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 75%

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 75%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 75%

    Loan: $50,000 $750,000

  • Owner Occupier (Interest Only)

    LVR < 75%

    Loan: $50,000 $750,000

Rate
2.19% p.a.
Comparison Rate
2.19% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
2.49% p.a.
Comparison Rate
2.49% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review Reduce Home Loans Low Rider

Last updated: 9 October 2020.

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What's hot
  • Low 2.19% variable interest rate (2.23% p.a. comparison rate*)
  • No upfront or ongoing account fees
  • Double 2020 Mozo Experts Choice Award winner
What's not
  • $440 application fee
Mozo snapshot

If you’re about to buy a new home, you’re in luck. With super low variable rates starting at 2.19% p.a. (2.23% p.a. comparison rate*), the Reduce Home Loans Low Rider Home Loan takes the cake as one of the lowest rates in our 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.

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Key features

Sitting on the lower end of the interest rates spectrum in the Mozo database, the Reduce Home Loans Low Rider Home Loan offers super competitive variable rates from 2.19% p.a. (2.23% p.a. comparison rate*) for owner-occupiers on loans between $50,000 and $1,000,000, with a 75% maximum LVR.

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.

There's no upfront or service fees driving up the overall cost of this loan, and they'll cover up to $250 of any valuation costs.

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Who is it good for

Jam-packed with incredible features, the Reduce Home Loans Low Rider Home Loan is a great option for Aussies looking to buy a new house, particularly those with enough cash saved up to cover the 25% minimum deposit.

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Any catches

If you decide to go with the Reduce Home Loans Low Rider Home Loan, just make sure you’ve got enough deposit saved up to meet the maximum 75% LVR.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.19% p.a.

  • n/a

  • n/a

  • n/a

  • 2.19% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $750,000

  • none

  • 75.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $0.00

  • yes

  • yes - with 0.05% interest rate loading

  • none

  • none

  • none

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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.49% p.a.

  • n/a

  • n/a

  • n/a

  • 2.49% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $750,000

  • none

  • 75.00%

Features
  • Owner Occupier

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $0.00

  • yes

  • yes - with 0.05% interest rate loading

  • none

  • none

  • none

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.

Customer Reviews

How are Reduce Home Loans home loans rated by the Mozo community?

Overall
8.0/10
Price
9.3/10
Features
7.3/10
Customer service
7.7/10
Convenience
8.5/10
Trust
6.9/10

Latest review of Reduce Home Loans Low Rider

  • 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.

    Price
    -1/10
    Features
    -1/10
    Customer service
    3/10
    Convenience
    -1/10
    Trust
    0/10
    Less
    Steven, Victoria reviewed 4 months ago
loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a. variable

2.50% p.a.

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a. variable

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a. variable

2.49% p.a.

Suncorp

Suncorp

Back to Basics

2.68% p.a. variable

2.69% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a. variable

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a. variable

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a. variable

3.00% p.a.

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a. variable

2.50% p.a.

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a. variable

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a. variable

2.49% p.a.

Suncorp

Suncorp

Fixed Home Loan (Home Package Plus)

2.49% p.a.
fixed 3 years

3.28% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a. variable

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a. variable

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a. variable

3.00% p.a.

loans.com.au

loans.com.au

Smart Home Loan

2.48% p.a.

2.50% p.a.

HSBC

HSBC

Home Value Loan

2.59% p.a.

2.60% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a.

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a.

2.49% p.a.

Suncorp

Suncorp

Back to Basics

2.68% p.a.

2.69% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a.

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a.

3.00% p.a.

loans.com.au

loans.com.au

Fixed Home Loan

n/a

n/a

HSBC

HSBC

Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Homestar

Homestar

Star Classic Fixed Home Loan

2.06% p.a.
fixed 3 years

2.38% p.a.

UBank

UBank

UHomeLoan (1 Year Fixed)

n/a

n/a

Suncorp

Suncorp

Fixed Home Loan (Home Package Plus)

2.49% p.a.
fixed 3 years

3.28% p.a.

Bank of Queensland

Bank of Queensland

Fixed Rate

2.25% p.a.
fixed 3 years

3.41% p.a.

IMB Bank

IMB Bank

Fixed Home Loan

2.39% p.a.
fixed 3 years

3.08% p.a.

AMP Bank

AMP Bank

Fixed Rate Loan (Professional Package)

2.49% p.a.
fixed 3 years

3.07% p.a.

loans.com.au

loans.com.au

Smart Booster Discount Variable Home Loan

1.99% p.a.variable for 12 months and then 2.48% p.a.

2.47% p.a.

$0.00

Illawarra Credit Union

Illawarra Credit Union

The Works Home Loan

1.99% p.a.variable for 24 months and then 2.50% p.a.

2.93% p.a.

$395.00 yearly

loans.com.au

loans.com.au

Smart Booster Investor Bundle

1.99% p.a.variable for 12 months and then 2.74% p.a.

2.71% p.a.

$0.00

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.