Reduce Home Loans Rate Buster Fee Free Variable Review

Rates and fees last updated on

Enjoy a competitive variable rate under 4% with no ongoing fees with a Rate Buster Fee Free Variable Home Loan from Reduce Home Loans

The Rate Buster Fee Free Variable Home Loan offers a host of attractive features to borrowers, including a competitive interest rate and flexible features such as a redraw facility, 100% offset account, unlimited internet transactions and more.

If you would prefer the security of a fixed interest rate, Reduce Home Loans has a range of different loans on offer.

Invesment Home Loans

If you are looking for the Rate Buster Home Loan for investors click here.

Interest Rate Max Insured LVR Max LVR
LVR <= 80% (up to $500k) (Owner Occupier)
3.44% p.a.
Comparison Rate
3.44% p.a.
80% 80%
Product NameReduce Home Loans Rate Buster Standard Variable
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$500,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Repayment TypePrincipal & Interest
Application Fee$440
Lender's Legal Fee$330
Valuation Fee$264
Ongoing Fees$0 p.a.
Settlement Fee$130


  • 100% offset account
  • $0 ongoing fees


  • $440 application fee
  • $130 settlement fee

Things to consider about the Reduce Home Loans Rate Buster Fee Free Variable Loan

The Rate Buster Fee Free Variable Home Loan is a full doc home loan available for owner occupiers looking to purchase or refinance. The interest rates offered vary depending on the loan-to-value ratio (LVR).

The Rate Buster Fee Free Variable Home Loan offers a wide range of flexible features, including a redraw facility, repayment flexibility, internet and phone access, and the option to make interest-only repayments.

Features of the Reduce Home Loans Rate Buster Fee Free Variable Loan

  • Maximum loan amount. This loan allows you to borrow a maximum amount of $500,000 with the LVR <= 80% and LVR <= 70% products, and a maximum of $750,000 for the offset LVR 85% loan. Both loans have a minimum borrowing amount of $50,000.
  • Maximum LVR. The maximum LVR for this loan is as high as 90%, but you will need to pay for lenders mortgage insurance (LMI) if you borrow more than 80% LVR. Interest rates vary depending on your LVR.
  • Offset account. A 100% offset account is available to help you reduce the amount of interest payable on your home loan.
  • Additional repayment flexibility. The Rate Buster Fee Free Variable Home Loan allows you to choose between a fortnightly or monthly repayment schedule. You can also make unlimited additional repayments without penalty. In addition, both principal and interest and interest-only repayment options are available.
  • Redraw facility. A redraw facility is available with the Rate Buster Fee Free Variable Home Loan, and there is no minimum amount for internet withdrawals.
  • Rate discount. If you have a five-year good payment record you can apply for a rate reduction of 0.5%.
  • Unlimited transactions. Other loan features include unlimited free phone and internet transactions, free EFTPOS and BPAY, and no discharge fee if you refinance with any existing Reduce Home Loans product.


  • Monthly and annual fee: $0. The Rate Buster doesn’t charge any ongoing monthly or annual fees.
  • Application fee: $440. This fee covers the cost of preparing your loan documents and approving your loan.
  • Valuation fee: $264. This covers the lender’s third party expenses when they get the value of your property appraised.
  • Settlement fee: $130. This fee is charged upon the setting up of your loan accounts.
  • Legal fee: $330. This fee is charged to cover your legal costs.

How to apply for the Reduce Rate Buster Fee Free Loan

If the Rate Buster Fee Free Variable Home Loan sounds ideal for your needs, click the ‘Apply Now’ link to be taken to the Reduce Home Loans website where you can fill out an enquiry form.

This form requires you to provide your name, contact details, postcode and list any questions you may have about borrowing from Reduce Home Loans. Within 1-2 business days of your form being submitted, Reduce Home Loans will be in touch to go through your borrowing requirements.

Eligibility & Required Documentation

To qualify for a loan you will need to be over 18 years of age and also a permanent Australian resident.

During the borrowing process you will also need to provide:

  • Proof of identity, which may include items such as your driver’s licence, passport and Medicare card.
  • Proof of employment and evidence of your annual income.
  • Details of any assets you own.
  • Details of any liabilities you have.
  • Documents concerning the property purchase, including the contract of sale, certificate of title and transfer of land.

The Rate Buster Fee Free Variable Home Loan from Reduce Home Loans offers plenty of benefits to borrowers who want a flexible loan solution.

Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 28 March 2017 at 1:13pm.

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

2 Responses to Reduce Home Loans Rate Buster Fee Free Variable Review

  1. Default Gravatar
    Sarah | April 5, 2017

    How come this home lender doesn’t show under the home loans, with all the other loans?

    • Staff
      Harold | April 18, 2017

      Hi Sarah,

      Thank you for your inquiry.

      Typically, we listed different lenders based on category. Should you need more options you may want to consider the following listings.

      1. Cheapest home loans
      2. Low deposit home loans – Although you may have to get a guarantor for this type of loan
      3. First home owners grant – If it’s your first time to buy a home, then you may also check if you’re qualified for a grant in your local state.

      Alternatively, you can reach out to a mortgage broker who will take all your circumstances into account and offer you a range of lending options.

      I hope this information has helped.


Reduce Home Loans Rate Buster Standard Variable

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $440 / $0

  • Max LVR


Ask a question