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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

4.5
44 reviews
Previous
Next

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
Rowena
Rowena Greater Melbourne (Metropolitan), VIC
  • 2 reviews
  • Verified

Happy with service

published

Great rate and timely in settlement. Happy with service.
Love the new digital way of completing application and identification check, make the whole process quicker and easier.
Highly recommended for the low rate and digital process.

Transparency
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
4/5
Online Tools
4/5
Loan TypeFixed Rate
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)
Newton K.
Newton K.Sydney, NSW

Best packaged fixed home loan on the market

published

I engaged Reduce home loans because they had the best fixed package home loan for my requirements. I chose the 3 year fixed home loan 2.19%. 100% offset and up to $20k additional repayments per annum.
What more could you want during the Covid-19 economy?

Transparency
5/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Loan TypeFixed Rate
Loan Start DateJuly 2020
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Best customer service

published
Customer Service
4/5
Application Process
5/5
Timeliness
5/5
Incentivised Review No
Loan TypeFixed Rate
Loan Start DateJune 2020
Loan used forSecond Home
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Harry M
Harry MSydney, NSW
  • 2 reviews
  • 1 like

Great customer service but disappointed with change in lenders resulting in increased interest rate

published

Reduce were really easy to deal with, transparent and super responsive. The rate got increased as the lender changed its rating of apartment to high risk. The rate at the end was OK and still competitive but not as great as we expected. We will try again with Reduce for our next home.

Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Loan TypeVariable Rate
Loan Start DateApril 2020
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Grant B.
Grant B.South East Queensland, QLD

Good home loan

published

All round a good experience switching to Reduce just the time it took to get the loan in place was the only negative , but the low rate makes it worthwhile.

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateMarch 2020
Loan used forSecond Home
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The reviewer stated that an incentive was offered for this review

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Very good service

published

Take longer time than other banks (5 weeks for us) but worth the time as the interest rate is low. Good service. Get response promptly from the case manager or credit team.

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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M Patterson
M PattersonSouth East Queensland, QLD

Excellent Rate

published

The interest rate was very competitive.
Customer service staff were pretty good but there loan approval took some time and caused a bit of stress which we could have done without.

Transparency
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Jody
JodyMetropolitan Adelaide, SA
  • Verified

Lowest interest rate home loan

published

Our experience with Reduce Loans was great. There was quite a bit of paperwork but I guess you can expect that at any bank. We always had a broker to chat to about our personal finances which helped a lot with the purchase of our second property. There are some fees, but they are transparent about those and with the rates being so low, it was going to be well and truly worth it for us in the long run. Highly recommend!

Transparency
4/5
Customer Service
4/5
Application Process
2/5
Timeliness
4/5
Online Tools
3/5
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Home Loans

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Great interest rates

published

We went to Reduce Home Loans because they offered the best interest rates in town and they delivered on this. Settlement occurred on time and we got the keys to our new place as planned, so smiles all around.

Transparency
5/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Loan TypeVariable Rate
Loan used forSecond Home
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The reviewer stated that an incentive was offered for this review

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Madeleine
MadeleineGreater Melbourne (Metropolitan), VIC
  • 2 reviews

Good staff helpful

published

The staff were very helpful and always got back to you. The process was frustrating at times=having to scan and send documents was painful and then sometimes having to resend again-delays -but when you are taking out the middle man and paying for bare bones I guess you have to expect some hard work on your part. The loan has been very easy since i have had it and very user friendly and 2 interest rate drops make you feel like they are genuinely a great deal to go with.

Transparency
5/5
Customer Service
5/5
Application Process
3/5
Timeliness
3/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)

Excellent rates, and easy to deal with

published

The team have looked after a number of loans for me. Always easy to deal with, and provide great options for finance at rates well below the advertised rates. The mortgage process requires a bit of paperwork but the interest savings make it worth while.

Transparency
5/5
Customer Service
5/5
Application Process
3/5
Timeliness
5/5
Loan TypeVariable Rate
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Home Loans

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Oliver
OliverPerth, WA
  • 2 reviews

Great rates, very contactable customer service

published

The interest rates are very competitive. Fees are all clearly stated in product brochures. Mortgage process is also complicated but it helps that the people at Reduce Home Loans respond quickly and are easy to contact.

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Loan TypeVariable Rate
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Great interest rate

published

I received prompt, fast and Great customer service. I was contacting them through email the entire time due to work commitments. The interest rate which Reduce home loans provide is amazing.

Incentivised Review No
Loan Start DateMarch 2019
Loan used forSecond Home
Matt B.
Matt B.South East Queensland, QLD

Good so far

published

The application process was easy and approval received within 7 days. However this was before the banking enquiry. I found the staff very good though difficult to contact after approval

Transparency
4/5
Customer Service
3/5
Application Process
4/5
Timeliness
4/5
Online Tools
3/5
Loan TypeVariable Rate
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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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