First Home Buyers
Lowest Owner Occupied rates from
6.64%p.a. Variable
6.70%p.a. Comparison*
Up to 90% LVR plus LMI
Funded and managed by
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.
Settle down in your first home
Ready to buy your First Home? No doubt, you’re excited to take the first step in achieving the Australian Dream of owning your own home. There’s no other feeling like settling down in your very own home.
Before you dive in, crunch the numbers or simply give us a call and find how you can achieve a low rate home loan. First Home Buyers can be eligible for the First Home Owner Grant (FHOG). See how much Stamp Duty you could save as a First Home Owner at our Stamp Duty Calculator.
There’s a lot to consider: Variable or fixed? Invest or live-in? Never fear, Reduce is here to guide you every step of the way.
Preparing to buy a home for the first time? Congratulations on achieving the Australian Dream. Searching for, and then moving into, your first home is exciting.
At Reduce Home Loans, we’re here to make sure you get the best home loan for your needs and dreams.
You may be eligible for the First Home Owner Grant (FHOG). Use our Stamp Duty Calculator and find out how much you can save.
Contact our award-winning team with any questions you have about your home loan. Read on for our guide to home loans for first-time buyers.
Which type of home loan is best – Variable rate or fixed rate?
Both types of home loans have their benefits and risks:
Variable rate home loans
As the name suggests, your mortgage interest rate, and your repayments, can vary, normally depending on the lending interest rate determined by the Reserve Bank of Australia (RBA). Your interest rates will be lower than for a fixed-price home loan but you have the risk of your repayments increasing each time the lending rate increases.
Variable Rate Loans
Rate Slasher 90
6.64%
p.a. Variable
6.70%*
p.a. Comparison
- $0 upfront fees!
- Up to 90% LVR plus LMI
- Full redraw facility
- 100% Offset available
- Available for construction
Capitalizer Variable
6.34%
p.a. Variable
6.38%*
p.a. Comparison
- Up to 90% LVR
- 100% Offset available
- $0 monthly or annual fees!
Fixed-rate home loans
Your repayments are fixed for a period of 1 to 5 years. Your interest rate is often higher than those with a variable rate home loan but, if the RBA increases the variable lending rate, your payments will be unaffected for the duration of the loan. The risk, with a fixed rate loan, is if the variable interest decreases, your fixed-rate won’t and you could be paying more than if you had a variable rate loan. At the end of the fixed rate loan period, you will normally switch to a variable rate mortgage.
1 Year Fixed Cash Back
6.49%
p.a. Fixed 1 year
6.32%*
p.a. Comparison
- Loan splits available
- Offset Account available
- Borrow up to $1,000,000
2 Years Fixed Cash Back
6.49%
p.a. Fixed 2 years
6.33%*
p.a. Comparison
- Loan splits available
- Offset Account available
- Up to 90% LVR
3 Years Fixed Cash Back
6.54%
p.a. Fixed 3 years
6.36%*
p.a. Comparison
- Borrow up to 90% LVR
- Offset account available
- Limited extra repayments
First Home Buyers Guide
Find out more:
- First Home Buyer basics
- Finding the right property
- How to get approved for a home loan
- How to win at the auction
- Avoiding common first home buying mistakes
Investment property or first home for you and your family?
When you borrow the funds to buy a home for the first time, we will always get you the best deal we can. However, there are differences between buying a property as an investment, an asset you hope will generate a rental income and buying a property you intend to live in.
These differences are reflected in various grants and schemes available and the risk rating applied to the loan depending on which type of first-time buyer you are. Make sure you contact our friendly team with any doubts or questions.
Home loans – offers, features and extras
Home loans include many options to make a particular package attractive and to provide you with a great deal. We will simplify some of these here:
Loan to Value Ratio (LVR)
The LVR represents the percentage of the price of the house the lender will provide finance for. As an example, if a house is valued at $200,000 and the lender has an LVR of 80%, they will provide you with $160,000. You will need to provide a deposit of $40,000.
A low LVR often means you will be able to borrow more while a higher LVR means the loan will be offered at a higher interest rate.
Offset Account
An offset account offers you the chance to reduce the amount of interest you pay. You might have your wages paid into an “offset” account. The balance of the offset account is deducted from the outstanding home loan when the interest due is calculated. You will pay less interest on your home loan as long as your offset account has a positive balance
Cash back loans
Cash back home loans, as the name suggests, provide you with a cash sum. The value is calculated as a percentage of the loan amount. You are free to spend the cash for any purpose.
This can be a benefit if you need to buy furniture or spend on home improvements but note these loans often have higher interest rates.
Extra Repayments
Making extra repayments will enable you to clear the loan more quickly. There is normally a maximum amount you may repay each year and be sure to check there are no penalties involved.
Redraw
“Redraw” enables you to withdraw cash up to the value of your extra repayments. Often useful for unexpected or urgent expenses.
Loan splits
You have the option to split the amount you borrow across variable and fixed-rate loans. Your lender may have a set ratio for split accounts (60/40 variable and fixed rate, for example) and note fixed rate accounts will have a higher interest rate and a set duration.
Ask the experts
At Reduce Loans, we want to be sure you get the best value home loan for your circumstances. As a first-time buyer, we understand you will have questions and we are always ready to help.
Want to buy, but haven’t found a place yet?
Get your finance pre-approved and be ready to buy.
Apply for a pre-approvalFirst Home Investment
It’s not uncommon for someone to buy an investment property as their first house. Here’s our most popular loan for keen investors.
- Variable rate
- Optional offset account
- $0 ongoing fees!
- Cash Back up to $10,000
Hot tips for First Home Buyers
CRUNCH THE NUMBERS
Handy home loan calculators
THE REDUCE PROCESS
Launch your loan journey
MORE ABOUT OUR LOANS
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