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Kurt was excellent to deal with. Great customer service, very helpful and experienced. One of the best rates on the market.
Exceptional customer service provided by Nick Freney in assisting us to navigate three separate loans. Wouldn’t hesitate in strongly recommending him to other prospect customers.
Just settled on my refinance with Vaughan at Reduce Home Loans. He made the process super easy and efficient. Was also great to be informed regularly throughout the entire process to put my mind at ease.Thanks 👍
We have been with Reduce Home Loans since 2015 and they've consistently secured the best rates and account features for us. This month we refinanced to a very competitive rate thanks to our Personal Finance Manager Connor.Connor provided us with helpful guidance and thoroughly answered all our questions. Everything was completed promptly and he was so responsive with our queries. The application process has also become much more streamlined and user friendly over the years.Thanks to Connor (and previously Rhyse) at Reduce Home Loans, we've been able to achieve our dream of having a home for our family. We highly recommend them for their personalised, exceptional service and expertise, as well as their broad product offering. Thanks again!
I have used Reduce Home Loans recently. I have dealt with Vaughan from Reduce Home Loans. I find Vaughan very helpful and easy to approach. I think they have great knowledge and great interest rates options and cash back offers. I will recommend to seek their advice for new home loans. Thanks, Dev
Kurt was phenomenal, very knowledgable, patient and communicative across the entire process. Can't recommend them highly enough.
Vaughan Enright has been an absolute pleasure to deal with. He is always extremely responsive and helpful, listens to my needs, and has been working with me to get the best he can. He has been reliable, getting back to me quickly, calling when he says he will (great timekeeper). Very happy with the experience as I initially called 3 or 4 months ago, he has been very informative from tyre kicking/semi serious stage to now at crunch time. Definitely recommend working with him.
I have used Reduce Home loans several times to refinance our loan. I cannot recommend them highly enough. They are extremely knowledgeable and have access to highly competetive interest rates. Their communication throughout the loan application process is excellent and it is very easy to get in touch with them when you need to. Definitely use Reduce!
Nick and the team never fail to impress and always achieve better than expected results. With a great network of lenders and products they always manage to deliver, keeping you well informed along the journey. Always know I am in capable hands and a achieving the best of what's out there.I cannot recommend Reduce highly enough. 11 out of 10! Keep up the good worm 👍
Prompt customer service and staightforward process. Access to great rates. Clear communication. Loan settled without problems and would definitely use them again.
We have been working with Reduce Home Loans for a few years now. We have done some refinancing of home loans and have applied for new home loans with Reduce Home Loans. Each and every time we managed to get some awesome deals, lowest variable rates available on the market. I highly recommend Reduce Home Loans. We will definitely use them again in future!!
Nick Freney, from reduced home loans, was fantastic. He made the whole process of refinancing my house loan, hassle free and also got me a great interest rate. I can't recommend Nick and his team highly enough.
Reduce were very easy to work with, and they got us the lowest variable rate on the market - which is saving us thousands each year.Highly recommend. We'll definitely go with them again in the future.
Overall, we are happy with our experience at Reduce. We moved from another non-bank lender, who wouldn't move our rate, despite their new owner rates being much lower, and our loans under what we originally borrowed. Nick and the team from Reduce were very easy to deal with, and our rate has been competitive since we started with them.
Just refinanced with Reduce Home Loans. Better interest rates, staff have been nothing but helpful and easy process. Can't ask for more!
I had a fantastic experience dealing with Reduce Home Loans who provided finance for my SMSF to purchase an investment property in July 22. I was particularly impressed with Bryce Stimpson's helpfulness, knowledge, responsiveness, professionalism and pleasantness. I received an excellent rate and am happy I went with Reduce.
Using reduce loans has saved me a lot of money on our home loan. The staff are professional and caring, always easy to get in contact with and there to help with any questions you. The switch from one of the big 4 banks (wont name names of who was ripping us off!) was easy with reduce loans. I highly recommend anyone to get in contact and see how many money they can save you.
Reduce Loans were able to find us a much better home loan rate. The process was so easy and we were walked through every step. Everything was done online and the whole process was handled quickly. I would highly recommend working with Reduce Loans.
We secured a great loan with Reduce far below market rates of the large lenders. Was particularly impressed by their flexible banking style in setting up the loan and Nick Freeney was great to work with in the loan application. The only issue is the application process was longer and more admin intensive than some other loans so removing one star - but if you stick with it you can save a bunch over the life of the loan.
How to pay off your mortgage faster
By using our Extra Repayments Calculator you will find out how much time and interest you can save on your home loan by making more than the minimum repayment.
Making additional repayments to your mortgage means you’re paying off your loan quicker, paying less interest, and saving money!
To use this calculator, simply enter the extra repayment amount, how often it will be paid and when the repayment schedule will start.
Check out how much your standard, minimum repayments could be with a loan at Reduce with our Mortgage Repayment Calculator.
Remember, the more you repay and the more frequent the extra repayments, the bigger the potential savings throughout the life of your loan!
How the Extra Repayment Calculator works
To use this calculator, simply enter:
- The loan term
- The loan amount
- Your current interest rate
- Repayment frequency (weekly, fortnightly or monthly)
- How much you want to make in extra repayments
- How many years you are into your mortgage
You will then be shown your results, with a handy graph breaking down your potential savings. You’ll be able to view your new monthly repayment amount, the projected total loan repayments and savings in interest and time, as well as an updated total loan term.
For example, on a 30-year $500,000 home loan with a rate of 2.70 per cent, if you started paying an extra $300 a month after five years, you would save $31,118 in interest repayments, and shave 4 years and 4 months off your mortgage.
Need a hand?
Remember, you can talk directly to one of our accredited Personal Finance Managers on 1300 REDUCE (733 823). They’ll answer any of your questions and you can even apply for a home loan on the spot.
Want a call back? Fill in a no-obligation enquiry form or speak to our live chat representatives and the next available Personal Finance Manager will call you back.
Offset and Extra Repayment Calculator
Two of the most convenient ways to pay down your mortgage faster or reduce your interest repayments may be through making extra repayments or using an offset account.
Making additional repayments on your mortgage means you are chipping away at your total principal amount, which in turn will reduce your overall interest paid. An offset account, however, works as a linked savings or bank account to your home loan.
Any money deposited here will “offset” or reduce your mortgage repayments, as your lender will calculate the amount owing on your home loan as minus the amount in the offset account. For example, a $500,000 loan with $50,000 in its linked offset account means the borrower would be making repayments as if the loan were $450,000.
The Extra Repayment Calculator can show homeowners how much they may potentially save in time and money by making additional repayments on their mortgage each month. Whereas, the Offset Calculator shows homeowners just how much they may save in time and money by using this handy home loan feature.
Lump Sum and Extra Repayment Calculator
Most homeowners make additional repayments to their mortgages in two ways: regular extra monthly repayments or as a lump sum. Whether you’ve received a generous tax return this year, earned a bonus at work or inherited some money, you can make one-off lump sum payments towards your mortgage.
If you’ve saved a lump sum you want to put towards your home loan amount, you can also use the Offset Calculator as an extra repayment and lump sum calculator.
Simply enter:
- The loan term
- The loan amount
- Your current interest rate
- Repayment frequency
- Once-off lump sum payment amount
- How many years you are into your mortgage
You’ll then be shown a graph and the lump sum calculation results. This includes an updated, estimated total amount you’ll pay on your mortgage, projected savings in interest and time on your mortgage, as well as an updated loan term.
HOME LOAN CALCULATORS
Extra repayment calculator
Pay off your loan quicker with extra repayments. Find out how much quicker with this calculator.
how much can i borrow?
Find out how much you can expect our funders to lend you based on your income and living expenses.
Mortgage offset calculator
With an offset account attached to your loan, you can reduce the amount of interest you pay.
P&I / Interest only calculator
Compare repayments between principal and interest, and interest only options, or find the total cost of these loans.
stamp duty calculator
Purchasing a property? Find out how much stamp duty you’ll pay based on your state and purchase price.
FINANCE CALCULATORS
BUDGET CALCULATOR
Curious about your own budget? Calculate your finances and figure out your cash flow here.
savings goal calculator
If you’ve got a goal for your savings, this calculator can help you understand how long till you reach it.
compound interesT
Calculate how much you can save with regular deposits in a savings account accruing interest over time.
Income tax calculator
Find out exactly how much government tax you would pay based on your annual income.
what can i afford to borrow?
How much can you really afford? This calculator helps you determine your maximum borrowing power.
Find the Cheapest Home Loan that’s right for you
No matter what stage of the home loan journey you’re at, we’re here to help you find a great rate across variable, fixed or a mix of both.
Our home loan range also offer great features and flexibility, so you can apply with confidence.
Why choose Reduce?
COMPARE OUR HOME LOANS
Compare rates, features and fees across all our home loans in this easy table.
FAQ Section
How fast can I pay off my mortgage?
There are a few factors that determine how quickly you can pay off your mortgage – your loan size, your loan term, your interest rate and your loan features. If you want to pay your home loan debt sooner, you may want to consider choosing a loan that allows for extra repayments without penalty. Making extra payments is one of the easiest ways to get on top of your debt quicker than your loan term.
What is the average time taken to pay off a mortgage?
The average home loan term is 25 to 30 years. Some homeowners may be able to pay off their mortgage sooner if their lender allows for extra repayments without penalty. Some lenders may even offer loans with terms as high as 40 years. While longer-term home loans may mean smaller monthly repayments, this option is much more expensive in the long run, as your total interest repayments will be significantly higher than average.
How much can I save with extra home loan repayments?
The amount you can save with extra home loan repayments depends on your home loan size, loan term and interest rate. For example, on a 30-year $400,000 home loan with a rate of 2.5 per cent, if you started paying an extra $250 a month after five years, you would save $23,433 in interest repayments, and shave 4 years and 6 months off your mortgage.
Should you pay off your mortgage early?
Paying off your mortgage early may save you thousands of dollars in interest and may shave years off of your mortgage. It may be worth considering paying off your mortgage early if your lender allows for extra repayments without penalty.
Can you make extra repayments on a fixed loan?
Home loan features, like making extra repayments, are often reserved for variable rate home loans. You may be able to make extra repayments on a fixed loan if this is a feature your lender offers. Check the product disclosure statement or speak to the lender for more information.
Reduce Home Loans offers fixed loans with extra repayments available up to $20,000 per anniversary year during the fixed period. After the fixed period expires, the rate reverts to variable and unlimited extra repayments and redraw apply.
