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.
Best rates and great product!
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.
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
Unbeatable interest rate! And great customer service.
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.
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.
Very happy with the intrest rate
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.
I love the lower interest rate
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.
+ great rate - slow process - online portal
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The online banking portal feels outdated and is not user friendly.
Best alternative to the Big 4 Banks
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.
Great help for a first home buyer!
As a first home buyer, the whole process was always going to be daunting. Reduce offered a great service with great rates and options with very happy and helpful team members. We had started going through our pre approval process when we ended up finding 'the one'. As the turn over on houses was so quick at the time (a matter of days), we thought it was the best option to put our offer forward without pre approval. As I had already started the pre approval process, David already had a good idea of what was possibly for us and didn't hesitate wh...en I asked him to write a letter to the real estate and vendor to confirm that the finance shouldn't be an issue. This helped make our offer a lot stronger and I am very thankful to David for this. The only real negative is that I found it hard to get Specific people on the phone. As its a hotline/call center setup, you get whoever was next in line. We could email the person directly however, emails take longer to write so the replies were slower and less detailed. I believe they are currently in the process of changing this. Overall I would highly recommend Reduce home loans. Our approval process and settlement went smoothly and we are now living happily in our new home.
Great rate, great loan.
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.
Great Rate! A couple of hiccups but well worth it :-)
We recently refinanced with Reduce Home Loans. Once the loan was setup I am very happy with the end result and the rate is highly competitive. TWO THUMBS UP!
We did however have a couple of stumbling blocks along the way which caused the process to take quite a while, I think in the end almost 4 months from engaging Reduce til settlement. My mortgage broker from Reduce however worked diligently with the financiers and kept me informed appropriately along the way. The issues experienced were in regards to serviceability checks and approvals bein...
Best rate on the market!
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.
Fantastic Rate but a slow process
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!
Good customer service
All the staff were helpful with whole process. The refianancing process took bit longer than expected but other than that it was good. All our queries and questions were well addressed.
Good if you are not in a hurry
Other than the rate received for the loan, which contributes to 80% to why I went with Reduce Home Loan, my experience have not been fair. In the end I had to do most of the leg work to lock in a settlement date, while the staff at Reduce just kept saying it was the out going lenders problem.
Fortunately I was refinancing so I wasn't in a hurry to settlement the loan. But I can understand why I have seen reviews elsewhere that some lenders missed their opportunity on landing their dream home because of the Reduced/Galilee.
I would recommend Reduced if you are looking for the lowest rate and if you are not in a rush.
Great rate - long time to get there
The rate is best in market, so the end result is what we wanted, however the process in getting there is very frustrating. The same details requested multiple times, over a period of time that got increasingly long. We were refinancing, so time was not ultra critical, but I would not use if I was purchasing a property and required finance by a certain date in order to fulfil a contract.
Good rate but the process took way too long
I got really frustrated with all the back-and-forth over many months of application process. It took waaaaay too long. They kept asking for more and more information, it was really inconsistent, they should have asked for everything they need upfront. Great rates though and we are happy now we have finally finished.
The customer service of Reduce Home Loans was good!
Unfortunately some of the third party companies they use are not as professional as Reduce Home Loans. There was a lot of paper work to do to get the loan even though I had well over 50% equity. Also the settlement agency used was pretty terrible. Since these companies do work with/for Reduce Home Loans I do hold them a little responsible.
Overall, now that I am with Reduce Home Loans, I am very happy with a rate second to none.
They have an awesome rate, customer service was pretty good but instead of the 15 days they said it would take it was 3 months and you need to do the paperwork yourself which if you get something wrong holds up the process but they were very friendly and you can’t beat the rates
Slow application process, but worth it
From our first enquiry to approval, the reduce loan application process took approximately three months. There was a large amount of financial documentation required, moreso than our last principal + interest owner occupied home loan, post banking royal commission mind you. Our loan manager, Rhys Salmon, was knowledgeable, supportive and transparent throughout the process, if a little delayed in responding on a few occassions. The service level he provided was solid, however the overall process was overly tedious, with the credit department req...uiring detailed transaction statements no more than 30 days old, whilst most financial instituions have reverted to biannual / annual statements. Upfront costs were all as expected and advertised, however the process did take longer than expected. My main gripe is that there is no clear relationship (or any references) between Reduce Loans and the affiliated Mortgage EZY lending company, nor any correlation between the products advertised online at reduceloans.com.au and the application form from Mortgage EZY. During the process the RBA cut the official interest rate, and though Reduce Loans soon reduced the interest rate for the product we had applied for in full, the underwriter / lender was locked in and it was at their discretion whether or not to pass on the rate cut in full, which they did not. As the application form had the old rate, we explicitly requested a written guarantee of what the new reduced rate would be, which was honoured after some persistance. Our only options were to accept (only 0.05% more) or start the whole process again, with all paperwork, fees etc ... Considering it took a few months and there was no guarantee this scenario wouldnt happen again, we decided to accept this and move forward. Now that we have settled, we are very satisfied with the great low rate and basic but functional online portal. Would we recommend reduce loans? Yes based on low rates, but be prepared to provide numerous monthly transaction statements or zero balance statements to avoid a potentially drawn out application process.
Great Interest Rates!
Great interest rates and surprisingly easy to deal with. Would choose over a big bank any day. No hidden fees and staff were all friendly. I thought having a cheaper interest rate would mean more hassle but that wasn't the case.
Great rate and service
The service and at Reduce Home Loans was great. The team were always happy to assist with the application process and kept us informed along the way. The interest rate is great too. I would recommend Reduce Home Loans to anyone seeking a broker.
Fantastic result - but a painful journey
Our re-finance started in July and ended in late October.
The end result (super interest rate and the features we wanted) is great.
But the journey was frustrating.
The communication between us and the Reduce representative was spasmodic and haphazard. We had to initiate contact on many occasions to seek an update on the process.
On other occasions the process was delayed because one of the parties wanted more documentation from us, but no one bothered to tell us.
The delays were very frustrating and due to poor internal processes and poor communication.
Post settlement, Reduce has been helpful and concerned enough to call us about a drop in our interest rate. Points to Jessica for that!
Great rates and customer service
A very thorough explanation was given. All cost was explained and straight forward. Also was called not too after the settlement for another rate cut to accommodate the RBA rate cuts.
Questions & Answers
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?
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?
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.
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.
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.
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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