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Reduce Home Loans

Reduce Home Loans

4.2 from 1,013 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

4.3
90 reviews
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Romeo
Romeo
  • 7 reviews
  • 2 likes

Worst experience ever.. Do not go with them!

published

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.

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 forInvestment Property

AVOID at all costs - Pre-Approval doesn't mean anything either - Constant stress and lost dream home

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeFixed Rate
Loan used forSecond Home

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Richie W.
Richie W.
  • 4 reviews
  • 2 likes
  • Verified

Such a delay in getting the loan

published

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.

Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forInvestment Property
Ryan B.
Ryan B.Sydney, NSW

Keep away from this mob!

published

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.

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 forInvestment Property
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SKD
SKDGreater Melbourne (Outer), VIC
  • 2 reviews
  • 4 likes

Nightmare - worst experience so far

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeSplit
Loan Start DateSeptember 2019
Loan used forInvestment Property
Darren
DarrenNorth-West & West coast, TAS

I went with another lender

published
Transparency
3/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan used forInvestment Property
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Scott
ScottSydney, NSW

Great introductory rates, but they dont last long! Very dishonest

published

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.

Transparency
1/5
Customer Service
1/5
Application Process
3/5
Timeliness
3/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateMay 2017
Loan used forInvestment Property

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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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