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Reduce Home Loans Super Saver Variable

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $1,000,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $1,000,000 with an LVR below 60%

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $1,000,000 with an LVR below 90%

The details shown below are for an owner occupier taking out a principal & interest loan between $250,000 and $1,000,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $50,000 $1,000,000

  • Owner Occupier (Principal & Interest)

    LVR < 60%

    Loan: $50,000 $1,000,000

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    Loan: $50,000 $1,000,000

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $250,000 $1,000,000

Rate
1.79% p.a.
Comparison Rate
1.88% p.a.
Service fee
$0.00
Upfront fee
$1,170
Rate
1.79% p.a.
Comparison Rate
1.88% p.a.
Service fee
$0.00
Upfront fee
$1,170
Rate
2.29% p.a.
Comparison Rate
2.38% p.a.
Service fee
$0.00
Upfront fee
$1,170
Rate
2.19% p.a.
Comparison Rate
2.26% p.a.
Service fee
$0.00
Upfront fee
$697

Mozo editorial review Reduce Home Loans Super Saver Variable - last updated: 21 April 2022

binocular icon
What's hot
  • 1.79% p.a. variable rate (1.88% p.a. comparison rate*) for 80% LVR
  • No ongoing service fee
  • 2022 Mozo Experts Choice Award winner
  • Cashback offer
What's not
  • Upfront fees
Mozo snapshot

With one of the lowest variable rates in the Mozo database at 1.79% p.a. (1.88% p.a. comparison rate*) for LVRs up to 80%, the Super Saver Variable home loan from Reduce Home Loans is worth a look for owner occupiers. It also comes with other useful features, but they’ll need to be weighed up against some hefty upfront fees. Oh and did we mention it also took out a 2022 Mozo Experts Choice Award in the split home loan and low cost home loan categories? 

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Key features

The Super Saver Variable home loan from Reduce Home Loans really lives up to its name by offering owner occupier borrowers one of the lowest variable interest rates around. 

Variable rates start from 1.79% p.a. (1.88% p.a. comparison rate*) for owner occupiers with an LVR below 60%, making principal and interest repayments on loan amount between $75,000 and $1 million. Or if your LVR is between 60-80%, then your rate would jump to a still very competitive 1.79% p.a. (1.88% p.a. comparison rate*) for loan amounts from $50,000 up to $1 million. There are also higher rates available for borrowers with LVRs up to 90%. 

Given the focus of this loan really is the low rate, you might not expect it to be chock-full of other features. Borrowers will be able to make extra repayments towards their loan (for free) and to withdraw those extra repayments down the line through the redraw facility. And if you want to reduce the amount you pay interest on, you can also choose to include an optional offset account with this loan, though it does come with a $395 annual fee.

The Super Saver Variable loan does come with a few upfront costs that borrowers need to be aware of though, including an application fee of $440. There are no ongoing service fees to worry about however.

Cashback offer:

Reduce Home Loans are sweetening the deal with a cashback offer. Those with a loan amount between $250,000 and $499,999.99 could receive $2,000 cashback, loans between $500,000 and $749,999.99 could receive $3,000 cashback, loans between $750,000 and $1,999,999.99 could receive $5,000 cashback and loans over $2,000,000 could receive $10,000 cashback (T&C's apply).

Keep in mind that your loan must stay current for a minimum of 24 months after the loan settlement. If you discharge your loan within the 24 months from the date the cash back is paid then this amount will need to be re paid and added to your total balance payable at the time of your discharge.

snapshot
Who is it good for

The Super Saver Variable home loan could be an option to consider for buyers or refinancers looking to keep their home loan rate - and therefore repayments - to a minimum with one of the sharpest rates around.

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Any catches

As mentioned above, borrowers will want to weigh up the upfront loan fees against the advantages of a super low variable rate. Also remember that if you want to snag the lowest rates on offer, you'll need at least a 40% deposit. 

Details

Rates and fees information correct as at 19 May 2022. 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

1.79% p.a.

n/a

n/a

n/a

1.88% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$440.00

$330.00

$250.00

$150.00

n/a

$0.00

$0.00

Other financial bits

$50,000

$1,000,000

none

80.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

Application and legal fees charged at settlement. Valuation fee charged at conditional

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 19 May 2022. 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

1.79% p.a.

n/a

n/a

n/a

1.88% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$440.00

$330.00

$250.00

$150.00

n/a

$0.00

$0.00

Other financial bits

$50,000

$1,000,000

none

60.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes - optional 100% offset - $395 p.a.

Application and legal fees charged at settlement. Valuation fee charged at conditional

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 19 May 2022. 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

2.29% p.a.

n/a

n/a

n/a

2.38% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$440.00

$330.00

$250.00

$150.00

n/a

$0.00

$0.00

Other financial bits

$50,000

$1,000,000

none

90.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

no

Application and legal fees charged at settlement. Valuation fee charged at conditional

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 19 May 2022. 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

2.26% 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

$150.00

n/a

$0.00

$0.00

Other financial bits

$250,000

$1,000,000

none

80.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$0.00

yes

yes - optional 100% offset - $395 p.a.

Legal and valuation fees charged at cost.

none

$1,000 cash back for loans less than $500,000. $2,000 cash back for loans greater than $500,000. Loan must stay current for a min 24 months after settlement.

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.

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About Reduce Home Loans

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.