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Reduce Home Loans

Reduce Home Loans

4.2 from 991 reviews · View Statistics
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Reviews

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Gibbsey
GibbseySouth East Queensland, QLD

Good out come all parties need patients in the refinancing process over all we were satisfied clients.

published

Reduce Home Loans live up to their Name
Working with Gary & Andrew & Jet in there in there parts of our loan process by being team players well done guys see yous in the future for further service

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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.

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HomerSimpson
HomerSimpsonGreater Melbourne (Outer), VIC
  • 5 reviews
  • 6 likes

Great rate. What more do you need?

published

Pretty happy with my refinance. Originally had a pretty good rate but after switching I'm now getting 1.89% with only minimal fees incurred. One downside is the $500 fee that I'll have to pay to exit the mortgage which of course they didn't tell me about until way into the application process. Redraws are however easy as is their website. Very basic, but that's a good thing as far as I'm concerned.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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The best interest rate on the market

published

Customer service was polite and professional.
All fees were transparent and communicated to me before. Do not overpaid for banks, go for the lowest rate which you can get. Cheers

Transparency
Customer Service
Application Process
Timeliness
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Glenn
GlennGreater Melbourne (Outer), VIC

Great communication, great low rate

published

One of the lower rates I found on the market. Bryce was brilliant at working around my busy schedule and kept in regular contact. Happily answered all my questions and made sure everything ran smoothly.

Transparency
Customer Service
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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Next

Very Good

published

Dane was so good, my loan process was so quick and easy. Dane was very helpful, got a very good response. I had some issue with settlement, other than that it is good.

Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Smooth process from start to finish

published

Started the process in late 2020 to refinance to a better rate. Company reps very responsive despite it being a very busy time. Very smooth process with clear instructions along the way. Costs were detailed up front and there was nothing unexpected. Disappointed in the convenience of redraw being web-only - no app. But otherwise very happy with the process and the final rate!

Customer Service
Application Process
Timeliness
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
Scott
ScottGreater Melbourne (Metropolitan), VIC

Great rate.

published

Reduce home loans offer a fantastic home loan rate which is far better than any of the big 4 can offer. The process of getting all your documentation can be a bit tedious but the reward of a great rate at the end of it is worth it. Customer service was always able to get through to them really quickly when needed. Would recommend Reduce.

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

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Julianok
JulianokGreater Melbourne (Metropolitan), VIC

Good service with a great rate

published

Good experience with Dane rate is great but the only con was it took to long to process the application and we had to submit payslips 3 x times along with other info due to this, very frustrating.
Mezy account setup was not explained to us, the wife and I have sperate accounts and can not pay/transfer money without the other authorizing it first, what an inconvenience to us for paying bills etc and was told this is the only option that you have! Due to this we will be finding another bank that makes it easier for us to do our everyday banking while controlling the mortgage also and they have no app in this day and age why?!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 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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Easy transaction

published

Friendly staff that are more than happy to help any way they can.
It was an easy change over and a very competitive rate.
reduce took care of everything.
We would highly recommend reduce home loans

Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Harpoon H.
Harpoon H.Greater Melbourne (Inner), VIC

Competitive rates secure web site

published

Pro : Good competitive rates . Origin funder loan with 4k cashback ( Higher rates with Bendigo). Secure banking site with 2 step authentication ( powered by ANZ). Free redraw . Con: Settlement took 5 months from initial approval due to complexity and miscommunication with funder Origin. Origin only allows max daily withdrawal of 5k electronically or up to 10k with a written request from either redraw or offset accounts.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Refinancing made easy

published

Gary and his team were very accommodating throughout the process and always kept us up to date. The rate we received was great and was reduced during our application.
During Covid time the online process was very suitable and worked well.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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
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

Other Home Loans

 
 

0.0
(1,234)

Very happy.

published

Everything progressed smoothly. Was kept well informed of progress. Everything that was promised was delivered. They're even passing on the full rate reduction just announced by the RBA. Website is a little clunky but it's not too much of an issue.

Application Process
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateOctober 2020
Loan used forRefinancing
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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