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Reduce Home Loans

Reduce Home Loans (page 2 of 5)

4.2 from 959 reviews · View Statistics

Reviews

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Stuart

StuartPerth, WA

Best variable rate on the market

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMay 2020
Loan used forRefinancing
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Mick M

Mick MSouth East Queensland, QLD

Great Low Rate home Loan

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeSplit
Loan Start DateApril 2020
Loan used forRefinancing
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Sam B

Sam BSydney, NSW

Helpful Staff - (Lisa and Lindsey)

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2020
Loan used forFirst Home
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Good rate but took a lot of work

published

David was very helpful and attentive throughout the entire process, however there was a lot of difficulty getting the loan approved on time which resulted in the settlement being pushed back a couple of weeks, but I still ended up with an exceptional homeloan rate by the end of it

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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Steve G.

Steve G.Greater Melbourne (Outer), VIC

Spot on peops..!

published

Great work Team Reduce..! The process took a while but we got there in the end and the interest rate is going to save us well over $6000 a year..! I am planning to recommend Reduce to everyone I know..!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Jags

JagsSouth East Queensland, QLD

  • 3 reviews
  • 1 like

Lowest rate

published

Helped to find lowest interest rate and good. little delayed in process. evaluation fee gone up little. but otherthan that i am happy to recomend reduced home loans to my anyone.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Best Mortgage Rates in the Market

published

Overall, I was satisfied with my home loan experience with Reduced Home Loans and have also recommended them to colleagues and friends. Costs were minimal, however the application process can take some time. Though I was advised that this will be rectified in the near future. Definitely would recommend in order to save money on your home loan.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeSplit
Loan Start DateFebruary 2020
Loan used forRefinancing
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Tomek

TomekGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • Verified

Best rates and great product!

published

Great rates, great protal and product. Takes a bit of time to set-up but completely worth it in the end with the cheapest rate on the market! They told me they are working to improve on that so definitely the place to go for a loan.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forFirst Home
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Great rate

published

able to get us a really low rate compared to what is offered to general public.
Process was a little longer to do than expected but worth it for the rate

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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David E.

David E.Sydney, NSW

  • 3 reviews

Unbeatable interest rate! And great customer service.

published

Outstanding interest rate! Far better than any other rate I could find. Fantastic customer service from Leon. Thank you again. We are very happy happy with the outcome.
My only complaint was that once documents were sent, it was a little confusing about who I was dealing with. Reduce Home Loans are the face of the loans, Mortgage Ezy are who you contact re: settlement, and Adelaide Bank is the final destination.....
but that final destination is the best rate in the market.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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Tilash F.

Tilash F.Greater Melbourne (Outer), VIC

Great deal...

published

Reduce home loans have very competitive interest rates compared to the market however the process took a while but worth the effort and time in the end. I would highly recommend Reduce home loans to anyone.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Very happy with the intrest rate

published

Reduce home loans offered me a great interest and comparison rates for buying my house.
Their team is professional and helpful.
The process took more time and complexity than I expected, but the low interest rate compensated the pain of the process.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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  • Verified

I love the lower interest rate

published

I am very happy with my low interest rate, making my repayments lower and more manageable. The broker was excellent but there was a hold up with the settlement which then didn't settle until after Christmas. There appeared to be some communication break downs during this process, but overall the customer service is excellent.

Customer Service
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Excellent deal - making it possible to own our own home!

published

We are very happy with our awesome deal, low interest rates and the extra effort made to meet our short settlement time. The only reason this is not a 5 star review is while the people and broker are lovely people to talk too we found our broker quite hard to contact at necessary times. This meant our settlement was 3 days late. Thankfully all worked out ok and we are happy with our overall experience so far.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan Start DateDecember 2019
Loan used forFirst Home
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Best alternative to the Big 4 Banks

published

Reduce HL has the lowest comparison interest rate that I could find. Reviews showed that they were great to deal with and had even won some industry awards.
The application process took a little longer than I had anticipated, but I now have the loan I want at a great interest rate.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Lauren L.

Lauren L.Greater Melbourne (Outer), VIC

Great help for a first home buyer!

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forFirst Home
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Michelle

MichelleGreater Melbourne (Inner), VIC

Great rate, great loan.

published

Very happy with my Reduce Home Loan. The process took about 9 weeks which was a bit longer than hoped, but with the lowest interest rate I could find, I can’t really complain. Online banking available but no app, but still for the low interest rate it’s a compromise I’m happy to make. Would definitely recommend Reduce.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Martin W.

Martin W.South East Queensland, QLD

Great Rate! A couple of hiccups but well worth it :-)

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Professional Partners

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171 reviews
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Adam

AdamNew South Wales

  • 2 reviews

Best rate on the market!

published

There is a bit off effort that goes into the approval process, but once you are through, this is the best interest rate you can get! Would get all of my future loans through Reduce.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Carmen

CarmenVictoria

Fantastic Rate but a slow process

published

Customer Service was good, helpful and friendly but requires more communication between different departments-same paperwork requested multiple times and slowed things down. Rates are the lowest I have found to date! The whole process of refinancing was very slow and at times frustrating, but it was worth the wait!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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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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