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Reduce Home Loans

Reduce Home Loans

4.2 from 500 reviews

Great rates but be CAREFUL!!!! Very misleading!!!!!

Very misleading, false and unprofessional company!!!!! They advertise great rates with nil fees but deliver higher rates with fees galore.

Let me start by saying they do offer great rates if you are after a simple loan. As far as the positive points go, that's about it.

My circumstances may be different to most as I was trying to refinance three separate loans (ie 3 properties) to the one lender to simplify my finances. This was explained to Reduce from the first time I contacted them. I was told I would receive the great advertised rates they were offering with nil fees but I would have to pay for the 3 x $250 valuation fee for each of the 3 x properties upfront (which covered up to $330 per property) but if/when I proceeded with Reduce for the loans I would be reimbursed.

So after Reduce was satisfied I could service the loans, they asked for my bank details to pay for the 3 x valuations. That's where they now had me and started taking the ... !!!

They deducted the 3 x $250 for the valuations plus an additional fee which when I questioned was told that was because the val cost was higher than expected. So now I am about $1,000 into the process.

Once the vals were in (and better than expected) I thought everything would then proceed smoothly - WRONG!!! I was then told that I would now be required to take out a few thousand dollars of LMI for my property in WA as they changed their mind and would only loan 60% instead of the original 70%.

The contracts were written up and when I received them the interest rates were all higher than originally quoted with fees attached. After questioning this, I was told that because it was over three properties and the need to secure each property against the other, we had to go with the best overall lender. The advertised rates/products were for a simple one property loan borrowing 80%. I was also told that because I wanted the fee free option loans the rates were higher. I pleaded with them stating that this was always the case and that they knew this from day 1 about my requirements but they said, "Nothing can be done." I then requested a meeting with them and drove the 1.5hrs each way to go to their head office and speak in person with them.

At the meeting, the male I was dealing with clearly had no idea what he was talking about and was lying. I could pick holes in any point he made and did so. By the end of the meeting, although the rates were higher than first quoted, a compromise had been agreed and I was promised that all fees would be reimbursed. Stupid me did not get it in writing though and of course not all fees were reimbursed as promised.

The new contracts were drawn up at an additional cost of $165 (which of course I was promises would be reimbursed - surprise, surprise - never happened)

I have now been fighting for 5 months to be reimbursed the fees I was promised would be reimbursed. Reduce home loans operate under the name Mortgage EZY (MEZY) and each time you contact one company they refer you to the other. Each time I send any correspondence, it takes at least 2 weeks for any type of response. I would love to name and shame the male I was dealing with through Reduce Home Loans but can not or this review will not be posted.

I would steer clear of this company. They are misleading, tardy, and extremely unprofessional. My advise would be to use their advertised rates/products, which promise the world, to negotiate with another provider. You will definitely do better!!!!

Transparency
Customer Service
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Loan TypeSplit
Loan used for:Refinancing

Simple loan, low rate, good for financially savvy people.

Reduce Home Loans provide a financially sound alternative to the big 4 and have a great rate. Good for financially minded people. You do the paperwork so they can offer low rate and no frills product. Great customer service. Rate unchanged in 2 years.

Transparency
Customer Service
Application Process
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Online Tools
Loan TypeVariable Rate
Loan used for:Refinancing

Low rate, more effort

Rate is lower than you will get mostly anywhere else. The process to get the loan, however, was not straightforward. Significant amount of complicated, hard copy paperwork, then a lot of subsequent to and fro with their solicitor (including physically driving to their office twice to submit paperwork) to get my loan documentation correct (there were errors), meaning that I had to get a settlement date extension.

Can’t really complain now that I have the loan, although the online portal is not as user-friendly as the big banks (e.g. you actually have to call them if you want to reset your password).

If your primary driver is a low interest rate and you don’t mind the hassle involved in the above, go for it.

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Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used for:First Home

Great rate, great service

Customer Service was good. Staff very friendly and professional. I got a great rate, have had no issues and am saving money. Very happy with my product and service from Reduce.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used for:Refinancing

Good home loan

Reduce helped me get a home loan at a very low rate. They were also very helpful in the application process. I recommend Reduce to anyone shopping for a low rate home loan

Application Process
Loan TypeVariable Rate

Good so far

The application process was easy and approval received within 7 days. However this was before the banking enquiry. I found the staff very good though difficult to contact after approval

Transparency
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Loan TypeVariable Rate
Loan used for:Second Home

best rates on the market

I currently have two investment home loans with them one of them for 2 years. So far the rates are very competitive to the market and what my product offers. Good customer service. Broker that handled my loan was very helpful. Though their online portal still needs some improvement. Very happy overall.

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Loan TypeVariable Rate
Loan Start DateJuly 2017
Loan used for:Investment Property

Competitive rates

Good customer service, prompt replies to questions. Informative staff. Some communication issues resulting from many intermediaries between broker and bank but mostly resolved. Bank raised rates within 3 months though so would be good to improve on this situation for future customers.

Application Process
Loan TypeVariable Rate

Lowest rate Home loan and Great Staff

i have refinanced my PR home loan. From start to finish great communication, dedicated staff to help you on each step, Very quick approval.
I do not think at this stage anyone can offer 3.39% in market.
Straight forward and no surprise refinanced my home loan.
Many lender give you half information and additional charges appear on your settlement. I strongly recommend Reduce Home loans to principal residence home loan and investment home loans.
Great staff...
Thank you for all support you have offered for refinancing my loan.

Transparency
Customer Service
Application Process
Timeliness
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Loan TypeVariable Rate
Loan used for:Refinancing

Good service

I am quiet satisfied with services so far, but recommend an mobile app for monitoring our account rather than only via URL., This way it at least gives customers flexibility of checking their account

Customer Service
Application Process
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Loan TypeVariable Rate
Loan used for:First Home

Awesome!

Great interest rate and low fees!! Highly recommend this institution to anyone. My previous rate with a different bank was over 6%. Now it's only 3.39%. Saving so much $$$. Best move I've ever made.

Customer Service
Application Process
Loan TypeFixed Rate
Loan used for:Refinancing

Great rates!

Great rates and an easy application process, well worth looking at as an alternative to the big banks! No fees and the rate they advertise is the one you actually pay.


Great rate great lenders

Great rate great lenders not a bank with all the fancy apps a bit old school requiring signatures to change anything, but best rate available still today highly recommended for lending

Transparency
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Loan TypeVariable Rate

Reduce Home Loans

Great non bank financial institution. Great rates! Highly recommend. Staff great and assisted us every step of the way. The interest rates were the cheapest. Variable 3.49% with 100% offset.

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Customer Service
Application Process
Timeliness
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Loan TypeVariable Rate
Loan Start DateJune 2018
Loan used for:Refinancing

Reduce by name only!

Took out an owner occupied loan, which took far too long to get finalised, then we were advised of loan being approved, which was just before settlement date. Turns out they processed it as an investor loan, charged a much higher rate and due to lateness of loan, we went through with, in order to settle property. To add further insult, they advise by letter less than a week prior to an announced rate change. You guessed it, a rate increase. To summarise, we took a loan at 3.55%, which ended up actually being 3.77%, now it has increased to 4.02%. We are definitely going to refinance with a much more honest company with some integrity, oh, its get worst, the overseas call centre staff advise there is a $950 discharge fee.
BEWARE , Reduce Home Loans, is NOT, what they say they are, I think Reduce, should rename themselves, "Changing Goal Post Home Loans"!
Not happy and well out of pocket, I will be reporting them to the Ombudsman.


Slack with some things

First off although they offer a great rate their service was anything but that. No one actually told me when settlement was, my old mortgage just disappeared from my account. I still haven't received a list of the disbursements. They sent the pin no for the account but no card for 3 weeks!! They don't do fortnightly repayments like they do on their calculators on their sites, which was very frustrating and misleading. They chased us for the loan but when it was done very slack and no attention to detail. Pitty, it's a great product run by not so great individuals.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used for:Refinancing

Really good rate / customer service

Reduce home loans has been an extremely good experience for me. I have referred a no. of friends. Not only are their rates great - the customer service was smooth and easy to navigate.


Have been extremely happy with all aspects of my home loan

A fantastic rate was offered. Great assistance online and over the phone.
Everything went really smoothly and I have recommended to a friend who also had a great experience. A+

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing

Low interest, top service

Very happy with the low interest rate. I’ve been with Reduce over a year and the rate hasn’t budged a bit. Withdrawal options are more flexible than my old bank. Application and future settlement fees are transparent and I’ve recouped them both already within a year due to the low rate.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used for:Second Home

Great interest rates

Reduce home loans have very competitive interest rates compared to the market. I’ve been with several different banks for my interest only investment loan and reduce home loans have some of the best rates on offer

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used for:Investment Property

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Questions & Answers

We are already extended twice our coolingoff period and still waiting on final aproval right now. The deadline is up on Thursday 18 of April 2019 5pm Sydney time. Beside that reduce homeloan is explaining it they would be under the pump with application. I feel it ends up in a big mess for us losing our bond plus the valuation cost beeing charged. Could some one from the higher management look into this please! My Reduce Home Loans number is 47780 Otherwise contact me direct under the number in my file
1 answer
All good they gave us final approval 3 hour just before the end of the end of our cooling off period. Thank you guys finally i can sleep again. Keep up the hard work in particular like our aproval before the easter holidays

Do your loan packages work the same for a construction loan?
No answers

I am applying for loans from Reduce and start to worry how it will be. May I ask the Reduce Home Loans Official contact me? I just feel I was happy at the beginning but something became wrong when it was about time to put in my app. I do need talk to someone. Thanks
1 answer
Hi there, We would be happy to speak with you and answer any of your concerns. please feel free to email us your details and I will have a manager give you a call as soon as possible. Kind Regards, Reduce Team

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