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Reduce Home Loans Rate Buster Variable

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $250,000 and $3,500,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $200,000 and $3,500,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $200,000 and $1,000,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $250,000 $3,500,000

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $200,000 $3,500,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-90%

    Loan: $200,000 $1,000,000

Rate
2.45% p.a.
Comparison Rate
2.48% p.a.
Service fee
$0.00
Upfront fee
$547
Rate
2.45% p.a.
Comparison Rate
2.61% p.a.
Service fee
$10.00 monthly
Upfront fee
$547
Rate
2.55% p.a.
Comparison Rate
2.58% p.a.
Service fee
$0.00
Upfront fee
$547

Mozo editorial review Reduce Home Loans Rate Buster Variable

Last updated: 9 October 2020.

binocular icon
What's hot
  • Variable rates from 2.45% p.a. (2.48% p.a. comparison rate*)
  • Free offset account
  • Tripe 2020 Mozo Experts Choice Award winner
What's not
  • Legal and valuation fees on loans under $200,000
Mozo snapshot

Reduce Home Loans understands that when it comes to your mortgage, simplicity is key. That’s why its Rate Buster High Lend Variable gives you exactly what you want from a home loan - a free offset account, the ability to make extra repayments, and a redraw facility - and still manages to keep rates and fees low.

Plus it's a multiple award winner - taking out three 2020 Mozo Experts Choice Awards for best Low Cost Home Loan, Offset Home Loan and First Home Buyer Loan.

key icon
Key features

Owner occupiers looking to take out a loan of up to $199,999 with an LVR below 80% will receive an excellent 2.45% p.a. (2.49% p.a. comparison rate*). Borrowers with an LVR between 80% and 90% will receive a low 2.55% variable rate (2.58 comparison rate*).  

When it comes to fees, there are a few one-off charges you may have to budget for, including legal fee and valuation fees upon settlement.

If you’ve got your sights set on a larger property, you’ll be happy to know the same great deal applies. Borrow between $200,000 and $2,000,000 for a property with an LVR of less than 80% and you’ll receive the same low variable rate, minus the legal and valuation fees.

No matter the size of the loan, you’ll get access to plenty of handy features. At the top of the list is the free offset account, which will help the savvy borrower save on interest. You’ll also be able to get on top of your home loan by making free extra repayments, and if your circumstances change and you need to retrieve those funds you can easily do so with the free redraw facility.

Reduce Home loans also gives its customers the option to split their home loans between fixed and variable rates, as well as pick between weekly, fortnightly and monthly repayments.

snapshot
Who is it good for

With its low rates and numerous features, the Rate Buster High Lend Variable would be great option for most buyers, whether they’ve already got a foot on the property ladder or are just taking their first steps. The combo that lets you take full advantage this loan’s best features is an LVR below 80% and a loan of at least $200,000.

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Any catches

While this loan comes with a seriously competitive interest rate, don't forget about those potential fees. 

Details

Rates and fees information correct as at 27 February 2021. 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
  • 2.45% p.a.

  • n/a

  • n/a

  • n/a

  • 2.48% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $297.00

  • $250.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $250,000

  • $3,500,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $0.00

  • yes

  • yes - optional $10/month

  • 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 27 February 2021. 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
  • 2.45% p.a.

  • n/a

  • n/a

  • n/a

  • 2.61% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $297.00

  • $250.00

  • $0.00

  • n/a

  • $10.00 monthly

  • $0.00

Other financial bits
  • $200,000

  • $3,500,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $0.00

  • yes

  • yes - optional $10/month

  • 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 27 February 2021. 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
  • 2.55% p.a.

  • n/a

  • n/a

  • n/a

  • 2.58% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $297.00

  • $250.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $200,000

  • $1,000,000

  • 80.00%

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $0.00

  • yes

  • yes - optional $10/month

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

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2.19% p.a.
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2.53% p.a.

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1.75% p.a.
fixed 3 years

2.22% p.a.

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2.19% p.a. variable

2.19% p.a.

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2.90% p.a.

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UHomeLoan - Discount Offer

2.34% p.a. variable

2.34% p.a.

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loans.com.au

Smart Booster Home Loan

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

2.47% p.a.

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Macquarie

Basic Home Loan

2.64% p.a.

2.64% p.a.

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UHomeLoan - Discount Offer

2.34% p.a.

2.34% p.a.

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Athena

AcceleRATES Variable Home Loan

2.19% p.a.

2.19% p.a.

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Newcastle Permanent

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2.94% p.a.

3.34% p.a.

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2.17% p.a.

2.20% p.a.

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2.19% p.a.

2.20% p.a.

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2.59% p.a.

2.76% p.a.

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1.99% p.a.
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2.70% p.a.

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2.19% p.a.
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2.53% p.a.

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1.75% p.a.
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2.22% p.a.

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Fixed Rate Home Loan (Premium Plus Package)

2.18% p.a.
fixed 3 years

3.62% p.a.

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2.09% p.a.
fixed 3 years

3.01% p.a.

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2.04% p.a.
fixed 3 years

2.17% p.a.

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Suncorp

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2.19% p.a.
fixed 3 years

3.03% p.a.

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2.29% p.a.
fixed 3 years

3.00% p.a.

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

2.47% p.a.

$0.00

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UBank

UHomeLoan - Discount Offer

2.34% p.a.

2.34% p.a.

$0.00

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Athena

AcceleRATES Variable Home Loan

2.19% p.a.

2.19% p.a.

$0.00

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Neat Home Loan

2.19% p.a.

2.20% p.a.

$0.00

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2.17% p.a.

2.20% p.a.

$0.00

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2.09% p.a.

2.12% p.a.

$0.00

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2.29% p.a.

2.23% p.a.

$0.00

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2.44% p.a.

2.49% p.a.

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.