Reduce Home Loans home loans

Reduce Home Loans
Reduce Home Loans's overall rating for home loans

(as rated by the Mozo community)

8.0 / 10

based on 7 reviews

Reduce Home Loans is primarily an online lender, which means low overheads and savings for its customers. It specialises in home loans, and has a simple application and approval process designed to have you in your own home as quickly and easily as possible.

Reduce Home were also one of the most awarded home loan lenders in the 2019 Mozo Experts Choice Awards - picking up no fewer than five separate awards in the Fixed Rate Home Loan, Low Cost Home Loan and First Home Buyer Loan categories to name a few. 

Rates and fees verified as correct at 20 October, 2020. Other information correct at the time of writing.

What home loans do Reduce Home Loans offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If the security of a set monthly budget is important to you, then check out the fixed rate home loan offer from Reduce Home Loans. You can borrow up to 96% of the property’s value, starting at $50,000, and to help you pay off your loan quicker, you’ll be able to make up to $20,000 in free extra repayments each year. You’ll also have the option to split your loan between fixed and variable rates for a blend of certainty and flexibility. Just keep in mind, there are upfront legal, application, settlement and valuation fees to consider.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.49% p.a.

2.98% p.a.

$0.00

$697

2.69% p.a.

3.22% p.a.

$0.00

$697

2.29% p.a.

2.62% p.a.

$0.00

$547

p.a.

n/a

$0.00

$697


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Variable Rate Home Loans Variable Rate Home Loans

Take a look at a Reduce Home Loans variable rate offer if you’re after flexible money saving features on your mortgage. Like the fixed rate alternative, you can borrow up to 95% of the property’s value, starting from $50,000. In terms of features, you’ll have the ability to make unlimited free extra repayments, a free redraw facility and the use of an offset account. But don’t forget to budget for the upfront application, valuation, legal and settlement fees.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.69% p.a.

2.72% p.a.

$0.00

$547

2.59% p.a.

2.62% p.a.

$0.00

$547

2.49% p.a.

2.52% p.a.

$0.00

$547

2.25% p.a.

2.32% p.a.

$0.00

$1,170

3.34% p.a.

3.37% p.a.

$0.00

$547

3.24% p.a.

3.27% p.a.

$0.00

$547

3.09% p.a.

3.12% p.a.

$0.00

$547

2.99% p.a.

3.02% p.a.

$0.00

$547

3.14% p.a.

3.18% p.a.

$0.00

$697

2.89% p.a.

2.89% p.a.

$0.00

$0

2.99% p.a.

2.99% p.a.

$0.00

$0

2.99% p.a.

3.03% p.a.

$0.00

$697

2.69% p.a.

2.73% p.a.

$0.00

$697

3.09% p.a.

3.13% p.a.

$0.00

$697

3.59% p.a.

3.67% p.a.

$0.00

$1,287

3.54% p.a.

3.62% p.a.

$0.00

$1,287

2.79% p.a.

2.87% p.a.

$0.00

$1,287

3.05% p.a.

3.13% p.a.

$0.00

$1,287

2.89% p.a.

2.97% p.a.

$0.00

$1,287

2.49% p.a.

2.49% p.a.

$0.00

$0

2.19% p.a.

2.19% p.a.

$0.00

$0

2.45% p.a.

2.61% p.a.

$10.00 monthly

$547

2.45% p.a.

2.48% p.a.

$0.00

$547

2.55% p.a.

2.58% p.a.

$0.00

$547

1.89% p.a.

n/a

$0.00

$1,170

2.79% p.a.

2.79% p.a.

$0.00

$0

2.39% p.a.

2.39% p.a.

$0.00

$0

2.49% p.a.

2.52% p.a.

$0.00

$580

2.39% p.a.

2.42% p.a.

$0.00

$580

2.39% p.a.

2.43% p.a.

$0.00

$697

2.19% p.a.

2.26% p.a.

$0.00

$1,137


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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Reduce Home Loans home loan features in a glance

Free extra repaymentsFree extra repayments

Make free additional repayments and pay your mortgage off in no time. Remember that while these extra repayments are unlimited on variable rate options, they’re capped at $20,000 p.a. for fixed rate offers.

Flexible repayment scheduleFlexible repayment schedule

Choose to make your home loan repayments monthly, fortnightly or weekly - whatever suits your budget best.

Split rate optionSplit rate option

Can’t decide between the security of fixed rates and the flexibility of variable? Get the best of both worlds by splitting your Reduce home loan between them.

How are Reduce Home Loans home loans rated?

How do Reduce Home Loans rank in the eyes of its customers? Find out in our customer review section, where everyday Aussies rate their mortgages in areas like trust, convenience and customer service.

Reduce Home Loans home loans
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Overall 8.0

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Features

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Trust

7 Reviews

Recent Reduce Home Loans home loan reviews Recent Reduce Home Loans home loan reviews

Reduce Home Loans

Reduce Home Loans Low Rider review

Overall rating   0 / 10

Applied for variable loan, got fixed. Do not trust

Summary: applied for variable rate loan, got signed up to fixed rate loan without telling me. I applied to Reduce Home Loans for a variable loan to refinance my existing one. Their website indicates the loan is variable rate. I did not indicate...

Full review

Summary: applied for variable rate loan, got signed up to fixed rate loan without telling me. I applied to Reduce Home Loans for a variable loan to refinance my existing one. Their website indicates the loan is variable rate. I did not indicate verbally or in writing that I wanted a fixed rate loan. Neither the mortgage broker or any other person I communicated with gave any indication that the loan would be fixed. My assumption is if I applied for a loan advertised as variable rate (and only variable rate), I would be receiving a variable rate loan. Near to completion of the process, the prevailing interest rate had already dropped. Early March, I contacted and asked a nameless customer service person if the loan would commence at the new lower rate. I was assured over the phone that the lower rate would kick in on the 27th March. I checked shortly after that date and to my surprise the lower rate had not kicked in and on closer investigation of the loan account details at the Adelaide Bank website, I was shocked to find the interest rate marked as 'fixed'. I contacted the mortgage broker, who after some time got back to me that I had 'signed off' on a fixed rate loan because the conditional loan approval document said it was fixed. I went over this document and it does not indicate fixed, all it says is the name of the Adelaide Bank loan product that was being used for the loan was called "Home Owners Dream 3 Yr Fixed Fee Free 80." I took no notice of that, why would I? The name of their loan product means nothing to me - maybe it means there are no fees for the first 3 years? So without a direct word verbally or on paper, they have slipped this 3 year fixed rate past me in the guise of loan product name, for a mortgage product clearly and only identified as a variable rate loan. I can only guess at the motivations of the individual broker and/or company he works for, in doing this. I am livid.

    Customer service   3 / 10

    Trust   0 / 10

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Steven, Victoria, reviewed 4 months ago

Reduce Home Loans

Reduce Home Loans Rate Slasher Variable Home Loan review

Overall rating   8 / 10

Competitve interest rates and value for money

First time using a non-bank lender. Was relatively smooth transition but did take longer than I had expected. A lot of emails so you need to stay on top of your application, but the communication between myself and case manager was clear and...

Full review

First time using a non-bank lender. Was relatively smooth transition but did take longer than I had expected. A lot of emails so you need to stay on top of your application, but the communication between myself and case manager was clear and consistent. One of the best on-going interest rates so can't complain. Keep in mind that your offset account isn't a "true" offset (ie: in a financial crisis they could pool that money directly into your home loan account).

    Price   9 / 10

    Features   2 / 10

    Customer service   8 / 10

    Convenience   6 / 10

    Trust   5 / 10

Less

Theodore, Western Australia, reviewed 5 months ago

Reduce Home Loans

Reduce Home Loans Home Loan review

Overall rating   10 / 10

Happy Camper

Refinanced and was a bit sceptical at 1st as it was the first time I had dealt with a non bank, let alone online so I checked them out on various Review sites and to my surprise found the were rates 5 stars by Canstar which my Bank wasn't. I am...

Full review

Refinanced and was a bit sceptical at 1st as it was the first time I had dealt with a non bank, let alone online so I checked them out on various Review sites and to my surprise found the were rates 5 stars by Canstar which my Bank wasn't. I am happy to say dealing with Reduce was leagues above my Bank who have known me for over 15 years and they have the lowest 'genuine' rate by a Country mile.

    Price   10 / 10

    Features   8 / 10

    Customer service   7 / 10

    Convenience   8 / 10

    Trust   7 / 10

Less

Pete, New South Wales, reviewed over 4 years ago

Reduce Home Loans

Reduce Home Loans Home Loan review

Overall rating   10 / 10

Reduced home loans reduced my rate!

I received a great rate and great service from Reduced HL. Compare if you like, but you won't get service like this from the big banks! I got a great rate on a fixed term & they're only a phone call away if I have any questions. 10/10.

Full review

I received a great rate and great service from Reduced HL. Compare if you like, but you won't get service like this from the big banks! I got a great rate on a fixed term & they're only a phone call away if I have any questions. 10/10.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Christopher, New South Wales, reviewed almost 5 years ago

Reduce Home Loans

Reduce Home Loans Home Loan review

Overall rating   10 / 10

Very helpful and such a great interest rate.

I just got my loan through Reduce and I can say I would happily recommend them to anybody, Rhyse was very knowledgeable and helped guide me through everything. Thank you.

Full review

I just got my loan through Reduce and I can say I would happily recommend them to anybody, Rhyse was very knowledgeable and helped guide me through everything. Thank you.

    Price   10 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Jess, Queensland, reviewed about 5 years ago

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Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

What do you need to apply for a Reduce Home Loans home loan? What do you need to apply for a Reduce Home Loans home loan?

You can give Reduce Home Loans a call or fill out the form on its website to enquire about a home loan. When you do, they’ll assess your eligibility and get in touch to talk you through the home loan application. 

To make all that go a little smoother and increase your chances of approval, here are a few things you should have:

  • I.D
  • Proof of income (pay slips or bank statements)
  • A list of your assets and debts
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