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Reduce Home Loans Rate Crusher 1 Year Fixed

Advertiser disclosure
Fixed 3 year rate
p.a.
Comparison Rate
2.39% p.a.
Service fee
$0.00
Upfront fee
$697

Mozo editorial review Reduce Home Loans Rate Crusher 1 Year Fixed

Last updated: 9 October 2020.

binocular icon
What's hot
  • 1.90% fixed rate for 12 months (2.42% comparison rate*)
  • Free extra repayments and redraw facility
  • No monthly or annual fee
What's not
  • $580 in upfront fees
Mozo snapshot

Reduce Home Loans aren’t shy about taking home loan rates to new levels and they’ve done exactly that with the new Rate Crusher loan. Not only does it feature a super low 1.90% fixed rate for 12 months (2.42% comparison rate*), the revert rate is still one of the most competitive on the market. It even offers free extra repayments and a free redraw facility!  

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Key features

The Rate Crusher home loan from online lender Reduce Home Loans really is designed for borrowers on the lookout for a low cost loan. 

To start with, the loan comes with a fixed rate of 1.90% (2.42% comparison rate*) for the first 12 months. And unlike some loans which charge a much higher revert rate after the intro rate expires, the revert rate on the Rate Crusher loan is a super competitive 2.39%.

Borrowers also have access to a few useful features, including free extra repayments, an online redraw facility and the option of splitting their loan with a Reduce Home Loans fixed rate. There’s no offset account available though. 

While borrowers won’t have to worry about budgeting for any ongoing monthly or annual fees, there are a couple of upfront fees such as the $330 legal fee and $250 valuation fee. 

So who is the Rate Crusher home loan available to? Owner-occupiers making principal and interest repayments will be able to apply for a loan between $50,000 and $850,000 as long as their loan-to-value ratio (LVR) is 80% or lower.

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Who is it good for

With super low introductory and ongoing rates, some handy features and a lack of ongoing fees, the Rate Crusher home loan could be a great option for owner occupiers looking to reduce their mortgage costs as much as possible.

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Any catches

While the rates are certainly eye catching, just make sure you’re comfortable paying those upfront legal and valuation fees as well. 

Details

Rates and fees information correct as at 27 January 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
  • n/a

  • n/a

  • n/a

  • n/a

  • 1.90% (2.42%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.39% p.a.

Fees
  • $0.00

  • $297.00

  • $250.00

  • $150.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $1,000,000

  • none

  • 80.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free up to $20,000

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • 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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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.