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Reduce Home Loans

Reduce Home Loans

4.2 from 643 reviews

Reviews

Review distribution

5 star
393
4 star
145
3 star
13
2 star
22
1 star
70

Percy

PercySydney

  • 2 reviews
  • 2 likes

Incompetent Loan Application Process

published

Started the Application Process 3 months ago. Have always provided all the documentation as requested.
They requested the same infomation 4 times that I had over and over again.
It seems they are full of incompetent staff who do not submit documents in a timely manner. I have spent hours and hours on the phone to them and my existing lender, it's at a point I am so stressed out everytime I see an email from them.
They have no apologised or offered anything to improve my process. Requests to speak to a manager (3 in total) are completely ignored.
Please, do not put yourself through the ordeal. There are many other non bank lenders who will want your business and treat you like a human.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used for:Refinancing
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Great no frills product

published

Perfect no frills product for people after a low rate and no unnecessary bells and whistles offered by the banks for a premium. They made it as easy as possible in what is a deliberately complicated process designed to keep you from changing. Happy with the product and the process

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateAugust 2019
Loan used for:Refinancing
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The reviewer stated that an incentive was offered for this review

Cynick

CynickBrisbane

  • 2 reviews
  • 1 like

Great work from Reduce Home Loans

published

I had a very good experience using Reduce to refinance my home loan. As a contractor who had recently started a new contract my situation was not ideal to be seeking a new loan - however with Reduce Home Loans help I was able to secure what was likely to be the lowest interest rate product available in Australia at the time. I would have given them 5* but at the end there was a time when the communication around settlement could have been a bit better.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used for:Refinancing
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The reviewer stated that an incentive was offered for this review

Great low interest rate, with no on-going fees.

published

Fast pre-approval, actual time to settlement took a little longer than expected, but note this was a refinance. Very competitive, low rate for interest only investment property loan. Would recommend for anyone serious about reducing interest costs.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateAugust 2019
Loan used for:Refinancing
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The reviewer stated that an incentive was offered for this review


SKD

SKDGreater Melbourne (Outer), VIC

  • 2 reviews
  • 2 likes

Nightmare - worst experience so far

published

Thoroughly unprofessional and unscrupulous bunch of mobs. Finally received loan approval today after countless follow ups and resending documentation multiple times over the lengthy processing period of over 3 months. Alas, the approval is full of errors completely ignoring our finance requirements and the required loan structure which we advised in our loan application and subsequently on multiple occasions. In the meantime, we have been paying interests on our titled land awaiting construction which is pending finance. What a nightmare! So sorry I approached RHL.

Transparency
Customer Service
Application Process
Timeliness
Loan Start DateSeptember 2019
Loan used for:Investment Property
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Kit

KitPerth, WA

Very happy with variable rate with offset

published

Overall, we are very happy! One of, if not the best rate in Australia. Around 0.5% better rate than the big four will offer existing customers and around 0.25% better than other banks, for new customers.

The process was quite drawn out with a lot of forms to fill out and emails back and forth over two months. Not quite as streamlined as a big banks but the savings are worth it. I would recommend Reduce Home Loans if you really are about maximising your savings.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Brett M

Brett MWestern Australia

  • 2 reviews

Great home loan

published

Cheap and professional refinance. very happy with the service from reduce home loan team. better rate than i was on with P&N. cant go wrong with saving a few dollars

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

The reviewer stated that an incentive was offered for this review


Rachel K.

Rachel K.South East Queensland, QLD

A hassle but worth it in the end.

published

They required A LOT more information from me than my previous bank and it was a couple of months of emails back and forth almost daily but it was worth it for the money I'm now saving. The same loan is now costing me $150 a fortnight less so I definitely feel it will be worth my trouble over the life of the loan :)
Also they sent me a kit to grow your own chives as a welcome present so that was a cute touch.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used for:First Home
See all answers

The reviewer stated that an incentive was offered for this review

Oliver

OliverBrisbane

  • 2 reviews
  • 4 likes

Great offer, great product

published

The process took longer than anticipated but understand its because of immense workload due to great product.

The team I dealt with were friendly, knowledgeable and professional throughout.

Will definitely recommend to all and sunder.

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

The reviewer stated that an incentive was offered for this review

May

MaySydney, NSW

Great service, competitive rate

published

My husband and I have been looking for many home loan options and never came across such great service and competitive rate offered by Reduced Home Loans. Our broker was very professional and friendly - always take the extra effort to provide us assistance and answer any questions we have (even on weekends). Very happy with their service.

Transparency
Customer Service

Abhinav B.

Abhinav B.Greater Melbourne (Metropolitan), VIC

  • Verified customer

Great rates and service on home loans

published

Have been with them for over 3 years - always provide best rates, are knowledgeable and prompt in their response. They take the time to review, listen and understand the situation and respond promptly

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Investment Property
See all answers

Kay

KayMetropolitan Adelaide, SA

Frustrating

published
Customer Service
Loan TypeVariable Rate
3 comments
Reduce Home Loans
Reduce H.Reduce Home Loans
Reduce Home Loans
Reduce H.Reduce Home Loans
Kay
Kay

  • Verified customer

Reduce Home Loans - Good experience, easy to deal with and best interest rate available.

published

Reduce Home Loans - Good experience, easy to deal with and best interest rate available. Good service from Bryce Stimpson.
Offered different interest rate and loan type options, and discussed with us which would suit best, the forms were not too hard to fill out, instructions were clear and the final setup and settlement went well.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used for:First Home
See all answers

The reviewer stated that an incentive was offered for this review


Can't beat the great rate.

published

Moved from one of the big banks that refused to drop rate after years of loyalty. No more to the big banks they no longer have our money.
Very happy with the move. Worth the process.

Still in process after over 12 weeks

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers
Robert Hughes

Robert HughesGreater Melbourne (Inner), VIC

Almost lost deposit because their pre-approval means nothing

published

Takes weeks to respond, doesn't answer the phone to contact the loan manager. Gave preapproval after seeing all our income and paperwork, then rejected the loan without any circumstances changing.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan used for:First Home
See all answers

Andy Lan

Andy LanSouth East Queensland, QLD

I managed to save $3500 a year in interest expenses.

published

I switch my loan from other lender, after switching to Reduced Loans, I save $3500 a year in interest repayment. This is fantastic. Highly recommended. It took us a little longer than expected to settle the loan but I think it well worth the effort.

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

The reviewer stated that an incentive was offered for this review


Great customer service

published

I have recently refinanced my existing loan and Reduce Home Loans were great! Interest rates were very competitive. Customer service was great with all issues dealt with in a timely matter. Highly recommend for future borrowers.

Transparency
Customer Service
Loan TypeVariable Rate

Highly Recommend

published

Reduce Home Loans have been so easy to deal with and their follow up has been wonderful. Highly recommend them. Very competitive interest rates and great customer service from Bryce

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Investment Property
See all answers

Sheeba

SheebaCentral West, NSW

Excellent interest rate

published

I am really happy about the interest rate . There is no hidden fees . If they do the process bit speed , I would rate definitely 5 star . I already recommended to my friends

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used for:First Home
See all answers

The reviewer stated that an incentive was offered for this review


Page 1 of 33

Questions & Answers

Clayton K.

Clayton K.asked

When will you be reducing the rates for your existing customers for P and I investor loans for the October RBA cut? I see you have reduced the rates for new customers but have passed zero to existing.

No answers

Lottie

Lottieasked

Is it usual for the lender, Perpetual trust, to recommend that we engage a solicitor to check the documents? (another extra cost) Have never had to do this when refinancing with the banks. Have other customers done this?

3 answers
Kit
Kit

I think it is part of their duty of care to mention that so the process is transparent. Almost every interaction Ive had with big and small banks and any sort or realestate settlements usually mentions this. Pretty standard, nothing to fear.

Lottie
Lottie

Thanks Kit, much appreciated. If you don't mind me asking, did you speak to a Solicitor? We're wondering if we can trust perpetual without seeing a solicitor.

Lottie
Lottie

Totally understand that it's a personal choice, just wondering if people take the risk.


jim

jimasked

i was told from reduce that it would cost me 250$ and that would be payed back at re-finance settlement.I am now told to ad 150$ to speed up the process.I was just told that i have to pay 495$ for a valuation fee, which was not told to me upfront.I am only borrowing 30% of the value of the property, so why do you need to do a valuation?

1 answer
Kit
Kit

Hi Jim,
We did receive the $250 refund at settlement. I’m not sure how much you are borrowing but a lot of the fees don’t apply if you borrow over a certain amount.

As you are borrowing only 30% of the value of your property, it may not have reached the threshold where most of the fees are waived.

Regarding them needing a valuation. Yes we did find them very thorough with their checks. I guess it’s because everything is done online with no face to face contact. Also with these low margin loans, they want to make absolutely sure it’s low risk.

We did find the process a bit of a drawn out drag but in the end it was worth it for us. Some of these issues are the price we pay for to get these low rates.

Good luck


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