Reduce Home Loans Rate Buster 100% Offset Variable Home Loan Review

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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 NameReduce Home Loans Rate Buster 100% Offset Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$750,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Repayment TypePrincipal & Interest
Application Fee$440
Lender's Legal Fee$220
Valuation Fee$250 covers up to $330
Ongoing Fees$0 p.a.
Settlement Fee$150

Pros

  • 100% offset account
  • $0 ongoing fees

Cons

  • $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.

Fees

  • 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.

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4 Responses

  1. Default Gravatar
    steveSeptember 5, 2017

    Can the application fee be waived? I am borrowing approx $870,000 and mortgage house is waiving the fees?

    • finder Customer Care
      JoanneSeptember 5, 2017Staff

      Hi Steve,

      Thanks for reaching out. There are home loans with 0 application fee. You can refer to this link
      so you can assess which one would suit you best. As always, keep in mind that fees are only one part of a home loan. Compare features and interest rates to ensure you get the best deal.

      Hope this helps,
      Joanne

  2. Default Gravatar
    HiltonJuly 25, 2017

    Please call me on 0433563659 Hilton.

    • finder Customer Care
      ArnoldJuly 25, 2017Staff

      Hi Hilton,

      Thanks for your inquiry.

      For questions and concerns, please contact or visit Reduce Home Loans at:

      Postal Address: PO Box 6990 GCMC, QLD 9726
      Address: 42 Bundall RD, Bundall QLD. 4217 (open M-F 9am – 9pm)
      Telephone: 1300 REDUCE (733 823)
      Fax: (07) 3009 0585
      Customer Care: info@reduceloans.com.au

      Hope this information helped.

      Cheers,
      Arnold

Reduce Home Loans Rate Buster 100% Offset Variable Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $440 / $0

  • Max LVR

    80%

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