This low-rate loan is packed with features.
The Reduce Home Loans Rate Buster 100% Offset Variable Home Loan offers owner-occupiers a competitive variable rate along with a host of features, including a 100% offset account with a Visa Debit card and a free redraw facility.
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.
|Product Name||Reduce Home Loans Rate Buster 100% Offset Variable Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$750,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||No|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||$220|
|Valuation Fee||$250 covers up to $330|
|Ongoing Fees||$0 p.a.|
- 100% offset account
- $0 ongoing fees
- $440 application fee
- $150 settlement fee
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 100% Offset Variable Home Loan
This loan is a variable rate home loan available to owner-occupiers making principal and interest payments. It comes with a linked 100% offset account with a Visa Debit Card to allow you to access your funds. It also features a redraw account and the option to borrow up to 90% of the value of the property you’re buying.
Features of the Reduce Home Loans Rate Buster 100% Offset Variable Home Loan
- Loan amount and purpose. The minimum loan amount for the Reduce Home Loans Essentials 100% Offset Variable Home Loan is $50,000 and the maximum is $750,000, but different rates apply to borrowings above $750,000. The loan is available to owner-occupiers.
- Loan-to-value ratio. The maximum loan-to-value ratio without lenders mortgage insurance (LMI) is 80%. You can borrow a maximum of 90% if you’re willing to pay an LMI premium. Keep in mind that a higher LVR will attract a higher interest rate.
- Repayment type and frequency. The Reduce Home Loans Rate Buster 100% Offset Variable Home Loan allows principal and interest payments only, not interest-only. Repayments can be made fortnightly or monthly, and you can make as many additional repayments as you like without penalty.
- 100% offset account. The Reduce Home Loans Rate Buster 100% Offset Variable Home Loan comes with a linked 100% offset account. You can access funds in the account with a Visa Debit Card.
- Redraw facility. This loan also offers a free redraw facility. There’s no minimum redraw amount for funds accessed via the Internet.
- No ongoing fees. The Reduce Home Loans Rate Buster 100% Offset Variable Home Loan carries no ongoing fees, but does have a $0 application fee.
- Application fee. This loan carries an application fee of $440.
- Settlement fee. The Reduce Home Loans Rate Buster 100% Offset Variable Home Loan has a $150 settlement fee.
- Valuation fee. This loan offers free valuations up to $440. Any cost above this is paid by the applicant.
How to apply for the Reduce Home Loans Rate Buster 100% Offset Variable Home Loan
If the Reduce Home Loans Rate Buster 100% Offset Variable Home Loan seems like it suits your home loan needs, click the green “Enquire Now” button. You'll fill out a brief form, after which a Reduce Home Loans broker will contact you to walk you through the application process. It helps to have a few pieces of information handy:
- Personal information. This includes your name, date of birth and contact information.
- Financial information. Reduce Home Loans will need information about your income, assets and any debts you may have.
- Loan information. You’ll need to provide information about the loan purpose and the amount you’d like to borrow.
The Reduce Home Loans Rate Buster 100% Offset Variable Home Loan offers a range of features and no ongoing fees. Add it to your comparison today.