8.0 / 10

based on 7 Reduce Home Loans reviews as rated by Mozo community

Reduce Home Loans home loans

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 Loans was also one of the most awarded home loan lenders in the 2020 Mozo Experts Choice Awards, picking up no fewer than eight separate awards for their owner occupiers and investor home loans. 

What home loans do Reduce Home Loans offer?

Rates and fees verified as correct at 19 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

If the security of a set monthly budget is important to you, then check out the fixed rate home loan offers from Reduce Home Loans. Reduce has dedicated fixed loans for different borrower types, including the Fixed Rate and Rate Crusher 1 Year Fixed offers for owner occupiers and the Fixed Rate Wealth Maximizer for investors, each of which can be used to borrow amounts starting from $50,000. Interest rates, term lengths and LVR requirements all vary between the offers, as do the features on offer and the fees which Reduce Home Loans charges. So for more information on each individual loan, check out the linked reviews in the table below. 

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.09% p.a.

2.61% p.a.

$0.00

$1,170

1.99% p.a.

2.51% p.a.

$0.00

$1,170

2.29% p.a.

2.58% p.a.

$0.00

$1,137

2.79% p.a.

2.71% p.a.

$0.00

$1,137

Variable Rate Home Loans

If you're on the hunt for a loan with more flexible money-saving features, as well as some competitively low interest rates, then one of Reduce Home Loans' variable rate offers may be just what you're looking for. As you'll be able to see in the table below, Reduce Home Loans certainly gives owner occupiers and investors plenty of variable rate mortgage options - each with varying rates, fees, features, LVR requirements and minimum loan amounts. Some of the features available include the ability to make unlimited free extra repayments, accessing a free redraw facility and the use of an offset account. But don’t forget to budget for the application, valuation, legal and settlement fees that can come attached to these loans.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.99% p.a.

3.03% p.a.

$0.00

$697

2.59% p.a.

2.63% p.a.

$0.00

$697

2.19% p.a.

2.21% p.a.

$0.00

$400

2.09% p.a.

2.09% p.a.

$0.00

$0

2.19% p.a.

2.19% p.a.

$0.00

$0

2.49% p.a.

2.49% p.a.

$0.00

$0

1.79% p.a.

1.86% p.a.

$0.00

$1,170

1.89% p.a.

1.96% p.a.

$0.00

$1,170

2.24% p.a.

2.31% p.a.

$0.00

$1,170

2.19% p.a.

2.19% p.a.

$0.00

$0

2.49% p.a.

2.49% p.a.

$0.00

$0

2.49% p.a.

2.49% p.a.

$0.00

$0

2.59% p.a.

2.60% p.a.

$0.00

$150

2.29% p.a.

2.29% p.a.

$0.00

$0

1.77% p.a.

1.86% p.a.

$0.00

$1,020

1.99% p.a.

2.05% p.a.

$0.00

$987

3.39% p.a.

3.42% p.a.

$0.00

$547

2.89% p.a.

2.92% p.a.

$0.00

$547

3.09% p.a.

3.12% p.a.

$0.00

$547

2.59% p.a.

2.62% p.a.

$0.00

$547

2.69% p.a.

2.72% p.a.

$0.00

$547

2.69% p.a.

2.72% p.a.

$0.00

$580

2.39% p.a.

2.42% p.a.

$0.00

$580

2.69% p.a.

2.72% p.a.

$0.00

$580

2.49% p.a.

2.57% p.a.

$0.00

$1,287

2.19% p.a.

2.27% p.a.

$0.00

$1,287

Reduce Home Loans home loan features in a glance

Image of coins

Low interest rates

Reduce Home Loans has built a reputation for itself as a lender which consistently pushes interest rates to new lows, especially with its variable rate offers. So if you're a borrowing looking for a rock bottom rate, Reduce Home Loans may be a good match. 

Free icon

Free extra repayments

Many of Reduce Home Loans' mortgages allow borrowers to make free additional repayments towards their loan in order to pay it off earlier. Remember that while these extra repayments are unlimited on many of the variable rate home loan options, they’re capped at $20,000 p.a. on some of the fixed rate offers.

Schedule icon

Flexible repayment schedule

Want to line up your home loan repayments with your pay cycle? Reduce Home Loans will let you choose between making them on a monthly, fortnightly or weekly schedule - whatever suits your budget best.

How are Reduce Home Loans home loans rated?

Mozo users have rated Reduce Home Loans home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Reduce Home Loans home loans
Overall
8.0/10
Price
Features
Customer service
Convenience
Trust

7 Reviews

Recent Reduce Home Loans home loan reviews

Reduce Home Loans Low Rider review
Overall 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 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.

Read 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
Less
Steven, Victoria, reviewed 10 months ago
Reduce Home Loans Rate Slasher Variable Home Loan review
Overall 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 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).

Read 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 11 months ago
Reduce Home Loans Home Loan review
Overall 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 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.

Read 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 almost 5 years ago
Reduce Home Loans Home Loan review
Overall 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.

Read 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 over 5 years ago
Reduce Home Loans Home Loan review
Overall 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.

Read 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 over 5 years ago

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 their 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:

  • Identification
  • Personal information (name, D.O.B, email address, mobile number etc.)
  • Proof of income (pay slips or bank statements) and a list of expenses
  • A list of your assets and debts
  • Details about the property you're planning to buy

Home loan quick links