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Reduce Home Loans

Reduce Home Loans

4.2 from 1,007 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

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David wiley
David wileyGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • 3 likes

Worst experience ever stay clear of these scammers

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Ross D
Ross DGreater Melbourne (Outer), VIC
  • 2 reviews

Great people, slow process

published
Transparency
3/5
Customer Service
3/5
Application Process
3/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing

Other Home Loans

 
 

0.0
(1,234)

Wasted 6 months trying to move application forward

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Matty R.
Matty R.South East Queensland, QLD

Painful and unorganised

published
Application Process
1/5
Timeliness
3/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
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Immi
ImmiGreater Melbourne (Metropolitan), VIC

+ great rate - slow process - online portal

published

The interest rate is great, one of the best in the market.
The refinancing process took a very long time.
The online banking portal feels outdated and is not user friendly.

Transparency
4/5
Customer Service
4/5
Application Process
2/5
Timeliness
1/5
Online Tools
2/5
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

Trev B.
Trev B.
  • 2 reviews
  • 1 like

Great rate, its a shame the service doesn't match

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Loan TypeVariable Rate
Loan Start DateJanuary 2020
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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SMC
SMCPerth, WA

Reduce Home Loans - processing of our settlement

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing

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Next
Ellme
EllmeSydney Surrounds, NSW
  • Verified

Do not be fooled by the interest rate

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateNovember 2019
Loan used forRefinancing

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0.0
(1,234)
saprosbro
saprosbroCentral Highlands and Goldfields, VIC

Strung along for 6 months... until WE pulled the pin out of frustration

published
Transparency
2/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

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Debstar
DebstarPerth, WA
  • 5 reviews
  • 19 likes

Substandard Process

published

Most frustrating loan experience I have ever endured. Started application in June a very simple refinance, only just settled in October. Submitted the same documentation multiple times as the process took so long they became out of date, no communication whatsoever when it came to the settlement side of things the only reason I knew it was about to settle is because my existing bank updated me (I will miss their great customer service). Stuck around just for the Interest rates, they make the customer service at Centrelink and Telstra seem first class. The irony is I now have a higher Interest rate than the one advertised on the website, very disappointed.

Transparency
3/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forRefinancing
Reduce Home Loans
Reduce H.Reduce Home Loans
Debstar
Debstar

thank you, I sent that email very next day, still awaiting resolution one month on. Many of your positive reviews have noted at bottom that an incentive was offered to them, good way to keep the ratings up.

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Percy
PercySydney
  • 6 reviews
  • 5 likes

Incompetent Loan Application Process

published

Started the Application Process 3 months ago. Have always provided all the documentation as requested.
They requested the same infomation 4 times that I had over and over again.
It seems they are full of incompetent staff who do not submit documents in a timely manner. I have spent hours and hours on the phone to them and my existing lender, it's at a point I am so stressed out everytime I see an email from them.
They have no apologised or offered anything to improve my process. Requests to speak to a manager (3 in total) are completely ignored.
Please, do not put yourself through the ordeal. There are many other non bank lenders who will want your business and treat you like a human.

Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing

Other Home Loans

 
 

0.0
(1,234)
Bernd K.
Bernd K.Sydney, NSW
  • Verified

Bring you in then don't pass on rate cut

published

[name removed] re-assured me when switching to Reduce Home Loans that they would pass on FULL rate cuts, this can now been seen as not being the case as they have only passed on a fraction of the 1st rate cut in June 2019. Even their website incorrectly states that they have passed on the FULL rate cut, a clear lie. Tried to speak with the Help Desk in the Philippines but they won't return my calls...

Stay away from Reduce Home Loans.

Transparency
1/5
Customer Service
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJanuary 2019
Loan used forRefinancing
Reduce Home Loans
Reduce H.Reduce Home Loans
Bernd K.
Bernd K.
Home Loans

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Great rates but be CAREFUL!!!! Very misleading!!!!!

published
Transparency
1/5
Customer Service
1/5
Application Process
2/5
Timeliness
1/5
Online Tools
2/5
Incentivised Review No
Loan TypeSplit
Loan used forRefinancing
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Tone
ToneMelbourne
  • 2 reviews
  • 1 like

Slack with some things

published

First off although they offer a great rate their service was anything but that. No one actually told me when settlement was, my old mortgage just disappeared from my account. I still haven't received a list of the disbursements. They sent the pin no for the account but no card for 3 weeks!! They don't do fortnightly repayments like they do on their calculators on their sites, which was very frustrating and misleading. They chased us for the loan but when it was done very slack and no attention to detail. Pitty, it's a great product run by not so great individuals.

Transparency
3/5
Customer Service
3/5
Application Process
3/5
Timeliness
3/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used forRefinancing
simon
simonPerth, WA
  • 3 reviews

Best Rates Available

published

Most competitive rates going, customer service was reasonably good. Attention to details could have been a tad better and dealing with many people rather then one focal point throughout the whole process would have made it much easier. Also the valuation fee in WA was much higher then quoted.

Transparency
3/5
Customer Service
3/5
Application Process
4/5
Timeliness
3/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateFebruary 2019
Loan used forRefinancing

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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