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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

  • Transparency
    1.5 (4)
  • Customer Service
    2.7 (3)
  • Loan TypeVariable Rate (4)
  • Application Process
    2.8 (4)
  • Timeliness
    2.3 (3)
  • Loan used for
  • Online Tools
    1.0 (1)
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Emma J.
Emma J.
  • 2 reviews

Missing funds from final settlement and very slow service

published
Transparency
2/5
Customer Service
3/5
Application Process
2/5
Timeliness
2/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
Rain
RainPerth
  • 4 reviews
  • 8 likes

Not what it seems

published
Transparency
1/5
Application Process
3/5
Timeliness
3/5
Loan TypeVariable Rate
Loan used forRefinancing
Reduce Home Loans
Reduce H.Reduce Home Loans
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The reviewer stated that an incentive was offered for this review

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0.0
(1,234)
Elaine
ElaineGreater Melbourne (Inner), VIC
  • 2 reviews
  • 1 like

Buyer beware; Getting the loan was ok, afterwards, not so

published

I signed for a loan with a repayment of $605 per fortnight. When I got the paperwork back after settlement the repayment was $651. I was advised the Funder uses different Calculators to the ones on the Reduce Loans site. Completely misleading. If I could afford to get out, I would.

Transparency
1/5
Customer Service
3/5
Application Process
4/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used forRefinancing
Reduce Home Loans
Reduce H.Reduce Home Loans
Elaine
Elaine

Hi, sending a response regarding this issue. I see no reason why I cannot pay fortnightly, 26 payments per year.
Thank you

David G
David GGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • 1 like

Does not pass on rate cuts to existing customers

published
Transparency
2/5
Customer Service
2/5
Application Process
2/5
Timeliness
2/5
Loan TypeVariable Rate
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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