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Reduce Home Loans

Reduce Home Loans

4.2 from 959 reviews · View Statistics

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james q.

james q.Far North Queensland, QLD

no response, no update, no communication, no approval, missed the property I love

published

I have apply for home loan from reduce home loan, but after my finance date,no approval,no reject,no communication, cannot find the lender to get update.I missed the property I want to buy.

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Vikram Kachiya

Vikram KachiyaGreater Melbourne (Outer), VIC

Great refinancing experience

published

I refinanced my home loan with Reduce home loans and I am very happy with their great customer service and fast process. It took only couple of days to finalizing loan.

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David B

David B

  • 2 reviews
  • 4 likes

Avoid

published

I sensed something was not quite right when they charged my card before authorisation was provided. Luckily I was running two applications in parallel because it turned out what the loan officer was saying and what they could do were two different things - don’t waste your time or money. Scammed me of nearly $500.

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Brett Packham

Brett PackhamHunter Region, NSW

Great customer service and product

published

Bryce was understanding and helpful with all aspects of the loan process. I would highly recommend reduce home loans to anyone refinancing their loan as their loan was very competitive.

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Justin W.

Justin W.Sydney, NSW

  • Verified

Good refinancing experience, saved $1000s

published

We refinanced with Reduce Loans earlier this year, so I've now been using their services for a couple of months. It is a no-frills service, but it does what the name says - reduces your interest rate so that you can pay more principal off your loan, and thereby reduce everything about your loan - the monthly interest, the total amount you pay and the time you take to pay it off. We will save over $4000 in the first year alone (even after factoring in the cost of the re-finance). Do it. Its a no-brainer and well worth the effort. Leon was great and very helpful, even though I have some non-standard income, they were still able to get it through.

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Easy refinance

published

Consultants were helpful and friendly. Application process was simple actually, I expected it to take much longer than it did. No hidden or unexpected costs
First time I have tried a non-bank lender and has it been a possitive experience.

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Glenn

GlennGreater Melbourne (Outer), VIC

Great communication, great low rate

published

One of the lower rates I found on the market. Bryce was brilliant at working around my busy schedule and kept in regular contact. Happily answered all my questions and made sure everything ran smoothly.

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Betty

BettyGreater Melbourne (Metropolitan), VIC

Great service

published

Great service ans information provided in a timely manner during the process. We got good communication about how the application was progressing and had no issues to obtain the loan

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ian8h

ian8hSouth East Queensland, QLD

  • 2 reviews

No fuss

published

Quite helpful staff, phones answered quickly (no frustratingly long queues), good communication. Gary Stimpson is fantastic, simplifying the whole application and set-up process. Turnaround times are the fastest of any financial institution I ever dealt with.

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Edan

EdanGreater Melbourne (Inner), VIC

Nothing short of outstanding

published

I was very nicely surprised at the excellent service I received from Reduce Home Loans. From their branding on their web-site I initially perceived them to be a cheap, cut corners, internet brokerage. Truth of it is that I received VIP treatment from them. David, who was the Reduce broker I first made contact with, gave me his mobile number and was always super-quick to respond, whether I texted, called of emailed. He had a solid sense of urgency as things needed to move quickly with the short settlement period. If there were any delays (not due to the fault of Reduce) David immediately escalated and got things resolved right away. The rate they got me for my home loan was also head and shoulders better than the rest.

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AVOID at all costs - Pre-Approval doesn't mean anything either - Constant stress and lost dream home

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Roman

RomanMelbourne

  • 2 reviews
  • Verified

Application process from start to finish was a pleasant experience. Great rates too, BTW! :-D

published

Lisa was our agent from Reduce Home Loans: she was always on the top of our application, following up, checking if all documents are up to date and lodged on time, always coming back within a few hours of asking any question via email - calling back actually! I always felt I was dealing with a professional team Lisa was a face of, and that our application was in good hands. The process was quite smooth and painless, and did not take too much time. And I was also pleased with the options presented, such as for instance the "no fees" one, at the cost of a 0.1% loan, which was also a nice touch.

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Stu B

Stu B

  • 5 reviews
  • 5 likes

Friendly broker, poor process

published

This review written April 2020 then subject to mediation, published now after going with another bank. Money Mag should try to take out home loans with recommended lenders before awarding them gongs.

"5 months into application process to refinance and are no closer.
Have re-submitted required documents 3 times.
Have been requested to re-value house a second time at my cost.
Hard to believe really.
Broker has been friendly but clearly over-worked".

As an update March 2021- Mediation did not speed up process. Cancelled refinance with Reduce and reconsidered options.

Have just had conditional approval with AMP in 4 weeks as of March 2021.

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Time wasters

published

You may or may not hear from them.
Theres virtually no communication either by phone or email.
A frustrating mob to deal with.
You may or may not get anywhere with these people.
In the end, you may have to just quit it.

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1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi beastly.fl, we are sorry to hear about your experience. Please send your details to info@reduceloans.com.au and we can look into this for you. Thank you, Reduce Support.

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Great service and great rates

published

Seamless application process with great rates and quick responses to questions. I was a bit nervous trying something other than the mainstream lenders, however, I have been very impressed with the service that I have received this far.

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Adam M.

Adam M.Greater Melbourne (Metropolitan), VIC

You will struggle to find a better rate than this

published

Cheapest variable rate on offer if you don't need / want a fully featured home loan. Some upfront fees but better off in the long run compared to loans with a package fee

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Ruds

RudsPerth, WA

  • 4 reviews
  • 1 like

Good rate

published

Good interest rate. Process was efficient up to the Settlement Agent which needed some management. Offering and features were better than expected for the entity. All good in the end.

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Great value, professional service.

published

We took out a construction loan with Reduce home loans to build a new home for our family. We found Gary to be friendly, professional and very responsive. Great value service

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Where are they? Still in business??

published

Selected Reduce as their rates looked competitive. However where have they gone? Commenced a home loan refinance which has been the longest process i have experienced, paid for the valuation myself and received approvals. Last heard they were working with their lender. Now, nothing?! Their office phone goes to voicemail, they arnt answering mobile phone and extensions are going to voicemail. Be wary, not sure it they are still in business.

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2 comments
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi there, can you please email your details to info@reduceloans.com.au so we can look into this for you. Thank you, Reduce Support

Reduce Home Loans
Reduce H.Reduce Home Loans

Hi there, following you up again, I have checked with our management team and there is no files that match your description. If you can please email your details to info@reduceloans.com.au. Thank you.

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Carlos J

Carlos JGreater Melbourne (Metropolitan), VIC

  • 4 reviews
  • 2 likes

Good rates but painful process!! Not recommended

published

Commercial part was excellent.However,the pre-settlement team and 'customer care' team are terrible. We missed our settlement date due to their lack of processes. Not worth the stress. After 1 month still waiting for the etfpos card (not even a proper debit card).

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1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi there, can you please email your details to info@reduceloans.com.au so we can look into this for you. Thank you, Reduce Support

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Page 1 of 48

Questions & Answers

Aussiebloke34

Aussiebloke34asked

Why are the fees so huge and why are so many members accusing you of bait and switch, where months after they have their loans established they get a letter advising their interest rates are going up?

No answers
Alex D

Alex Dasked

Some of the comments are quite serious and places doubts on whether Reduce can then be trusted or not if they sign you up on one rate, only to increase it in a few months. Has many people experienced it?

Also people are saying their exit fees are very high. How high are they compared to others?

Thanks.

3 answers
Edson S.
Edson S.

Hi Alex, I’m on 3 years fixed rate. I’m not sure how much are the exit fees but I don’t think it’s higher than my precious bank.

Aussiebloke34
Aussiebloke34

I was told exit fees were made illegal from 2011?

bmarshall
bmarshall

$895!
Most big banks average $300!
My mortgage will be discharged in 3 weeks. Yey.

Simmo

Simmoasked

I am considering refinancing soon with reduce and I was wondering if there rates go up soon after changing over. I was convinced a few years ago by a broker to refinance with AFG and 2 days after my loan changed over the rate went up quite a bit and I would have been better off staying with Peoples choice. I don't want to waste my time changing if this will happen again.

3 answers
Debstar
Debstar

I am an existing customer my rate was 2.42% it will soon reduce to 2.27%. I have not experienced any issues with rates, although I have noticed they are now advertising at 1.77% so do not reward loyalty. The process to refinance is beyond slow, frustrating and you need to jump through hoops expect it to be even months before it is finalised. So you need to weight that up.

ALS
ALS

I am also an existing customer at current rate of 3.94% IO Investor loan when current advertised is 3.19% for the same product. Contacted my manager who said that no improvements to rate are possible. I'm now looking at refinance for 2 loan products elsewhere closer to the advertised Reduce interest rate. No reward once you are signed up.

bmarshall
bmarshall

They don’t reward loyalty. It’s disgusting they advertise new loans 0.5% lower than loyal customers. Also the discharge fees are excessive!

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