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Reduce Home Loans

Reduce Home Loans

4.2 from 715 reviews

Reviews

(423)
(177)
(13)
(24)
(78)
  • Timeliness
    3.8 (244)
  • Loan used for:
    • Refinancing (137)
    • First Home (34)
    • Investment Property (22)
    • Second Home (21)
    • Home Construction (2)
  • Loan TypeVariable Rate (249) · Fixed Rate (7) · Split (5)
  • Online Tools
    3.8 (110)
  • Transparency
    4.2 (251)
  • Customer Service
    4.1 (260)
  • Application Process
    3.8 (254)
  • Loan Term27.349 years

Great interest rate

published

Customer Service is good from all involved. They are all very responsive to emails and any problems we had were resolved quickly. The initial application required more personal information than I had experienced before but we were told this is standard practice. The approval process can be lengthy, for us it took nearly three months from initially enquiring to the loan settlement.
Can be a little confusing dealing with the broker (under Reduce Home Loans), then once the loan is approved Morgage Ezy and also the actual loan provider.
Great interest rate and it was worth the effort involved changing.
Overall happy.

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

The reviewer stated that an incentive was offered for this review


Sylvester S.

Sylvester S.Greater Melbourne (Outer), VIC

Yes, they did give me the attractive rate they were advertising

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

Ok for a non-complicated home loan

published

Process was generally easy and painless. Our broker was thorough in his explanation of details of the loan, and answered all our questions clearly. Once the loan was about to be finalized, we were then passed onto the company that actually manages the loan. Some minor details of the loan didn't come out right, but when we contacted our broker, he was quick to respond and contacted the loan company to seek clarification.

If you don't have a massively complicated loan and is not on a strict timeline, Reduce Home Loans may be a good choice for you.

The reviewer stated that an incentive was offered for this review

Jody

JodyMetropolitan Adelaide, SA

  • Verified customer

Lowest interest rate home loan

published

Our experience with Reduce Loans was great. There was quite a bit of paperwork but I guess you can expect that at any bank. We always had a broker to chat to about our personal finances which helped a lot with the purchase of our second property. There are some fees, but they are transparent about those and with the rates being so low, it was going to be well and truly worth it for us in the long run. Highly recommend!

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

The reviewer stated that an incentive was offered for this review


Brett

BrettSouth East Queensland, QLD

  • 3 reviews

Great rates. However communication skills lacked a little. In the end still got the loan through.

published

Great rates. However communication skills lacked a little. In the end still got the loan through. Some incorrect information was given which lead to unnecessary charges but reduce covered the cost.

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

The reviewer stated that an incentive was offered for this review


Good service!

published

A little bit of a wait on approval process but communication and service was good overall in the process. All sorted now and very happy with interest rate. Would recommend

The reviewer stated that an incentive was offered for this review


Reduced home loans offer the best home loan rates.

published

We refinanced with Reduced home loans, they offer the best home loan rates. This allowed us to get a better rate and used the extra money to repay our car loan

I found the staff friendly and accommodating, with nothing being to much to ask.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
See all answers

The reviewer stated that an incentive was offered for this review


Sam

SamPerth, WA

Great rates, long application process

published
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers
Chris

ChrisGreater Melbourne (Outer), VIC

  • 3 reviews

Excellent!

published
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

Ange

Ange

  • 2 reviews

Disappointing experience

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeSplit
Loan used for:First Home
See all answers

100% incompetent! 100% disorganised

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

aqua67

aqua67Sydney, NSW

  • 3 reviews

Not a home loan provider, just a broker skimming fees. AVOID.

published

Reduce pretend to be a mortgage provider but they are just a broker. They provide no transparency on fees or on who the loan is funded with. We were told we had to structure our loan as 2 standard variable loans with no explanation. I now suspect this was to increase their fees. They used Mortgage Ezy for our loan who used Origin Loans who are owned by ANZ. This made it hard to know who to talk to. Our interest rate went up literally within one WEEK of signing and a second time less than 2 months later. Our rate went from excellent to mediocre very fast. We are now trying to sever all ties with these guys and it is taking weeks due to this crazy labyrinthine arrangement. AVOID LIKE THE PLAGUE.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2016
Loan used for:First Home
See all answers

SMC

SMCPerth, WA

Reduce Home Loans - processing of our settlement

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

Missing funds from final settlement and very slow service

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers
Jayani jayasuriya

Jayani jayasuriyaGreater Melbourne (Outer), VIC

Great customer service

published

Friendly staff, lowest interest rates and easy process. I have no hesitation to recommend to anyone who would like save money on mortgage. Reduce home loans offers lowest interest rates.

Application Process
Timeliness
Loan TypeVariable Rate

The reviewer stated that an incentive was offered for this review

Ryan B.

Ryan B.Sydney, NSW

Keep away from this mob!

published

Terrible customer service. Very hard to get any information from anyone. A good rate quickly drifted to a terrible rate and was made virtually impossible to change. Refinancing with another organisation will be the best $875 I have ever spent. (Despite being told initially there would be no discharge fees). This mob will cost you $$$ in the end.

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

Slow application process, but worth it

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

The reviewer stated that an incentive was offered for this review


Ellme

EllmeSydney Surrounds, NSW

  • Verified customer

Do not be fooled by the interest rate

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

Phil Hall

Phil HallSouth East Queensland, QLD

Great product. Most competitive in the market. Flexible options

published

Great customer service, providing flexible options to consider.
No unexpected or hidden costs. Cost structure well explained and refund provided as promised
Very satisfied with the product. Very competitive home loan rate.

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

The reviewer stated that an incentive was offered for this review


Awesome rates and good online banking portal!

published

Awesome rates and good online banking portal! Somewhat sluggish application process but we got there in the end. Lots of documentation required but that's understandable considering it was all done via correspondence

Transparency
Customer Service

The reviewer stated that an incentive was offered for this review


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Questions & Answers

sayus

sayusasked

how long did it take you from sending the contract of sale and loan application to reduce home loans to getting unconditional approval?

A bit of background- I have found it hard getting an extension on a cooling off period in the past since you have to wait for confirmation of formal approval from the bank before allowing the cooling off to end.

No 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.

2 answers
Omar M.
Omar M.

did they finally pass the rate cut to you ?

Clayton K.
Clayton K.

Yes, the rates are amazing. 3.19 for investment loan


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.


Get an answer from our members and Reduce Home Loans representatives

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