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
UBank
2.84% p.a.
2.84% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.84% p.a.
2.84% p.a.
Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.
UHomeLoan - Discount Offer
Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.
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2.84% p.a.
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2.84% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$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
loans.com.au2.88% p.a.
2.90% p.a.
$1234
Product details Close detailsloans.com.auSmart Home Loan
Owner Occupier, Principal & Interest
2.88% p.a.
2.90% p.a.
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.
Smart Home Loan
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.
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2.88% p.a.
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2.90% p.a.
-
$520
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$0.00
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$0.00
-
yes - free
-
yes - free
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no
-
80.00%
-
$50,000
-
$1,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Home Loan
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Promoted
Athena2.84% p.a.
2.80% p.a.
$1234
Product details Close detailsAthenaVariable Home Loan
Owner Occupier, Principal & Interest
2.84% p.a.
2.80% p.a.
Get the low rate you deserve with Athena, one of Australia's newest direct lenders. No fees and fee-free redraw. The same low rates for new and existing customers. Score loyalty bonus for making repayments. Min 20% deposit.
Variable Home Loan
Get the low rate you deserve with Athena, one of Australia's newest direct lenders. No fees and fee-free redraw. The same low rates for new and existing customers. Score loyalty bonus for making repayments. Min 20% deposit.
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2.84% p.a.
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2.80% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
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yes - free
-
no
-
80.00%
-
$100,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Variable Home Loan
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Promoted
Tic:Toc 2.79% p.a.
2.80% p.a.
$1234
Product details Close detailsTic:Toc Variable Home Loan
Owner Occupier, Principal & Interest
2.79% p.a.
2.80% p.a.
Get full approval online. Award-winning platform could save you thousands with super-low rates. No application, valuation or settlement fees. Fee-free redraws and extra repayments. Optional offset account for $10 per month. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^
Variable Home Loan
Get full approval online. Award-winning platform could save you thousands with super-low rates. No application, valuation or settlement fees. Fee-free redraws and extra repayments. Optional offset account for $10 per month. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^
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2.79% p.a.
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2.80% p.a.
-
$0
-
$0.00
-
$325.00
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yes - free
-
yes - free
-
Optional - $10 per month
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90.00%
-
$50,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
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Promoted
Well Home Loans 2.82% p.a.
2.86% p.a.
$1234
Product details Close detailsWell Home Loans Well Balanced
Owner Occupier, Principal & Interest, LVR <80%
2.82% p.a.
2.86% 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. Best New Home Loan in Mozo Experts Choice Awards 2019.^
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. Best New Home Loan in Mozo Experts Choice Awards 2019.^
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2.82% p.a.
-
2.86% p.a.
-
$785
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$0.00
-
$300.00
-
yes - free
-
yes - free
-
Optional - $10 per month
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80.00%
-
$200,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Well Balanced
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Promoted
Homestar2.74% p.a.
2.77% p.a.
$1234
Product details Close detailsHomestarStar Essentials Home Loan
Owner Occupier, Principal & Interest
2.74% p.a.
2.77% p.a.
One of the lowest home loan rates in town packed with essential features. No application or ongoing fees. Unlimited additional repayments with free online redraws. Min. loan size $150k, no construction loans.
Star Essentials Home Loan
One of the lowest home loan rates in town packed with essential features. No application or ongoing fees. Unlimited additional repayments with free online redraws. Min. loan size $150k, no construction loans.
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2.74% p.a.
-
2.77% p.a.
-
$596
-
$0.00
-
$535.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$150,000
-
$850,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Star Essentials Home Loan
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