Reduce Home Loan Reviews & Compare vs Big 4 Banks | RateCity

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Reduce Home Loans is 100 per cent dedicated to home loans, offering no other financial services. It’s also primarily online, and this simple business model helps Reduce Home Loans keep running costs down and deliver low interest rates.

This Australian owned and operated lender only opened in 2010, so it’s a relative newcomer. However, Reduce Home Loans has won many business awards since, including Money Magazine’s cheapest non-bank home loan in 2016, 2017 and 2018.

Reduce Home Loans home loan repayment calculator

Thinking about taking out a home loan with Reduce Home Loans? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Reduce Home Loans home loans compare with other options.

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Reduce Home Loans home loans rates

Now showing 1 - 81 of 81 home loans

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Product	Advertised Rate	Estimated upfront fees	Company	Comparison Rate*	Ongoing fee	Go to site
Rate Slasher Variable Home Loan	2.69% Variable	$440	Rate Slasher Variable Home Loan	2.70%	$0		More details
Rate Slasher Variable Home Loan	2.69% Variable	$440	Rate Slasher Variable Home Loan	2.70%	$0		More details
Rate Slasher Variable Home Loan	2.69% Variable	$440	Rate Slasher Variable Home Loan	2.70%	$0		More details
Rate Slasher Variable Home Loan	2.69% Variable	$440	Rate Slasher Variable Home Loan	2.70%	$0		More details
Low Rider	2.69% Variable	$590	Low Rider	2.71%	$0		More details
Low Rider	2.69% Variable	$590	Low Rider	2.71%	$0		More details
Rate Buster Variable Home Loan	2.77% Variable	$0	Rate Buster Variable Home Loan	2.78%	$0		More details
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Rate Buster Variable Home Loan	2.77% Variable	$0	Rate Buster Variable Home Loan	2.78%	$0		More details
Rate Buster Variable Home Loan	2.77% Variable	$0	Rate Buster Variable Home Loan	2.78%	$0		More details
Rate Buster Variable Home Loan	2.77% Variable	$0	Rate Buster Variable Home Loan	2.78%	$0		More details
Rate Lovers Variable Home Loan	2.77% Variable	$0	Rate Lovers Variable Home Loan	2.79%	$0	Enquire Now	More details
Rate Lovers Variable Home Loan	2.77% Variable	$0	Rate Lovers Variable Home Loan	2.79%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 2 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 2 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
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Home Owners Dream Fixed	2.79% Fixed - 2 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 3 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 2 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 3 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 2 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 3 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Home Owners Dream Fixed	2.79% Fixed - 3 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
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Home Owners Dream Fixed	2.79% Fixed - 3 years	$0	Home Owners Dream Fixed	2.80%	$0		More details
Rate Lovers Variable Home Loan	2.82% Variable	$0	Rate Lovers Variable Home Loan	2.84%	$0		More details
Rate Lovers Variable Home Loan	2.82% Variable	$0	Rate Lovers Variable Home Loan	2.84%	$0		More details
Rate Buster Variable Home Loan	2.99% Variable	$0	Rate Buster Variable Home Loan	3.00%	$0		More details
Rate Slasher Variable Investment Loan	2.99% Variable	$590	Rate Slasher Variable Investment Loan	3.01%	$0		More details
Rate Slasher Variable Investment Loan	2.99% Variable	$590	Rate Slasher Variable Investment Loan	3.01%	$0		More details
Rate Lovers Variable Home Loan	2.99% Variable	$0	Rate Lovers Variable Home Loan	3.01%	$0		More details
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Rate Slasher Variable Investment Loan	2.99% Variable	$590	Rate Slasher Variable Investment Loan	3.01%	$0		More details
Rate Slasher Variable Investment Loan	2.99% Variable	$590	Rate Slasher Variable Investment Loan	3.01%	$0		More details
Rate Lovers Variable Home Loan	3.04% Variable	$0	Rate Lovers Variable Home Loan	3.06%	$0		More details
Rate Buster Variable Home Loan	3.09% Variable	$0	Rate Buster Variable Home Loan	3.09%	$0		More details
Rate Buster Variable Home Loan	3.09% Variable	$0	Rate Buster Variable Home Loan	3.09%	$0		More details
Rate Buster Variable Home Loan	3.09% Variable	$0	Rate Buster Variable Home Loan	3.09%	$0		More details
Rate Buster Variable Home Loan	3.09% Variable	$0	Rate Buster Variable Home Loan	3.09%	$0		More details
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Investor Rate Lovers Variable	3.09% Variable	$0	Investor Rate Lovers Variable	3.09%	$0		More details
Investor Rate Lovers Variable	3.09% Variable	$0	Investor Rate Lovers Variable	3.09%	$0		More details
Investor Rate Lovers Variable	3.14% Variable	$0	Investor Rate Lovers Variable	3.14%	$0		More details
Investor Rate Lovers Variable	3.14% Variable	$0	Investor Rate Lovers Variable	3.14%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 2 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 2 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
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Fixed Rate Wealth Maximizer	3.19% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 2 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 2 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
Fixed Rate Wealth Maximizer	3.19% Fixed - 2 years	$0	Fixed Rate Wealth Maximizer	3.16%	$0		More details
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Low Rider	3.19% Variable	$590	Low Rider	3.19%	$0		More details
Low Rider	3.19% Variable	$590	Low Rider	3.19%	$0		More details
Fixed Rate Wealth Maximizer	3.34% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.19%	$0		More details
Fixed Rate Wealth Maximizer	3.34% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.19%	$0		More details
Fixed Rate Wealth Maximizer	3.34% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.19%	$0		More details
Fixed Rate Wealth Maximizer	3.34% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.19%	$0		More details
Fixed Rate Wealth Maximizer	3.34% Fixed - 3 years	$0	Fixed Rate Wealth Maximizer	3.19%	$0		More details
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Low Rider	3.24% Variable	$590	Low Rider	3.24%	$0		More details
Low Rider	3.24% Variable	$590	Low Rider	3.24%	$0		More details
Rate Slasher Variable Investment Loan	3.24% Variable	$590	Rate Slasher Variable Investment Loan	3.25%	$0		More details
Rate Lovers Variable Home Loan	3.27% Variable	$0	Rate Lovers Variable Home Loan	3.29%	$0		More details
Rate Buster Variable Home Loan	3.29% Variable	$0	Rate Buster Variable Home Loan	3.29%	$0		More details
Rate Lovers Variable Home Loan	3.32% Variable	$0	Rate Lovers Variable Home Loan	3.34%	$0		More details
Investor Rate Lovers Variable	3.34% Variable	$0	Investor Rate Lovers Variable	3.34%	$0		More details
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Investor Rate Lovers Variable	3.34% Variable	$0	Investor Rate Lovers Variable	3.34%	$0		More details
Investor Rate Lovers Variable	3.34% Variable	$0	Investor Rate Lovers Variable	3.34%	$0		More details
Investor Rate Lovers Variable	3.34% Variable	$0	Investor Rate Lovers Variable	3.34%	$0		More details
Investor Rate Lovers Variable	3.39% Variable	$0	Investor Rate Lovers Variable	3.39%	$0		More details
Investor Rate Lovers Variable	3.44% Variable	$0	Investor Rate Lovers Variable	3.44%	$0		More details
Rate Buster Variable Home Loan	3.55% Variable	$1045	Rate Buster Variable Home Loan	3.57%	$0		More details
Rate Buster Variable Home Loan	3.66% Variable	$150	Rate Buster Variable Home Loan	4.07%	$0		More details
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Self Managed Super Fund	4.89% Variable	$3850	Self Managed Super Fund	5.43%	$395		More details
Self Managed Super Fund	4.99% Variable	$3850	Self Managed Super Fund	5.53%	$395		More details
Self Managed Super Fund	5.29% Variable	$3850	Self Managed Super Fund	5.82%	$395		More details
Self Managed Super Fund	5.39% Variable	$3850	Self Managed Super Fund	5.90%	$395		More details
Self Managed Super Fund	5.39% Variable	$3850	Self Managed Super Fund	6.06%	$395		More details
Self Managed Super Fund	5.79% Variable	$3850	Self Managed Super Fund	6.33%	$395		More details
Self Managed Super Fund	5.89% Variable	$3850	Self Managed Super Fund	6.39%	$395		More details
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Self Managed Super Fund	5.79% Variable	$3850	Self Managed Super Fund	6.45%	$395		More details
Self Managed Super Fund	5.89% Variable	$3850	Self Managed Super Fund	6.55%	$395		More details
Self Managed Super Fund	6.69% Variable	$3280	Self Managed Super Fund	7.31%	$395		More details
Self Managed Super Fund	6.99% Variable	$3280	Self Managed Super Fund	7.61%	$395		More details

Data last updated on 20 Feb 2020

Read our important disclosures and general advice warning

Pros

Low interest rates.
Flexible loan options.
Loans are suitable to borrowers with smaller deposits.
Some loans have low fees.

Cons

No branch access.
Loans have application fees.

Reduce Home Loans customer service

As Reduce Home Loans is an online-only lender, customers won’t have access to bricks and mortar branches. Customers can contact Reduce Home Loans by calling the customer contact centre, emailing the bank directly or by filling out an online enquiry form. Home loan applicants will be assigned a personal finance manager who will guide them through the process all the way to settlement. Customers are also able to chat with a support representative through the Reduce Home Loans website.

Customer service (phone, email)
Live Chat
Mobile banking staff

How to Apply

Borrowers wanting to apply for a Reduce Home Loan can either complete a loan enquiry form online or call customer support for assistance with the application. Before applying for a Reduce Home Loans home loan, think about what you can afford to borrow and what other costs you need to consider. To apply for a Reduce home loan, you will need to supply the following information:

Personal identification material.
Proof of income and employment.
Information regarding your current debts, liabilities and assets.

About Reduce Home Loans

Reduce Home Loans offers home loans for the following types of borrowers:

First home buyers
Upgraders
Investors
Refinancers
Renovators
Self-employed (low-doc loans)

There are a variety of interest rates options available to Reduce Home Loan customers:

Variable interest rates
Fixed interest rates
Principal-and-interest home loans
Interest-only home loans
Split loans

Reduce Home Loans has several mortgages that would suit borrowers with small deposits, and also offers the ability for parents to sign on as guarantors.

Unlike the big banks that lend out extremely high amounts to eligible customers, Reduce Home Loans has set maximum amounts for its home loans. Several products require loans to be between $50,000 and $2,000,000.

With mortgage terms of up to 30 years, customers can make repayments weekly, fortnightly or monthly.

Reduce Home Loans allows extra repayments to be made without penalty and many of its products come with offset accounts. All mortgages come with redraw facilities, although varying fees apply.

Reduce home loan rates

Like the name suggests, this home loan lender is about “reducing” home loans. Overall, Reduce Home Loan interest rates are very low to moderately low compared to other lenders in Australia.

When it comes to owner-occupiers paying principal and interest as well as interest-only, Reduce Home Loans offer very low to moderately low interest rates.

Reduce Home Loans investor loans are also at the lower end of the home loan market in Australia. Its principal and interest investor loans are very low, while Reduce Home Loan investor interest-only mortgages are moderately low.

When it comes to fees, there are varying costs, depending on what Reduce Home Loans product a customer chooses. Overall, their upfront fees are moderately high, however the ongoing fees are generally very low.

Reduce Home Loans review

Reduce Home Loans is up against the big banks that offer face-to-face customer service at branches and a much wider variety of financial services. It keeps its interest rates low to stay competitive, with Reduce Home Loan business primarily coming from customers comparing home loan rates online and looking for the best deal for them.

With its simple online model, Reduce Home Loans can service customers anywhere in Australia. Although most of its business is done online, Reduce Home Loans customers can make phone calls to the customer service centre.

Reduce Home Loans has streamlined its application and approval process for home loans, so compared to many of its competitors, it’s straightforward and quick. Customers are assigned a personal finance manager to guide them through this process.

Although it’s only been around since 2010, Reduce Home Loans has consistently won awards for its competitive mortgage products.

Today's Top Home Loan Products

Rate Chaser Ezy Prime (New Customer)

Real Time Rating™

4.63 / 5

Advertised Rate

Comparison Rate*

2.89%

Variable

2.94%

No ongoing fees
100% full offset account
Parents can sign as guarantor
Extra repayments + redraw services

Advantage Home Loan (LVR < 90%) (PAYG - Essentials)

Real Time Rating™

4.37 / 5

Advertised Rate

Comparison Rate*

3.04%

Variable

3.21%

100% full offset account
Extra repayments + redraw services
Free redraw facility
Repayments may decrease if RBA cuts rates

New Smart Home Loan

Real Time Rating™

4.36 / 5

Advertised Rate

Comparison Rate*

2.78%

Variable

2.80%

special

Get one of the lowest variable interest rates on the market and pay no application or ongoing fees

Activate Prime Full Doc Home Loan (LVR 75%-80%)

Real Time Rating™

4.48 / 5

Advertised Rate

Comparison Rate*

3.09%

Variable

3.12%

No ongoing fees
100% full offset account
Extra repayments + redraw services
Free redraw facility

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FAQs

Additional payments to your home loan above the minimum monthly instalments, which can help to reduce the loan’s term and remaining payable interest.

An offset account functions as a transaction account that is linked to your home loan. The balance of this account is offset daily against the loan amount and reduces the amount of principal that you pay interest on.

By using an offset account it’s possible to reduce the length of your loan and the total amount of interest payed by thousands of dollars.

Example: If you have a mortgage of $500,000 but holding an offset account with $50,000, you will only pay interest on $450,000 rather then $500,000.

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

The quickest way to pay off your home loan is to make regular extra contributions in addition to your monthly repayments to pay down the principal as fast as possible. This in turn reduces the amount of interest paid overall and shortens the length of the loan.

Another option may be to increase the frequency of your payments to fortnightly or weekly, rather than monthly, which may then reduce the amount of interest you are charged, depending on how your lender calculates repayments.