Money Magazine Best of the Best Cheapest Flexible Loan 2020

Rate Cutter Variable

1.77% p.a. Variable Rate

1.83%* p.a. Comparison Rate

  • Up to 60% LVR
  • Extra repayments & redraw
  • $0 monthly fees
  • $0 annual fees
Find out more
Apply Now

    Leave your details and one of our Personal Finance Managers will contact you within one business day.

    Your preferred contact time^




    Home loan refinance offers to put a smile on your face

    Here to refinance your home loan? Reduce Home Loans has Australia’s best refinance home loans and the hottest rates to keep you happy.

    Refinance with confidence, with multi-award winning loans including Canstar 5 Star Rating and Money magazine’s Best of the Best Cheapest Home Loan for 5 years running! We’ll help you consolidate your debts with low rate, full-featured loans. When your refinance is settled, you’ll be paying way less in interest!

    Refinance home and debt - Reduce Home Loans

    Featured Home Loans

    Rate Cutter Variable

    1.77%
    p.a. Variable
    1.83%*
    p.a. Comparison
    • $0 ongoing fees
    • Borrow up to 60% LVR
    • Full, free redraw
    More

    Super Saver Variable

    1.99%
    p.a. Variable
    2.05%*
    p.a. Comparison
    • Borrow up to 80% LVR
    • Extra repayments
    • $0 ongoing fees
    MORE

    Super Saver Cash Back

    2.29%
    p.a. Variable
    2.36%*
    p.a. Comparison
    • $1,000 – $2,000 Cash Back
    • 100% offset available
    • $0 ongoing fees
    MORE

    Featured Investment Loans

    Investor Rate Lovers

    2.59%
    p.a. Variable
    2.66%*
    p.a. Comparison
    • 100% offset optional
    • $0 ongoing fees
    • Full, free redraw
    More

    Investor Rate Slasher

    2.79%
    p.a. Variable
    2.86%*
    p.a. Comparison
    • Borrow up to 90% plus LMI
    • 100% offset optional
    • $0 annual fees
    • Free redraw
    MORE

    Inv Cash Back Hero

    2.99%
    p.a. Variable
    3.04%*
    p.a. Comparison
    • $2,000 – $10,000 Cash Back
    • 100% offset available
    • $0 annual fees
    • Interest Only available
    MORE

    Great rates for owner occupiers

    Owner Occupied Home Loans

    Loan ProductRate p.a.
    Comp* p.a.
    LVRTotal
    Fees
    OffsetRedrawInterest
    Only
    Rate Cutter
    1.77%
    1.83%*
    60%$890
    Super Saver
    1.99%
    2.05%*
    80%$890
    Low Rider
    1.99%
    2.06%*
    75%$580
    Economizer
    2.17%
    2.21%*
    80%$400
    Rate Lovers
    2.29%
    2.36%*
    80%$580
    Rate Buster
    2.45%
    2.48%*
    80%$0
    Rate Slasher 90
    2.49%
    2.51%*
    90%$0

    Loan ProductRate p.a.
    Comp* p.a.
    LVRTotal
    Fees
    OffsetRedrawInterest
    Only
    Home Owners Dream 1 Yr Fixed
    1.94%
    2.71%*
    80%$1,170
    Home Owners Dream 2 Yr Fixed
    1.94%
    2.65%*
    80%$1,170
    Home Owners Dream 3 Yr Fixed
    1.99%
    2.61%*
    80%$1,170

    Loan ProductRate p.a.
    Comp* p.a.
    LVRTotal
    Fees
    OffsetRedrawInterest
    Only
    Super Saver Cash Back
    2.29%
    2.36%*
    80%$697
    Low Rider Cash Back
    2.29%
    2.36%*
    75%$580
    Economizer Cash Back
    2.49%
    2.54%*
    60%$1,170
    Cash Back Hero
    2.59%
    2.64%*
    80%$697

    See Cash Back Terms and Conditions Here

    Refinance your investment loan

    Investment loans

    Loan ProductRate p.a.
    Comp* p.a.
    LVRTotal
    Fees
    OffsetRedrawInterest
    Only
    Investor Rate Slasher
    2.39%
    2.44%*
    80%$697
    Investor Rate Lovers
    2.59%
    2.66%*
    80%$580
    Investor Rate Buster
    2.89%
    2.92%*
    80%$150
    Loan ProductRate p.a.
    Comp* p.a.
    LVRTotal
    Fees
    OffsetRedrawInterest
    Only
    Wealth Maximizer 1 Yr Fixed
    2.37%
    3.09%*
    80%$697
    Wealth Maximizer 2 Yr Fixed
    2.37%
    3.06%*
    80%$1,170
    Wealth Maximizer 3 Yr Fixed
    2.37%
    2.99%*
    80%$697
    Loan ProductRate p.a.
    Comp* p.a.
    LVRTotal
    Fees
    OffsetRedrawInterest
    Only
    Investor Rate Slasher Cash Back
    2.49%
    2.56%*
    75%$580
    Investor Cash Back Hero
    2.99%
    3.04%*
    80%$697

    See Cash Back Terms and Conditions Here

    Refinance and pay less on your home loan

    Owner Occupied Home Loans

    Loan ProductRate p.a.
    Comp* p.a.
    Max
    LVR
    Total
    Fees
    90% LVR
    Available^
    Offset
    Account
    Extra
    Repayments
    & Redraw
    Interest
    Only
    Construction
    Available
    Rate Cutter Variable
    1.77%
    1.83%*
    60%$890
    Super Saver Variable
    1.99%
    2.05%*
    80%$890
    Low Rider Variable
    1.99%
    2.06%*
    75%$580
    Economizer Variable
    2.17%
    2.21%*
    80%$400
    Rate Lovers Variable
    2.29%
    2.36%*
    80%$580
    Rate Buster Variable
    2.45%
    2.48%*
    80%$0
    Rate Slasher 90 Variable
    2.49%
    2.51%*
    90%$0

    Loan ProductRate p.a.
    Comp* p.a.
    Max
    LVR
    Total
    Fees
    90% LVR
    Available^
    Offset
    Account
    Extra
    Repayments
    & Redraw
    Interest
    Only
    Construction
    Available
    Home Owners Dream 1 Year Fixed
    1.94%
    2.71%*
    80%$1,170
    Home Owners Dream 2 Year Fixed
    1.94%
    2.65%*
    80%$1,170
    Home Owners Dream 3 Year Fixed
    1.99%
    2.61%*
    80%$1,170

    Loan ProductRate p.a.
    Comp* p.a.
    Max
    LVR
    Total
    Fees
    90% LVR
    Available^
    Offset
    Account
    Extra
    Repayments
    & Redraw
    Interest
    Only
    Construction
    Available
    Super Saver Cash Back Variable
    2.29%
    2.36%*
    80%$697
    Low Rider Cash Back Variable
    2.29%
    2.36%*
    75%$580
    Economizer Cash Back Variable
    2.49%
    2.54%*
    60%$697
    Cash Back Hero Variable
    2.59%
    2.64%*
    80%$697

    See Cash Back Terms and Conditions Here

    Save more on your investment loan

    Investment loans

    Loan ProductRate p.a.
    Comp* p.a.
    Max
    LVR
    Total
    Fees
    90% LVR
    Available^
    Offset
    Account
    Extra
    Repayments
    & Redraw
    Interest
    Only
    Construction
    Available
    Investor Rate Slasher
    2.39%
    2.44%*
    80%$697
    Investor Rate Lovers
    2.59%
    2.66%*
    80%$580
    Investor Rate Buster
    2.89%
    2.92%*
    80%$150

    Loan ProductRate p.a.
    Comp* p.a.
    Max
    LVR
    Total
    Fees
    90% LVR
    Available^
    Offset
    Account
    Extra
    Repayments
    & Redraw
    Interest
    Only
    Construction
    Available
    Wealth Maximizer 1 Year Fixed
    2.37%
    3.09%*
    80%$697
    Wealth Maximizer 2 Year Fixed
    2.37%
    3.06%*
    80%$1,170
    Wealth Maximizer 3 Year Fixed
    2.37%
    2.99%*
    80%$697

    Loan ProductRate p.a.
    Comp* p.a.
    Max
    LVR
    Total
    Fees
    90% LVR
    Available^
    Offset
    Account
    Extra
    Repayments
    & Redraw
    Interest
    Only
    Construction
    Available
    Investor Rate Slasher Cash Back
    2.49%
    2.56%*
    75%$580
    Investor Cash Back Hero
    2.99%
    3.04%*
    80%$697

    See Cash Back Terms and Conditions Here

    Cheap home loan refinance

    It’s no secret that staying loyal to one bank for your whole life can cost you. This is why thousands of Aussie homeowners choose to refinance their mortgage.

    And when it comes to refinancing your home loan, the cheaper the loan the better. This is where Reduce Home Loans comes in, by offering some of the lowest refinance rates on the market.

    As one of Australia’s leading low-rate lenders, we aim to keep your household’s biggest ongoing expense as cheap as possible with our lowest refinance rates. Switching to one of the cheapest refinance rates in Australia means you’ll find much needed breathing room in your budget, gain some great new features and potentially save big in interest repayments.

    How to find the best refinance home loans

    No two homeowners are the same and Reduce Home Loans understands this. To find the best refinance home loan for you, you’ll first want to ask yourself what you’re looking for in your next home loan so we can pinpoint what makes up the best refinance deals for your financial situation.

    Interest rates: Your home loan interest rate is one of the biggest factors for the loans’ affordability. If your current lender is charging you through the nose in interest, you may want to focus on new loans with rock-bottom interest rates to find your best refinance home loan.

    Fees: A home loan with high ongoing fees will always cost you in the long run. However, Reduce Home Loans does not charge borrowers annual fees or monthly fees on many of its refinance loans.

    Features: You may have opted for a more basic home loan when you first took out a mortgage. Now, your best refinance mortgage may be one that offers helpful features, such as an offset account or the ability to make extra repayments.

    Reduce Home Loans frequently breaks records by offering the lowest mortgage rates on the Australian market. If your idea of the best bank to refinance with involves low rates, low fees and plenty of helpful features, consider refinancing with Reduce Home Loans today.

    Refinance home loan comparison guide

    One of the best ways to find a new home loan is to research and compare your options. Reduce Home Loans can help you in your refinance home loan comparison journey through a range of helpful tools.

      • Compare loans: Our easy-to-follow comparison table allows you to compare our range of leading, low rate loans side by side via interest rates, total fees and any features available. This can help you to find the right refinance home loan for your financial needs.
      • Calculators: A mortgage repayment calculator can help you in your refinance comparison by narrowing down your refinance loan short-list through calculating how the potential loan repayments may fit in your budget.
      • Brokers. Need a little help or advice? Reduce Home Loans’ accredited Finance Managers can assist in your home loan refinancing comparison journey. 

    Not sure whether now is the right time to refinance? Check out this guide on refinancing.

    Family Home Loan

    What is the cost to refinance my home loan?

    There may be some associated costs to refinance your home loan, depending on your current lender and your new lender. Firstly, if you’re on a fixed rate there may be a break fee charged by your existing lender. Secondly, your existing lender may charge you a discharge fee if you refinance your mortgage.

    While these costs can be frustrating at the time of refinancing, it’s generally accepted that the initial cost to refinance your mortgage will pay for itself in reduced interest, lower fees or added features, over the life of your loan. By switching to a record-breaking Reduce Home Loan low rate mortgage, you’ll potentially pay off these costs within a year or two thanks to our competitive interest rates.

    Another cost to refinance may be the new lender charging an application fee, as well as ongoing fees. Thankfully, Reduce Home Loans offers a range of refinance loan products that do not charge some of these pesky fees.

     

    Not sure you’re ready to reassess your mortgage? Here are the top signs it’s time to refinance your home loan

    Refinance home loan rates

    Many Australians choose to switch home loan providers to get a lower interest rate. While researching refinance mortgage rates, this is when they hear about Reduce Home Loans and our multi-award-winning home loans.

    Reduce Home Loans offers a range of competitive refinance rates on home loans for refinancers. This includes:

      • Variable rate home loans
      • Fixed rate home loans
      • Split rate home loans
      • Owner-occupier home loans
      • Investment home loans

    These home loans are flooded with helpful features designed to help you chip away at your loan faster, such as an offset account and a redraw facility. You also may not need to worry if your home loan refinance rate is still low, as Reduce Home Loans frequently breaks records with the lowest home loan rates on the market.

    You can compare refinance home loan rates through our comparison table now. Compare mortgage refinance options side by side to see which one may come out on top for your financial needs.

    Home loan refinance offers

    When refinancing your home loan, you may be curious to know – what’s in it for you? Lenders will advertise a number of mortgage refinance offers to make new customers happy and to stand out in the home loan market. 

    Reduce Home Loans has some of the best refinance offers around, depending on what you’re looking for in a new home loan. These include:

    • Cash back loans: Enjoy a refinance offer of $1,000 to $10,000 cash back when you refinance with some of Reduce Home Loans’ flexible loan options.
    • Low rates: Refinancers may have noticed that new customers tend to be offered lower rates. This may be part of why you’re considering refinancing. Another home loan refinance offer you may find with Reduce Home Loans is that we frequently offer new customers some of the lowest home loan rates in Australia.
    • Waived fees: Upfront or ongoing fees can be a barrier for refinancers. This is why lenders, like Reduce Home Loans, offer no-fee mortgage refinance deals. Depending on the loan, you may not pay an application fee, establishment fee, third party evaluation fee and more.
    • Added features: Another refinance offer to consider is added features to your home loan. Reduce Home Loans may provide new customers with refinance loans that come with an offset account, the ability to split your loan, a redraw facility and the ability to make extra repayments without penalty.

    Refinance cash back offers

    Reward yourself for saving with even more cash in your pocket! As mentioned above, one of the most sought-out perks is a refinance cash back offer.

    Reduce Home Loans has some of the most competitive refinance cash back offers in Australia. Depending on the loan and your personal financial situation, you may be able to refinance to a new loan with $1,000 to $10,000 cash back up for grabs. This cash back offer will be deposited directly into your bank account when you are approved for the refinance mortgage.

    Refinancing to a home loan that offers cash back can not only give your finances a much-needed boost but may also pay for the cost of switching loans, such as discharge fees and application fees. A refinance home loan cash back offer can help with the mental barrier associated with refinancing, as it’s an extra incentive to do so. 

    Reduce Home Loans is committed to helping you find your best home loan deal. Why shouldn’t you also be rewarded through a refinance cash back reward when you make the switch?

    Refinancing your investment property

    Refinancing an investment property can sometimes be a little tricker than refinancing an owner-occupier mortgage. This is because lenders perceive property investors as riskier for a number of reasons, such as the reduced pressure to pay off a mortgage for a home you’re not actually living in. 

    To improve your chances of being approved for a refinancing investment loan, ensure you’ve crossed your t’s and dotted your i’s. Meaning, make sure your financials and credit history are healthy, and that you ideally have an LVR of 80 per cent. Also, ensure you’ve paid off – or are making consistent repayments – on any existing debts, like a credit card. Also consider saving up a sizable rainy-day fund, as this will showcase a level of financial responsibility to the new lender.

    If you’re considering refinancing your investment loan, be sure to review your new lender’s eligibility criteria and terms and conditions before applying. Investment loans come with stricter lending criteria, such as meeting cash reserve minimums and higher equity requirements. It may also be a little harder to account for your rental income as part of your income assessment – particularly in a fluctuating housing market. If you’ve been paying interest-only on your loan, some lenders may not approve you for this when you refinance.

    If you’re refinancing your investment property to a primary residence, this may save you over the life of your loan. Owner-occupiers are typically offered lower interest rates and greater features on their mortgages, as they’re perceived as a lower risk borrower.

    Reduce Home Loans offers a range of refinance investment property loans on both variable and fixed rates. Investors may also be able to snatch up a cash back offer of up to $10,000.

    Refinancing for renovations

    If the old tiles in your bathroom are starting to bug you, or you’ve been dreaming of a new kitchen, consider refinancing for renovations.

    One of the perks of refinancing your home loan is that you may be able to free up some equity. If you’ve paid down a considerable amount of equity, by refinancing to access this you can put your new cash directly towards your renovations.

    You may also be able to refinance to a home loan with a line of credit. By adding this feature to your home loan, you’ll potentially be able to borrow money from the equity in your home loan. You may have an approved withdrawal limit and will typically pay interest when you’ve spent more than the available equity you’ve built up.

    Further, if you’re still unsure about refinancing your home loan for renovations, you may want to instead consider a Reduce Home Loans construction loan. You may be offered a competitive interest rate and gain access to great features as well.

    FAQ section

    When is a good time to refinance?

    The best time to consider refinancing is when you have assessed that your current home loan provider is charging you a higher than average interest rate, too many fees or does not offer enough features. It may not be worth refinancing if you’re only a few years away from paying off your loan, as your loan term may be extended.

     

    How do you refinance a home loan?

    1. Ensure your financials are in order, and that you’ve ideally paid enough equity to have an LVR of 80 per cent or less.
    2. Identify what you’re looking for in a new home loan.
    3. Hop online and do some research to create a new mortgage short-list.
    4. Reach out to a new, competitive lender and assess their eligibility criteria to ensure your chances of approval are high.
    5. Gather your paperwork and consider applying online or in branch.

     

    What is a refinance mortgage broker?

    A refinance mortgage broker can assist borrowers in refinancing their home loans. As this process can be complicated and involve excess paperwork, a refinance mortgage broker can help ease the transition. Reduce Home Loans are different to other lenders in that it’s tean if accredited Finance Managers can assist in your home loan refinancing comparison journey from the beginning of the application process up to approval.

     

    Can you refinance if you have a fixed rate?

    It’s generally not recommended to refinance a fixed rate loan as you may face break fees from your existing lender by breaking this fixed term. If you’re willing to accept the potential break fees, it is possible to refinance your fixed rate home loan.

     

    What is Cash Out refinance?

    A cash out refinance involves refinancing your existing mortgage for a new, larger mortgage with cash paid out to you. This is similar to taking out a personal loan or line of credit. Whether you’re renovating or planning a wedding, you can refinance to boost your savings if your new lender approves you for a larger loan amount.

     

    What are mortgage refinance fees?

    There are a range of fees you may face when refinancing your loan from your existing lender and your new lender, including:

      • Break fees
      • Discharge fees
      • Application fees
      • Valuation fees
      • Lenders mortgage insurance (LMI)
      • Ongoing fees

     

    What is equity refinance?

    You may be able to refinance your home loan to release equity you’ve built up over the years.

    For example, you have a property worth $500,000, your original loan was for $400,000 and your loan balance is now $250,000.

    You may be approved by a new lender to refinance your now $250,000 loan balance. The excess $150,000 you’ve paid off over the years will be released into your account by your existing lender.

     

    Calculators

    CRUNCH THE NUMBERS

    Handy home loan calculators

    CALCULATORS
    Take off with the Reduce Process

    THE REDUCE PROCESS

    Launch your loan journey

    Our process
    Lending FAQ

    MORE ABOUT OUR LOANS

    See our FAQ for easy answers

    lending faq