The Great Australian Home Loan Challenge Terms and Conditions
Reduce Home Loans will beat any Owner Occupier Variable or Investment Variable Comparison Rate, or we’ll give you $10,000.
Introducing The Great Australian Home Loan Challenge
This Offer commences on 01 Sept 2018, at 9:00 am AEST and closes on 30 Sept 2018 at 5:00 pm AEST (Offer Period).
This offer is not available with any other offer from Reduce Home Loans including current Cash Back offer.
The Offer is open to Australian residents who:
- are personal applicants and not business applicants;
- are applying for a variable owner occupied or investment loan meeting the following criteria;
- for a minimum loan value of $150,000 up to $2,000,000
- with a loan value to security ratio less than or equal to 80%;
- with principal and interest repayments; and
- are able to prove to Reduce Home Loans that they are able to service and the loan be approved for the relevant comparable Reduce Home Loans home or investment loan under standard credit policy
- The offer is not available for the refinance/ or restructure of existing Reduce Home Loan customers/ or existing Funder customers
- The offer is not available for persons entitled to employment package discounted home loans or staff discount home loans.
- The offer is not available where your home loan rate is dictated by a combination loan which requires you to have at least two loans to receive the discounted rate; the rate will be compared to the average of the two loans.
To participate in the Offer, an Eligible Person must, during the Offer Period present to Reduce Home Loans an existing variable rate Home Loan product from any Home Loan provider on the same or equivalent terms to be a comparable Home Loan, along with supporting documentation, which the applicant believes is for a lower interest rate than that which Reduce Home Loans can offer on that comparable home loan.
• Reduce Home Loans reserves the right to determine, at its sole discretion whether a Home Loan product by another Home Loan provider is, an Equivalent Offer taking into consideration the following loan terms or features (non-exhaustive): • product comparability • security type/property size • offset account availability • redraw availability • the purpose for which the loan is used (eg Owner Occupied or Investment) • any interest-only period • any introductory or honeymoon periods • Comparison Rate
If an Eligible Person is asked to provide further information and/or documentation to support their claim, this further information and/or documentation must be provided to Reduce Home Loans before the end of the Claim Period and must be a genuine offer by a licensed Lender with the offer available to the public and advertised publicly.
If the Reduce Home Loans can offer a lower interest rate on a comparable Home Loan than the Rate offered in the Equivalent Offer from another Home Loan provider, then the Reduce Home Loans will have beaten the Rate and the Eligible Person will not be eligible for a Payment.
To avail of the offer of a lower interest rate the Eligible Person will have to apply and be approved for the relevant home loan through the standard application process – the relevant product terms and conditions and Reduce Home Loans standard credit assessment criteria will apply.
If Reduce Home Loans cannot beat the rate
If the Reduce Home Loans cannot offer a lower interest rate on a comparable home loan than the Rate offered in the Equivalent Offer from another Home Loans provider, then the Reduce Home Loans will on the face of it not have beaten the Rate and the Eligible Person will be eligible for a Payment subject to these Terms and Conditions then the Reduce Home Loans will make the Payment to the applicant.
- The Payment will be made as a Visa EFTPOS gift card to the value of $10,000.00 AUD (Visa EFTPOS card);
- The Visa EFTPOS card will be posted to the address of the Eligible Person as stated on the Eligible Person’s claim form. Reduce Home Loans accepts no responsibility for that Visa EFTPOS card being intercepted fraudulently and used by someone other than the Eligible Person.
- All Payments will be made by the Reduce Home Loans after 7 days of the last day of the Claim Period; and
- Where there are joint or multiple applicants in an application, while both/ all can apply, there is a limit of one Payment per joint/ multiple applicants in respect of the same subject property. Payment by the Promoter to any applicant will satisfy the Promoter’s obligation to make the Payment.