Reduce Rate Buster High Lend Variable Home Loan

This low-rate, low-fee loan still offers borrowers a 100% offset account.

Many low-rate, basic home loans offer their discounts at the expense of an offset account. But the Reduce Home Loans Rate Buster High Lend Variable Home Loan offers a range of features, including an offset account, while delivering a competitive variable rate and carrying no ongoing fees.

Product NameReduce Rate Buster High Lend Variable Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)3.49%
Comp Rate^ (p.a.)3.49%
Minimum Loan Amount$250,000
Maximum Loan Amount$2,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Suitable for InvestmentNo
Extra RepaymentYes
Repayment TypePrincipal & Interest
Application Fee$0
Lender's Legal Fee$330
Valuation Fee$250
Ongoing Fees$0 p.a.
Settlement Fee$0

Pros

  • 100% offset account (with $10 monthly fee)
  • Few ongoing fees

Cons

  • Legal and valuation fees apply

Who is Reduce Home Loans?

Reduce Home Loans is a licensed and regulated finance brokerage that sources home loans from a variety of Australian lenders. Because Reduce Home Loans is an online-only business, it has low overheads and can offer lower rates. And because it can source funding from a variety of Australian lenders, it can offer competitive products to borrowers.

Details to consider about the Reduce Home Loans Rate Buster High Lend Variable Home Loan

This product is a variable rate home loan with no ongoing fees, a redraw facility and a 100% offset account (with $10 monthly fee). It’s available to owner-occupiers only. The maximum loan-to-value ratio (LVR) is 80% and the maximum loan amount is $2,000,000, so this loan is suited to borrowers looking at less expensive properties.

A note on comparison rates

The comparison rate includes the cost of fees and the interest rate. Reduce is offering a 5-year loyalty discount on the interest rate to offset the added cost of fees over the life of a loan. This is why Reduce's comparison rate can be equal to or lower than the interest rate, depending on the loan term.

Features of the Reduce Home Loans Rate Buster High Lend Variable Home Loan

  • Loan amount and purpose. The minimum loan amount for the Reduce Home Loans Rate Buster High Lend Variable Home Loan is $250,000 and the maximum is $2,000,000, so it’s suited to borrowers looking at more affordable properties. This loan is available to owner-occupiers only.
  • Loan-to-value ratio. The maximum loan-to-value ratio for this loan is 90%, making this a low deposit option that might suit first home buyers.
  • Repayment type and frequency. This loan allows for principal and interest repayments only. You can repay your loan fortnightly or monthly, and you can make as many additional repayments as you’d like without incurring penalty.
  • 100% offset account. Unlike many low-rate, low-fee loans, the Reduce Home Loans Rate Buster High Lend Variable Home Loan comes with a 100% offset account. This allows you to minimise the amount you pay in interest by offsetting it by the amount of funds in your offset account. The offset account does require a $10 a month fee, however.
  • Redraw facility. The Reduce Home Loans Rate Buster High Lend Variable Home Loan also comes with a free redraw facility, which allows you to withdraw any additional repayments you’ve made. There’s no minimum amount if you redraw via the internet.
  • No ongoing fees. Unlike many loans that offer a redraw facility, there’s no ongoing account maintenance fee for the Reduce Home Loans Rate Buster High Lend Variable Home Loan.

Fees

  • Lender's legal fee. The Reduce Home Loans Rate Buster High Lend Variable Home Loan carries a legal fee of $330.
  • Valuation fee. There is a valuation fee of $250.

How to apply for the Reduce Home Loans Rate Buster High Lend Variable Home Loan

If you’ve compared the Reduce Home Loans Rate Buster High Lend Variable Home Loan with other options and decided it’s the best product for you, click the green button to submit an enquiry. It helps to have a few pieces of information handy:

  • Personal information. Reduce Home Loans will need to know your name, date of birth and contact information.
  • Financial information. You’ll need to provide information about your income, assets and liabilities, including any debts you have.
  • Loan information. Reduce Home Loans will need to know the size of the home loan you’re applying for and the loan purpose.

The Reduce Home Loans Rate Buster High Lend Variable Home Loan offers an offset account, free redraw and no ongoing fees. If you’re looking for a low-cost loan and you’re buying an affordable property, it could be worth adding to your comparison.

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Reduce Rate Buster High Lend Variable Home Loan

  • Interest Rate

    3.49% p.a.

  • Comparison Rate

    3.49% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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