Jacqueline and Joel were very helpful with the whole process.
A little more work involved because of dealing online, no branch available.
Well worth it with the money you save.
Took about 8 weeks all up.
Customer service was spot on, My broker Dane helped me through every step of refinancing and made it very easy. Reduce have very competitive rates and I don’t know why i didn’t do it earlier
Great Home Loan Company
Great service, and professional staff. My Broker Jacqueline was fantastic and she went above and beyond to assist me with refinancing my home load. The support staff were also outstanding and took the time to explain each step. Would definitely recommend this Company.
Great home-loan rate with great service
The teams are very professional in their approach and patiently assisted with the paper work, clarifying and explaining the process. They are very approachable and provided timely response to my queries, helped me to make informed decision, though there were delay on my end.
Home loan with a good rate and with great flexibility, great customer service
RHL offers a great rate and flexibility with 100% offsets for both fixed and variable rate loans which is exactly what I am after. Customer service has been great. All communications via email and phone was prompt. Always returning my missed calls. The settlement process has completed smoothly, though it took longer than I initially expected. The total process was 6 weeks in total. My only recommendation would be that RHL should consider implementing an online system as a single point to track the entire application process from start to settlement.
Great rates and friendly, helpful staff
It was a pleasure to deal with the team. Despite having all my paperwork in order there was issues with a credit reporting agency providing incorrect information about myself. The team were able to work through it and look at the paperwork showing that the agency was demonstrably incorrect and able to work through this. Several months later the agency is still yet to correct their records and I have initiated a complaint against them with the regulatory body. Meanwhile my loan with Reduce is ticking along nicely.
This is the second time i have refinance with Reduce Home Loans. Aside for giving us a very competitive rate, the one which i really liked about is the customer support. Noel Costca was very prompt on providing me the information i needed all through out the process of refinancing until settlement. Even after hours if i needed to get some key details he will still respond to my text message. I even recommended Reduce home loans to my friends. Give it a go.
Reduce Home Loan was pretty good under the current conditions of covid19.
Reduce Home Loan was pretty good themselves with the covid19 changes and updates. Being a first home buyer it was a very stressful, not too great communication between all parties and not very organised process. My settlement date was moved twice and lucky settled on the third attempt. The actual loan it's self they offer is a good deal compared to the big four banks but the main banks deal with the first home buyers grant and Reduce Home Loans do not.
Best rates and easy process
Gary and the staff were awesome and helped me with any questions I had. Took about 1 month from start of the application to settlement. Could have been quicker really if i was on the ball with returning documents and stuff. Really happy with the rate im on.
Best rates on the market
Pleasant staff to deal with, made the whole process easy. For us it took almost 3 months to settle, 2 months to be approved by Reduce, and 1 month for our outgoing bank. 100% happy with the service and the new rate we are on.
Reliable and Good Service
Jacqueline and the team have been very diligent and transparent in providing the details and clarifying my question. Greatly appreciate and thanks the team for their support and patience in finalizing the loan settlement.
Punctual and persistant
I give the team top marks. My application came with quite a few difficulties and they supported me all the way. They never gave up o me. Once the loan was formally approved and all the requirements were met the loan settled very quickly.
Best variable rate on the market
The application was very comprehensive and took about 2 months.
During which the reserve bank reduced interest rates and this was applied to our application in full.
We now have a low upfront cost, no annual fee loan with one of the lowest variable rates on the market.
Great Low Rate home Loan
Great value, low rate loan company. Would recommend if you are able to get everything done yourself. Process took a while from start to finish, but overall satisfied with the outcome. Will be saving 000's over the years now.
Cheapest rate around!
If you want to pay as less as possible, they were the cheapest rates when I did my research.
All online so pretty straight forward. Once you get the documentation in order etc it is downhill from there.
Refinance and new loan.
Rhyse did a really good job of assisting me through the application process
I had direct communication with him and he always came back to me.
I’m very happy to recommend using reduce Homeloans.
They took 4 months for my application. Went to a new lender and got approved in 4 days.
To start with, Reduce Home Loans is just the broker but is falsely advertised as a non-bank lender on their website. In my case, the actual mortgage lender is Mortgage Ezy and the funder is Bendigo Adelaide Bank. And none of that was explained upfront until my solicitor got involved. The multiple layers meant that response was slow (non-existent in some cases), and the process was robotic, inefficient, duplicated, and frustrating.
Disappointed to say the least. Made me anxious and couldn’t sleep as we got closer to the settlement date. They we...re first engaged 4 months ago. I was initial told a 3-4 week approval timeframe. But by the end of the 6 week settlement period, I was still answering their questions on the day before settlement and even the week after which demonstrates that they do not talk to each other. So I had to make other last minute arrangements to settle this on time. Needless to say, the approval didn’t arrive in time and I didn’t end up taking up their loan and went to another lender and got fully approved in 4 days (not weeks). In order to save time while I’m sorting out the contracts, I had applied for the pre-approval 2 months ago. I was told I can go straight for the full approval instead once the contracts are signed. Provided them the draft contract for review at that time. Since the full approval application was submitted, the credit check and the valuation were only requested 2 and 3.5 weeks after the application respectively. The valuation was further delayed when they realised the loan is for a vacant land and there is no house to inspect. They had asked for a house insurance certificate when there is no house to insure. They had also asked me to provide a signed letter for my exit strategy when it is only required if this property will be my principal place of residence which it is not. My bank statements and payslips were submitted with the application to the broker, but the same documents were requested again when it went to the lender for review. All my responses were provided within 2 hours of their requests. Then there would be no response or feedback from them for a few days and then I would get the next question and so on. This went on for the whole time right up to the day before settlement. The lender had also requested a change to the contract 4 weeks after the application (after it has been signed). And then changed their mind on what needs to be changed. I was told they could go to another bank as backup but never acted on it. The cooling off period for the purchase was resurrected 3 times from 1 week to 4 weeks. My solicitor and the vendor’s solicitor were frustrated in dealing with them and with their lack of response to the point that they have lost all confidence and reliability in their words and ability. I was reassured multiple times the full approval is coming in the next few days but that kept slipping.
Amazing home loan we’ve never looked back
We switched to reduce home loans and we’ve honestly never looked back. They have been so supportive through the process of switching loans. And the money we are saving from their fantastic rate has been a life changer for our little family. We are just so glad we found them.highly recommend to anyone looking for a new home loan or looking to switch home loans to a better rate and better experience .
Wasted 6 months trying to move application forward
I tried to refinance with reduce for their great rate. In short, they failed to respond to multiple follow ups. I routinely had to call in 3-4 times before I was able to speak with anyone. They rarely responded to messages. I had to submit my loan paperwork 3 times because they were so slow to process paperwork. I work in finance and did my best to 'baby' them through the process and work with them in order to get the great rate but in the end it was just impossible. I've also read online in other places their existing customers suffer from 'ra...te creep'. They really left me no choice but to go elsewhere and wasted a great deal of my time. They promised to refund my application fees due to the unreasonable delays but to date have failed to do that. They failed to respond to 3 enquiries where I noted I wanted to formally complain. I've now lodged the matter with the ombudsman. I'm surprised by others who talk about how great they are because my personal experience has been very bad and it's hard to image that this is an isolated event.
Helpful Staff - (Lisa and Lindsey)
Lisa Whitla was very nice to deal with and helped me with the process. It was my first time getting a loan and there were a heap of documents to sort through and it was quite overwhelming. She was very patient with me and helped me get through the initial set of documents.
Lindsey from the settlements team also helped me with understanding some of the terms and paperwork.
I know it was a testing time with COV-ID but all the staff i talked with were very patient and nice.
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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