Why choose Reduce Home Loans

Benefits

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

Drawbacks

  • No branch access.
  • Loans have application fees.

Reduce Home Loans Home Loans

Loan amount

$

Minimum deposit

Loan type & Term

Sort by

Default
Compare

All filters

Loan purpose
Loan amount
$
Deposit
Loan type and term
Repayment type
Features
Specials
Fees
States
Providers

Type of lender

Include all products?

Yes

We provide links to some financial institutions. If you click through to a financial institution, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Provider
Compare

Australian Credit Licence 388053Fees & charges apply

6.99%

7.06%

$2,471

  • Owner Occupied
  • Variable
  • 30% min deposit
  • P&I
More details

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

6.99%

7.10%

$2,471

    2024 Award Winner

  • Investor
  • Variable
  • 40% min deposit
  • P&I
More details

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

5.84%

5.89%

$2,221

Eco Home Loan Variable
  • Owner Occupied
  • Variable
  • 40% min deposit
  • P&I

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

5.94%

5.99%

$2,242

Eco Home Loan Variable
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

5.99%

6.01%

$2,253

Discount Variable
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

Australian Credit Licence 388053Fees & charges apply

Home Loans calculator

Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios.

$
130
25 years

Your estimated mortgage repayments

at interest rate 5.84%

Total interest payable

$0

Total loan repayments

$0

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.

About our expert

Did you find this page helpful?

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.