The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $750,000 with an LVR below 80%
The details shown below are for an owner occupier taking out a interest only loan between $50,000 and $750,000 with an LVR below 80%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 80% | $50,000 | $750,000 |
| | Owner Occupier | Interest Only | < 80% | $50,000 | $750,000 |
Owner Occupier (Principal & Interest)
LVR < 80%
Loan: $50,000 $750,000
Owner Occupier (Interest Only)
LVR < 80%
Loan: $50,000 $750,000
If you’re about to buy a new home, you’re in luck! With super low variable rates starting at 2.44% p.a. (2.47% p.a. comparison rate*), the Reduce Home Loans Low Rider Home Loan officially takes the cake for the lowest rate in our Mozo database (at time of writing)! Better yet, it took out two 2020 Mozo Experts Choice Awards in the Best Low Cost Home Loan and Best Offset Home Loan categories.
Officially one the lowest rates in our Mozo database (at time of writing), the Reduce Home Loans Low Rider Home Loan offers super competitive variable rates from 2.44% p.a. (2.47% p.a. comparison rate*) for owner-occupiers on loans between $50,000 and $750,000, with a 80% maximum LVR. Plus, after 5 years, you'll score a loyalty bonus taking the rate down to 2.34% (2.47% comparison rate*).
On top of having some of the lowest rates around, the Reduce Home Loans Low Rider Home Loan goes the extra mile with tonnes of fab features, like, weekly, fortnightly and monthly repayment options, fee-free extra repayments and a super handy redraw facility for you to dip into should you ever need some extra cash.
But the fun doesn’t stop there! The Reduce Home Loans Low Rider Home Loan even comes with an optional split account so you can split between variable and fixed rates, and an optional offset account.
One thing you'll need to keep in mind with the Reduce Home Loans Low Rider Home Loan are the fees. While there is no service or discharge fee, you will pay a $440 application fee, a $330 legal fee, a $250 valuation fee and a $150 settlement fee.
Jam-packed with incredible features, the Reduce Home Loans Low Rider Home Loan is a great home loan option for Aussies looking to buy a new house, particularly those with enough cash saved up to cover the 80% deposit.
If you decide to go with the Reduce Home Loans Low Rider Home Loan, just make sure you’ve got a 80% deposit saved up and have enough money set aside enough to cover the range of fees.
2.34% p.a.
2.44% p.a.
60 Months
Variable
2.47% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$440.00
$330.00
$250.00
$150.00
n/a
$0.00
$0.00
$50,000
$750,000
none
80.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
no
yes
$0.00
yes
yes - with 0.05% interest rate loading
none
Waive $697 of fees with a 0.10% interest rate loading
none
2.84% p.a.
2.94% p.a.
60 Months
Variable
2.95% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$440.00
$330.00
$250.00
$150.00
n/a
$0.00
$0.00
$50,000
$750,000
none
80.00%
Owner Occupier
Interest Only
Weekly, Fortnightly, Monthly
yes - free
no
yes
$0.00
yes
yes - with 0.05% interest rate loading
none
Waive $697 of fees with a 0.10% interest rate loading
none
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 reviewSummary: 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.
Promoted
Suncorp
Fixed Home Loan (Home Package Plus)
2.49% p.a.
fixed 3 years
3.31% p.a.
Promoted
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
2.39% p.a.
fixed 3 years
3.66% p.a.
Promoted
People's Choice Credit Union
Basic Variable Home Loan
2.69% p.a. variable
2.69% p.a.
Promoted
Bank of Queensland
Fixed Rate
2.35% p.a.
fixed 3 years
3.44% p.a.
Promoted
Yard
Variable Home Loan Winter Special
2.39% p.a. variable
2.42% p.a.
Promoted
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
2.39% p.a.
fixed 3 years
3.66% p.a.
Promoted
Bank of Queensland
Economy
2.69% p.a. variable
2.86% p.a.
Promoted
Bank of Queensland
Economy
2.69% p.a.
2.86% p.a.
Promoted
Newcastle Permanent
Variable Home Loan (Premium Plus Package)
2.94% p.a.
3.34% p.a.
Promoted
People's Choice Credit Union
Basic Variable Home Loan
2.69% p.a.
2.69% p.a.
Promoted
Yard
Variable Home Loan Winter Special
2.39% p.a.
2.42% p.a.
Promoted
Suncorp
Fixed Home Loan (Home Package Plus)
2.49% p.a.
fixed 3 years
3.31% p.a.
Promoted
Commonwealth Bank
Fixed Rate Home Loan (Wealth Package)
2.29% p.a.
fixed 3 years
3.87% p.a.
Promoted
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
2.39% p.a.
fixed 3 years
3.66% p.a.
Promoted
People's Choice Credit Union
Fixed Rate Home Loan (Package)
2.29% p.a.
fixed 3 years
3.72% p.a.
Promoted
Mortgage House
Switch and Save Special - Fixed Home Loan
2.44% p.a.
fixed 3 years
2.60% p.a.
Promoted
Yard
Variable Home Loan Winter Special
2.39% p.a.
2.42% p.a.
$0.00