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Reduce Home Loans

Reduce Home Loans

4.2 from 1,012 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

4.3
6 reviews
5
(3)
4
(2)
3
(1)
2
(0)
1
(0)
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Mick M
Mick MSouth East Queensland, QLD

Great Low Rate home Loan

published

Great value, low rate loan company. Would recommend if you are able to get everything done yourself. Process took a while from start to finish, but overall satisfied with the outcome. Will be saving 000's over the years now.

Transparency
4/5
Customer Service
3/5
Application Process
4/5
Timeliness
1/5
Online Tools
3/5
Incentivised Review No
Loan TypeSplit
Loan Start DateApril 2020
Loan used forRefinancing

Best Mortgage Rates in the Market

published

Overall, I was satisfied with my home loan experience with Reduced Home Loans and have also recommended them to colleagues and friends. Costs were minimal, however the application process can take some time. Though I was advised that this will be rectified in the near future. Definitely would recommend in order to save money on your home loan.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
4/5
Loan TypeSplit
Loan Start DateFebruary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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0.0
(1,234)

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

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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