Worst experience ever.. Do not go with them!
From the get go it was slow and very laid back process from this organisation. No one cares about your finances, deadlines, or any other commitments that you made by purchasing a property. Paid twice
For the valuation of 2 properties and I was asked to pay again.
No follow ups! No customer service and no intervention of management to expedite the process.
No advise on what rates you’re getting, what offers you’re getting and you can’t even see anything online or any application process updates.
Please please stay away!!! Unless you have 2 months to 3 months to wait for the loan to get approved.
AVOID at all costs - Pre-Approval doesn't mean anything either - Constant stress and lost dream home
Would strongly encourage anyone to look elsewhere. Despite having pre approval months prior. When contract was signed for a house and subject to finance, reduce home loans kept requesting documents to be sent in which had already provided not only since pre-approval but again after contract was signed. I responded to all requests straight away. It appeared they were very disorganised organisation. They then left it up to the FINAL DAY of finance date to deny the application! This will likely result in the seller moving and the whole contract F...ALLING APART. I do not mind the fact that finance was denied, as I could have placed this elsewhere, but their service was diabolical and leaves me in a terrible position. Had they told me at any time in the last 2 months that there would be an issue, since having the same documentation they relied upon, then I would not be in this predicament. It appears internally the actually sign off is by some "credit manager" whom you will never talk too, and they leave this to the last day to obtain their approval internally. Don't bother with pre-approval as it is not worth the piece of paper it is written on and you will be sweating on their decision until actually finance date. Avoid at all costs and don't be fooled with their rates, comes at a price.
Such a delay in getting the loan
Took 5 weeks to hear requesting for another 3 weeks when they promised me can get it done in 4 weeks initially. Requesting sign a disclaimer letter of not responsible for delay interest, but never thought about your work in delaying the loan will cost big money to the borrower.
Be sure to have 3 months settlement time before considering this company. Good interest rate, but with a price to pay. Do your own maths if it worths it.
Keep away from this mob!
Terrible customer service. Very hard to get any information from anyone. A good rate quickly drifted to a terrible rate and was made virtually impossible to change. Refinancing with another organisation will be the best $875 I have ever spent. (Despite being told initially there would be no discharge fees). This mob will cost you $$$ in the end.
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Nightmare - worst experience so far
Thoroughly unprofessional and unscrupulous bunch of mobs. Finally received loan approval today after countless follow ups and resending documentation multiple times over the lengthy processing period of over 3 months. Alas, the approval is full of errors completely ignoring our finance requirements and the required loan structure which we advised in our loan application and subsequently on multiple occasions. In the meantime, we have been paying interests on our titled land awaiting construction which is pending finance. What a nightmare! So so...rry I approached RHL. ** Update 22/11/2019: The saga still continues not knowing when it'll end. Feels like we're stuck, helpless - going 2 steps forward and then 3 steps back. Finally, received loan contract about 2 months ago, again with several errors needing corrections, reissues and then more corrections, reissues ... 3rd round so far and still awaiting. Such a pain, not to mention about the financial losses due to these delays. Nobody seems to care! :( ** Update 30/05/2020: Finally our loans settled back in December 2019, however, not without surprises. No one bothered confirming the settlement date, we only found out from our outgoing lender. They completed the settlement without confirming the settlement figures/disbursement advise prior to the settlement. We subsequently found various anomalies including unauthorised transfer of fund between investment/construction and owner-occupier loans. Nightmare continues. Just shocking !!!
I went with another lender
I contacted Reduce Home Loans in regards to an investment loan. I received a phone call within 2 business days and I asked if they could call back the next day as it was more convenient. They said it was no problem and that they would email some information through and ring the next day. I received no phone call the next day. I tried emailing them and got no response. I phoned the direct extension, no reply, I phone the mobile number, again, no reply. I then rang Reduce again on there 1300 REDUCE number and got a different operator who seemed t...o be out to lunch or in traffic somewhere. We had a preliminary chat about what I wanted to do and he said he would ring back in half and hour. I never got a call. I got a loan with a bank where I could sit down and have a conversation with some one, and guess what they phone back when I called them...
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Great introductory rates, but they dont last long! Very dishonest
I went with these guys because of the great reviews online, however i soon learned that the deal was too good to be true. Within months of getting the loan, they increased my interest rate by 0.2%, they did this several more times till i went from 3.79% (investor, interest only loan) in May 2017, to where i am now which is paying 4.54%!! I was promised by Gary the broker that the rates i would be getting were those that were shown on the website, but this was not the case. I am now in the process of moving my loans elsewhere, hopefully to a more honest bank.
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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