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Reduce Home Loans

Reduce Home Loans (page 2 of 4)

4.2 from 991 reviews · View Statistics
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Jags
JagsSouth East Queensland, QLD
  • 3 reviews
  • 1 like

Lowest rate

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forRefinancing
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Tomek
TomekGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • Verified

Best rates and great product!

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forFirst Home
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0.0
(1,234)

Great rate

published

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

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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David E.
David E.Sydney, NSW
  • 3 reviews

Unbeatable interest rate! And great customer service.

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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Tilash F.
Tilash F.Greater Melbourne (Outer), VIC

Great deal...

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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Next

Very happy with the intrest rate

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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  • Verified

I love the lower interest rate

published

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.

Customer Service
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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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
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The reviewer stated that an incentive was offered for this review

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0.0
(1,234)

Best alternative to the Big 4 Banks

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Lauren L.
Lauren L.Greater Melbourne (Outer), VIC

Great help for a first home buyer!

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forFirst Home
Michelle
MichelleGreater Melbourne (Inner), VIC

Great rate, great loan.

published

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.

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

Martin W.
Martin W.South East Queensland, QLD

Great Rate! A couple of hiccups but well worth it :-)

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
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

Adam
AdamNew South Wales
  • 2 reviews

Best rate on the market!

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Carmen
CarmenVictoria

Fantastic Rate but a slow process

published

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!

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

Other Home Loans

 
 

0.0
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Sajina
SajinaMetropolitan Adelaide, SA

Good customer service

published

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.

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

Home Loans

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Ken W
Ken W
  • 2 reviews

Good if you are not in a hurry

published

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.

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

Damien
DamienGreater Melbourne (Inner), VIC
  • 2 reviews

Great rate - long time to get there

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

May
MayPerth, WA
  • Verified

Good rate but the process took way too long

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
Hauke
HaukePeel, WA
  • 3 reviews

Great rate

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

AliG
AliGGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • Verified

Great rate

published

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

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

OS in Bondi
OS in Bondi
  • 2 reviews

Slow application process, but worth it

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateNovember 2019
Loan used forRefinancing
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Great Interest Rates!

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forFirst Home
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sam9999
sam9999New South Wales
  • 2 reviews
  • 4 likes

Great rate and service

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forRefinancing
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Neil A.
Neil A.Sydney Surrounds, NSW

Fantastic result - but a painful journey

published

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!

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

Great rates and customer service

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forRefinancing
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Page 2 of 4

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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