable Home Loan
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Promoted
Homestar 2.39% p.a.
2.39% p.a.
$1234
Product details Close detailsHomestar Star Essentials Home Loan
Owner Occupier, Principal & Interest
2.39% p.a.
2.39% p.a.
Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. Fee waiver special offer - ends 31st July 2020.
Star Essentials Home Loan
Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. Fee waiver special offer - ends 31st July 2020.
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2.39% p.a.
-
2.39% p.a.
-
$0
-
$0.00
-
$535.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$0
-
$150,000
-
$850,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Upfront fees waived up to $250 for valuation and up to $265 for legal documentation for applications received by 30 June 2020 and settled by 30 September 2020.
Read our Mozo Review to learn more about the Star Essentials Home Loan
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