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Reduce Home Loans

Reduce Home Loans

4.2 from 959 reviews · View Statistics

Reviews

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NHD

NHDSydney, NSW

unhappy with home loan manager !

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
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Hason

HasonSydney, NSW

  • 55 reviews
  • 22 likes
  • Verified

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

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forHome Construction
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100% incompetent! 100% disorganised

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
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
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateDecember 2016
Loan used forFirst Home
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Gave up after 12 weeks. Settlement elsewhere in under 3 weeks.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forFirst Home
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Robert Hughes

Robert HughesGreater Melbourne (Inner), VIC

  • 2 reviews
  • 1 like

Almost lost deposit because their pre-approval means nothing

published

Takes weeks to respond, doesn't answer the phone to contact the loan manager. Gave preapproval after seeing all our income and paperwork, then rejected the loan without any circumstances changing.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan used forFirst Home
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Professional Partners

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local1

local1Greenwich

  • 2 reviews
  • 6 likes

Great rates..That Don't Last! Beware.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan Start DateJune 2018
Loan used forFirst Home
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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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
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forFirst Home
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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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
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
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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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