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Reduce Home Loans

Reduce Home Loans

4.2 from 959 reviews · View Statistics

Reviews

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David wiley

David wileyGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • 3 likes

Worst experience ever stay clear of these scammers

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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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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Ross D

Ross DGreater Melbourne (Outer), VIC

  • 2 reviews

Great people, slow process

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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Wasted 6 months trying to move application forward

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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Matty R.

Matty R.South East Queensland, QLD

Painful and unorganised

published
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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Romeo

Romeo

  • 7 reviews
  • 6 likes

No communication and no follow ups, Worst customer service.

published

Good luck if you’re going with them. I had to make 50 calls to find out about my home loan that was just for a refinance. No one calls you back no one follows up. No one bothers to do anything. Charge you $1200 approx app fees etc. and get crap service. Might as well go with other banks or online lenders but not them. Be aware. Rate is little low but service is worst!!!!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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Megan

MeganBendigo

  • 3 reviews
  • 2 likes

Great Rate, ok service.

published

Great rate for refinancing. Found service a little more complicated than dealing with bank direct. Could be improved by having one consultant providing clear information and returning calls in a more timely manner. Service during settlement was great.

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

Immi

ImmiGreater Melbourne (Metropolitan), VIC

+ great rate - slow process - online portal

published

The interest rate is great, one of the best in the market.
The refinancing process took a very long time.
The online banking portal feels outdated and is not user friendly.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
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

Great rate, its a shame the service doesn't match

published
Transparency
Customer Service
Application Process
Timeliness
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

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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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SMC

SMCPerth, WA

Reduce Home Loans - processing of our settlement

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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Professional Partners

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Ellme

EllmeSydney Surrounds, NSW

  • Verified

Do not be fooled by the interest rate

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateNovember 2019
Loan used forRefinancing
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saprosbro

saprosbroCentral Highlands and Goldfields, VIC

Strung along for 6 months... until WE pulled the pin out of frustration

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!
Debstar

DebstarPerth, WA

  • 4 reviews
  • 19 likes

Substandard Process

published

Most frustrating loan experience I have ever endured. Started application in June a very simple refinance, only just settled in October. Submitted the same documentation multiple times as the process took so long they became out of date, no communication whatsoever when it came to the settlement side of things the only reason I knew it was about to settle is because my existing bank updated me (I will miss their great customer service). Stuck around just for the Interest rates, they make the customer service at Centrelink and Telstra seem first class. The irony is I now have a higher Interest rate than the one advertised on the website, very disappointed.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forRefinancing
2 comments
Reduce Home Loans
Reduce H.Reduce Home Loans
Debstar
Debstar

thank you, I sent that email very next day, still awaiting resolution one month on. Many of your positive reviews have noted at bottom that an incentive was offered to them, good way to keep the ratings up.

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Percy

PercySydney

  • 5 reviews
  • 4 likes

Incompetent Loan Application Process

published

Started the Application Process 3 months ago. Have always provided all the documentation as requested.
They requested the same infomation 4 times that I had over and over again.
It seems they are full of incompetent staff who do not submit documents in a timely manner. I have spent hours and hours on the phone to them and my existing lender, it's at a point I am so stressed out everytime I see an email from them.
They have no apologised or offered anything to improve my process. Requests to speak to a manager (3 in total) are completely ignored.
Please, do not put yourself through the ordeal. There are many other non bank lenders who will want your business and treat you like a human.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
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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
Similar opinion? Write a review on ProductReview.com.au!
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
Similar opinion? Write a review on ProductReview.com.au!
Professional Partners

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172 reviews
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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
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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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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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