I found the customer service to be really good. Any questions were answered promptly and the loan officers were experienced and helpful. The whole approval process took a few months, but I think that’s the same everywhere. The interest rate is very competitive across the market.
Not your typical online lender
I had approached a couple of online lenders to get a better rate than my bank was offering, but they all fell through because of conditions and hoops. My loan wasn’t standard and Reduce stuck with me on it and we worked through issues until we got a result. It took time and effort, but I re-settled at a competitive low rate so now my extra payments are going to me and to the bank! So Reduce lived up to its name …
Excellent Service with Unbeatable Incredible Lowest Rates.
This is our second time dealing with Reduce Home Loan in two years period of time and we were always dealing with Nick Freney and his service and the products he offered us are beyond incredible. We can't thank him enough. I personally am so grateful for this man and so much gratitude for the hard work he puts in. thank you!
Great Rate Home Loan- good service
Got a great rate off Reduce Home Loans, took 1% off my variable comparison rate. It seemed to take a while to get the loan set up but once set it up, easy to use interface. The only downside was dealing with multiple entities, reduce home loans, the lender and the mortgage manager but once the loan is established no issues.
Excellent Service with the best interest rates
If you are looking to refinance or a new loan, please check out Reduce Home Loans. Their service was excellent (thanks David). I was kept upto date with the progression of the loan. Internet banking is easy to use and I managed to get one of the best interest rates going around which others couldn't match. I will definitely use again in the future. Thanks Reduce Home Loans for saving me money which will help me pay off my loan a lot sooner.
Great service and rates
We refinanced our loan with Reduce about two years ago, they required quite a bit of documents and have to get certified copies for ID checks which was a bit annoying. The refinanced process was all done online/over the phone. It's also a little confusing as the loan seem to be provided by mortgage ezy and origin.
So far, they dropped the rate each time the official rate changed, but it took about a month change. And they were very willing to review and drop rates outside the official rate change as well.
The internet banking is very basic bu...t usable, we had an offset account that has the usual functionality such as internet transfer, BPay and scheduled payments. They don't have NPP, and deposits usually available at around 10am the next business day. They also offer debit card, but we are not using it.
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Would definitely recommend!
My husband and I recently refinanced with Reduce Home Loans and it was a fantastic process end to end! Bryce was extremely responsive, helped us every step of the way and made what can sometimes be a bit of a stressful time completely smooth sailing. The turnaround was also really quick! Would definitely recommend.
Good out come all parties need patients in the refinancing process over all we were satisfied clients.
Reduce Home Loans live up to their Name
Working with Gary & Andrew & Jet in there in there parts of our loan process by being team players well done guys see yous in the future for further service
Great customer serice
Very competitive rate.The mortgage broker Dane was very helpful, responsive and made the whole process very easy. The initial contact was through Zoom which assured me it was a fair dinkum company.
Excellent Rate Excellent Customer Service
Really happy with the ease of the application process and the great rapport built up with Jacqueline who stayed in touch throughout. Great rate. Couldn’t be happier. Thank you Reduce
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Never again !
Applied to Reduce HL in mid 2017 to refinance my existing mortgage with a big 4 bank. Initially everything went well, good communication, signed paperwork etc, then in the late stages my application hit a brickwall.
Absolutely no idea why and absolutely no contact from [Name Removed] or [Name Removed] at Reduce. Would not answer/return my phone calls. This prompted me to do a credit check on myself and I found there was no problem whatsoever.
In the 25+ years I've had a mortgage or a CC I have not misssed or been late with a payment, includi...ng when I briefly lost my job at the start of the pandemic. To make matters worse, yesterday I got an email from [Name Removed] letting me know "I would love the opportunity to re-explore with you exactly how much Reduce Home Loans could save you...". Needless to say my reply to [Name Removed] was not polite. So to sum up, I would not recommend Reduce Home Loans to anyone and this review serves to balance the positive reviews on this website which Reduce HL use in their promotional material.
Great value and easy to use website
I refinanced to reduce homeloan from my previous lender. Much better interest rate and great functional website.
Personally really like the ability to pay BPAY directly from the loan account. Makes scheduling bill payments really easy, and means I can keep interest payments down by having my salary going into the loan.
Suggestion for website future development would be the inclusion of two factor authentication for payments to new bank accounts.
Might take a bit of time to assess and gather/ complete the paperwork but was pretty straight forward and easy.
If you have equity in your home loan then I would certainly recommend. The process is pretty straight forward and it was a pleasure working with Gary. My rate was competitive to begin with and managed to secure an even better rate which was great.
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Best interest rates around!
We recently refinanced our loans with Reduce Home Loans. Our current bank couldn’t come close to matching their rates. No ongoing fees, no establishment fees. There is an exit fee however, so I recommend you ask upfront what that will be (different packages have differing fees). Easy redraw process, good online platform. Our interest rates are now 1.99% for our home loan and 2.29% for our investment loan (both P&I variable). We are happy we made the switch, even if the loan application process can be quite lengthy.
Great rate. What more do you need?
Pretty happy with my refinance. Originally had a pretty good rate but after switching I'm now getting 1.89% with only minimal fees incurred. One downside is the $500 fee that I'll have to pay to exit the mortgage which of course they didn't tell me about until way into the application process. Redraws are however easy as is their website. Very basic, but that's a good thing as far as I'm concerned.
Questions & Answers
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?
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?
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.
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.
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.
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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