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Reduce Home Loans

Reduce Home Loans

4.2 from 991 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

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Daham K.
Daham K.
  • 3 reviews
  • 1 like

Worst ! worst! Their rates are just a trap

published

Their rates are just low only for the first few months then it is higher than others. They will not give a crap about you once the loan is set up. If you ask for a rate review they will not reply at all. MEzy customer service is bad. I am trying to get out of this trap.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used forFirst Home
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Daham, can you please email your details to info@reduceloans.com.au so we can look into your loan and get this sorted for you.

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 Review No
Loan TypeVariable Rate
Loan used forRefinancing

Other Home Loans

 
 

0.0
(1,234)
NHD
NHDSydney, NSW

unhappy with home loan manager !

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised Review No
Loan TypeVariable Rate
Loan used forFirst Home
Home Loans

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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 Review No
Loan TypeVariable Rate
Loan used forRefinancing

Wasted 6 months trying to move application forward

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised Review No
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 Review No
Loan TypeVariable Rate
Loan used forRefinancing
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The online banking portal feels outdated and is not user friendly.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
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)

100% incompetent! 100% disorganised

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised Review No
Loan TypeVariable Rate
Loan used forFirst Home
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

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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 Review No
Loan TypeVariable Rate
Loan Start DateDecember 2016
Loan used forFirst Home
SMC
SMCPerth, WA

Reduce Home Loans - processing of our settlement

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Ellme
EllmeSydney Surrounds, NSW
  • Verified

Do not be fooled by the interest rate

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateNovember 2019
Loan used forRefinancing
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 Review No
Loan TypeVariable Rate
Loan used forRefinancing
Debstar
DebstarPerth, WA
  • 5 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 Review No
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forRefinancing
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.

Other Home Loans

 
 

0.0
(1,234)
Percy
PercySydney
  • 6 reviews
  • 5 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 Review No
Loan TypeVariable Rate
Loan used forRefinancing
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all

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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