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Reduce Home Loans

Reduce Home Loans

4.2 from 959 reviews · View Statistics

Reviews

4.3

8 reviews
3
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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

Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forHome Construction
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Reduce Home Loans - Excellent Experience

published

We used Reduce Home Loans to fund construction of our forever home and had the pleasure of working with Lisa as our Finance Manager. Our experience was very smooth and Lisa went above and beyond to have everything in place and all the information we needed. To the extent that Lisa was updating our documentation late afternoon on Christmas Eve and New Years Eve, which was greatly appreciated. We recommend engaging Reduce Home Loans to discuss your financing needs.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forHome Construction
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The reviewer stated that an incentive was offered for this review

Cherie S.

Cherie S.South East Queensland, QLD

an easy loan process

published

We had an easy loan process and appreciated the quick responses and follow up with loan documents and our many questions! There are lots of documents required initially but the process after that was fast.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forHome Construction
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The reviewer stated that an incentive was offered for this review

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excellent service

published

This was our second application with Reduce Home Loans, again great rate and supportive customer services. A big thank you to Dane, the Personal Finance Manager for my case and to the Settlement Department team.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forHome Construction
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The reviewer stated that an incentive was offered for this review

Hason

HasonSydney, NSW

  • 55 reviews
  • 22 likes
  • Verified

They took 4 months for my application. Went to a new lender and got approved in 4 days.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forHome Construction
Similar opinion? Write a review on ProductReview.com.au!
Michael

MichaelGreater Melbourne (Outer), VIC

Great rate - long process

published

Great rate and good communication throughout the application/approval process. Took a really long time from first contact to settlement (3 months) but now that it is done I am happy we made the move.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRenovation
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Professional Partners

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Joe

JoeGreater Melbourne (Metropolitan), VIC

Reduce Home Loans

published

The customer service was thorough although the process could have been carried out a little more speedily. When it came to the crunch, Reduce Home Loans delivered. Good interest rate but slow to pass on the cut from the Reserve Bank.

Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used forHome Construction
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The reviewer stated that an incentive was offered for this review

waynek

waynekscoresby

  • 2 reviews

great service great rate

published

great service great rate very happy with the service and the rate was very competitive I would recommend to my friends I was recommended by one of my friends and they happy too

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forHome Construction
Similar opinion? Write a review on ProductReview.com.au!
See all Reduce Home Loans reviews

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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