Worst experience ever stay clear of these scammers
All up this process took over 2 months every time i tried to talk to my home loan manager it took over a week to for him to return my calls this should have been enough of a red flag but in my stupidity i pushed on i was told no offset acc which i could live with i was told you can b pay from your loan acc set up schedule transfers to other accounts i was told it would have same functionality as any other online banking services not true at all now im stuck with this stupid home loan that has none of the functionality i was promised thanks to t...he lies and incompetence of [Name Removed] my so called loan manager when i discovered what sort of account they had set up for me i did make a complaint about the lies had been fed i was told this would be investigated and the only way to rectify it was they would set up an off set acc free of charge at the same interest rate that was ten days ago and surprise surprise i have herd nothing no calls no emails and no off set acc the person i spoke to did seem like he had dealt with this issue many times before and new the only way to rectify was by adding an off set so probably a standard practice of their home loan managers to lie to customers and to be completely honest as a matter of full disclosure i am only writing this review at the request of my loan manager for a chance to win a $100 gift card in their monthly draw
Great people, slow process
The team at Reduce have been good to talk to and did their best to pick the right loan for us. However the process has been extremely protracted, even allowing for COVID-19 impacts. We first signed our application on April 24, and as of today (15 weeks later) we have not yet achieved settlement on the loan.
We have had to ask for updates in order to understand where things were up to, with at times a month going by without any news on what was happening. Given the protracted duration, it has been necessary to re-furnish new copies of documents...that were previously supplied (for example a more recent payslip or statement) which has been a source of frustration. Ultimately this new mortgage product will be much better for us, so this process will be worth it, but there has been significant opportunities that were lost to us as we waited (and continue to wait) for the loan to settle.
Wasted 6 months trying to move application forward
I tried to refinance with reduce for their great rate. In short, they failed to respond to multiple follow ups. I routinely had to call in 3-4 times before I was able to speak with anyone. They rarely responded to messages. I had to submit my loan paperwork 3 times because they were so slow to process paperwork. I work in finance and did my best to 'baby' them through the process and work with them in order to get the great rate but in the end it was just impossible. I've also read online in other places their existing customers suffer from 'ra...te creep'. They really left me no choice but to go elsewhere and wasted a great deal of my time. They promised to refund my application fees due to the unreasonable delays but to date have failed to do that. They failed to respond to 3 enquiries where I noted I wanted to formally complain. I've now lodged the matter with the ombudsman. I'm surprised by others who talk about how great they are because my personal experience has been very bad and it's hard to image that this is an isolated event.
Painful and unorganised
Everything good and easy before the assessment fee was deducted.
We are a fulltime working couple with only one loan (home loan) and no credit card and a reasonable saving and continouos income (fulltime workers). No other debt or laon at all
Only thought of change to get a better rate.
Veda check came with enquiry on outcome of loan applications back from 2016 to 2018 (apparantly if you fill online details to check details on home loans, it will be assumed that you have applied for a loan with them)
Questioning every detail ...
+ great rate - slow process - online portal
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.
The reviewer stated that an incentive was offered for this review
Great rate, its a shame the service doesn't match
Although Reduce offer one of the best rates on the market, this is about the only good point in a very disappointing experience with Reduce Home Loans.
From the first contact by Dane who forgot to include the documents to be completed in his initial email, all phone calls were left unanswered or sent to voicemail, responses were very slow even when a quick reply was required.
After filling in the application form which took hours to complete (rather than the 15 minutes) we paid $250 for a property valuation but then receive an email requesting...
The reviewer stated that an incentive was offered for this review
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Reduce Home Loans - processing of our settlement
We were convinced by a TV, radio personality and Money Magazine that this was the way to go. Sent in our mortgage documents in October 2019. Didn't receive any response that the papers were received until I asked. In late Nov 2019 we were told that our bank (HSBC) did not reply the settlement email and we needed to escalate the matter. Four phone calls later after escalating the matter turns out no one from Mezy the brokers for Reduce Home Loans has actually been in contact with them, although they are happy to blame them for the lack of action.... I know this because they accidentally sent the internal email to us and then tried to recall it. Turns out to settle a loan they needed to ring HSBC on 1300788918 option 3 an quote a reference number. No one has bothered to do so. Seem very disinterested in taking our loan after all the expense we have gone to switch over. Am very frustrated by the lack of action.
Do not be fooled by the interest rate
I have lodged a complaint with the Financial Ombudsman. Do not trust this company or be drawn in by the low interest rate as it will cost you in the end. Once you have made an application the customer service ends there, you are then put through to a sister company Mezy who are supposed to manage the process. But honestly they could not organise a root in a brothel.
The communication skills of this company are comparable to that of my seven year olds.
The application process took over three months and was not a new loan. It was a transfer of a...
Strung along for 6 months... until WE pulled the pin out of frustration
Repeatedly asked for copies of same documents.
Difficult to engage and understand why information was repeatedly requested despite being provided by us multiple times and then delay in processing application (not our fault, apparently difficulty opening files?) required FULL re submission of paperwork and re-gathering of documentation because period of relevancy had expired.
We were never updated of progress we had to continually hassle and inquire regarding delays.
Got shuffled to another broker for support because ours felt out of his depth...
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.
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Incompetent Loan Application Process
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.
Bring you in then don't pass on rate cut
[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.
Great rates but be CAREFUL!!!! Very misleading!!!!!
Very misleading, false and unprofessional company!!!!! They advertise great rates with nil fees but deliver higher rates with fees galore.
Let me start by saying they do offer great rates if you are after a simple loan. As far as the positive points go, that's about it.
My circumstances may be different to most as I was trying to refinance three separate loans (ie 3 properties) to the one lender to simplify my finances. This was explained to Reduce from the first time I contacted them. I was told I would receive the great advertised rate...s they were offering with nil fees but I would have to pay for the 3 x $250 valuation fee for each of the 3 x properties upfront (which covered up to $330 per property) but if/when I proceeded with Reduce for the loans I would be reimbursed. So after Reduce was satisfied I could service the loans, they asked for my bank details to pay for the 3 x valuations. That's where they now had me and started taking the ... !!! They deducted the 3 x $250 for the valuations plus an additional fee which when I questioned was told that was because the val cost was higher than expected. So now I am about $1,000 into the process.
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Slack with some things
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.
Best Rates Available
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.
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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