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: