As home loan interest rates continue to fall, Reduce Home Loans has hit the ground running with a record low interest rate of 1.90%p.a. (2.42%*p.a. comparison).
The Rate Crusher 1 Year Intro Variable^ is available for new Reduce Home Loans customers for loans up to $850,000. The loan requires a minimum deposit of just 20%, making it ideal for both purchases and refinances alike.
Reduce Home Loans General Manager, Josh Beitz, says “it is imperative for us [Reduce] to stay leader of the pack and drive home loan rates even lower”.
Reduce is dedicated to providing the lowest interest rates available to Australians – find out more about how Reduce such low interest rates.
Rate City Research Director, Sally Tindall, has found the average existing mortgage holder is paying around 3.25 per cent on an owner occupied home loan. However, home owners now can have access to rates below 2 per cent.
“It pays to refinance”
By refinancing from the lowest variable rate from the Big 4 to the Rate Crusher 1.90% p.a., a mortgage holder with a $500,000 loan could save $2,990 in the first year. After 5 years they would have saved $9,399 on the Rate Crusher.
^Due to market demand, the Rate Crusher 1 Year Intro Variable has been updated to a 1 Year Fixed Rate.
1.90%p.a. Fixed 1 Year
2.42%*p.a. Comparison Rate