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Reduce Home Loans

Reduce Home Loans

4.2 from 1,000 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

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Patrick S.
Patrick S.Greater Melbourne (Inner), VIC

Great experience!

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
4/5
Online Tools
3/5
Loan TypeVariable Rate
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Janelle P.
Janelle P.South West, WA

Not your typical online lender

published

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 …

Transparency
5/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateAugust 2021
Loan used forRefinancing

Other Home Loans

 
 

0.0
(1,234)

Excellent Service with Unbeatable Incredible Lowest Rates.

published

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!

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Joe
JoeSouth East Queensland, QLD

Great Rate Home Loan- good service

published

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.

Transparency
5/5
Customer Service
4/5
Application Process
5/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Ross
RossGreater Melbourne (Outer), VIC
  • 2 reviews

Excellent Service with the best interest rates

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
4/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Cheryl
Cheryl
  • 2 reviews

Great service and rates

published
Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used forRefinancing
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Angie Y.
Angie Y.Metropolitan Adelaide, SA

Would definitely recommend!

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Gibbsey
GibbseySouth East Queensland, QLD

Good out come all parties need patients in the refinancing process over all we were satisfied clients.

published

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

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Mario T.
Mario T.Sydney, NSW
  • Verified

Great customer serice

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
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Heather G.
Heather G.Sydney Surrounds, NSW

Excellent Rate Excellent Customer Service

published

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

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Jimmy
JimmySouth East Queensland, QLD
  • 17 reviews
  • 6 likes
  • Verified

Great value and easy to use website

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forRefinancing

Other Home Loans

 
 

0.0
(1,234)
Shan
ShanVictoria
  • 2 reviews
  • 2 likes

Might take a bit of time to assess and gather/ complete the paperwork but was pretty straight forward and easy.

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJuly 2020
Loan used forRefinancing
Home Loans

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Hayles
Hayles
  • 2 reviews

Best interest rates around!

published

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.

Loan TypeVariable Rate
Loan used forRefinancing
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HomerSimpson
HomerSimpsonGreater Melbourne (Outer), VIC
  • 5 reviews
  • 6 likes

Great rate. What more do you need?

published

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.

Transparency
3/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Stephen K
Stephen K
  • 3 reviews
  • 2 likes

Incredibly Low Rate & Excellent Customer Service

published

Very happy with Reduce Home Loans. Not only was the rate exceptionally low but Bryce was extremely helpful supporting us during the application process. Communication was seamless throughout the process too. Highly recommend.

Application Process
5/5
Timeliness
5/5
Loan TypeVariable Rate
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Page 1 of 10

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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