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Reduce Home Loans

Reduce Home Loans

4.2 from 1,007 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

4.2
108 reviews
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Daham K.
Daham K.
  • 3 reviews
  • 1 like

Worst ! worst! Their rates are just a trap

published

Their rates are just low only for the first few months then it is higher than others. They will not give a crap about you once the loan is set up. If you ask for a rate review they will not reply at all. MEzy customer service is bad. I am trying to get out of this trap.

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 Start DateJune 2019
Loan used forFirst Home
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Daham, can you please email your details to info@reduceloans.com.au so we can look into your loan and get this sorted for you.

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

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0.0
(1,234)
NHD
NHDSydney, NSW

unhappy with home loan manager !

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forFirst Home
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
Home Loans

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Hason
HasonSydney, NSW
  • 59 reviews
  • 23 likes
  • Verified

They took 4 months for my application. Went to a new lender and got approved in 4 days.

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forHome Construction
Babh35
Babh35
  • 2 reviews
  • 1 like

100% incompetent! 100% disorganised

published
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 forFirst Home
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aqua67
aqua67Sydney, NSW
  • 3 reviews
  • 1 like

Not a home loan provider, just a broker skimming fees. AVOID.

published

Reduce pretend to be a mortgage provider but they are just a broker. They provide no transparency on fees or on who the loan is funded with. We were told we had to structure our loan as 2 standard variable loans with no explanation. I now suspect this was to increase their fees. They used Mortgage Ezy for our loan who used Origin Loans who are owned by ANZ. This made it hard to know who to talk to. Our interest rate went up literally within one WEEK of signing and a second time less than 2 months later. Our rate went from excellent to mediocre very fast. We are now trying to sever all ties with these guys and it is taking weeks due to this crazy labyrinthine arrangement. AVOID LIKE THE PLAGUE.

Transparency
1/5
Customer Service
1/5
Application Process
3/5
Timeliness
2/5
Online Tools
3/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateDecember 2016
Loan used forFirst Home

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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

Other Home Loans

 
 

0.0
(1,234)

Gave up after 12 weeks. Settlement elsewhere in under 3 weeks.

published
Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forFirst Home
Home Loans

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Channa P.
Channa P.Greater Melbourne (Metropolitan), VIC

Rate is good but customer care is bad

published

The interest rate is very competitive. Their customer's response is very fast. However, the process took longer than what I expected, and we had to delay our settlement 1 days. Before the settlement, the rate reduced to 2.99%. We were told that the new rate will be passed to us by 15th of Aug but up to today date (08 Sept) we still haven't got the new rate. We contacted the customer care numerous of times and the response we got is they are working on it and the lender haven't approve and they have escalated the queries. It has been almost 2 months of following up and nothing has been resolved yet. Overall, the rate is good but if you have any issue and need support, it's not going to be straight forward.

Transparency
3/5
Customer Service
3/5
Application Process
3/5
Timeliness
2/5
Loan TypeVariable Rate
Loan used forFirst Home
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Upkar S.
Upkar S.South East Queensland, QLD

Low interest rate but much lower standards of customer service

published

Extremely poor standards of customer-service. Baffling, I had to frustratingly chase even the brokers to respond to my calls/emails. Then, receive contradictory information. Low rates come at terrible customer service

Transparency
1/5
Customer Service
1/5
Application Process
2/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forFirst Home
Reduce Home Loans
Reduce H.Reduce Home Loans

Other Home Loans

 
 

0.0
(1,234)
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
Home Loans

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Low rate, more effort

published

Rate is lower than you will get mostly anywhere else. The process to get the loan, however, was not straightforward. Significant amount of complicated, hard copy paperwork, then a lot of subsequent to and fro with their solicitor (including physically driving to their office twice to submit paperwork) to get my loan documentation correct (there were errors), meaning that I had to get a settlement date extension.

Can’t really complain now that I have the loan, although the online portal is not as user-friendly as the big banks (e.g. you actually have to call them if you want to reset your password).

If your primary driver is a low interest rate and you don’t mind the hassle involved in the above, go for it.

Transparency
4/5
Customer Service
4/5
Application Process
2/5
Timeliness
3/5
Online Tools
3/5
Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used forFirst 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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sos
sos
  • 2 reviews
  • 2 likes

cheating their customers

published

I have refinance my home loan through reduced home loans at a competitive rate. within 6 moths they have increased my rates twice and now they are now more expensive than all 4 big banks. This means that I have to expend more time and money to refinance my mortgage again :(

Transparency
1/5
Customer Service
1/5
Application Process
3/5
Timeliness
2/5
Online Tools
2/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forFirst Home

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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