Reduce negotiated an excellent home loan product for us.
Reduce negotiated an excellent home loan product for us.
The process was quite drawn out and we had to resubmit some paperwork a number of times. However, the end result has been well worth the wait!
Quick and easy, but comms after submission could be better
Application and document submission was easy. Response from the assigned lending manager was always quick.
It took some time from submitting the last documents to receiving the full approval (and then settlement), with not much communication once it went into their approvals department. That being said, my assigned lending manager was always available to chase up an update for me.
There was a rate change in between approval and advance - I would have hoped that I would have been given the current published rate at the time of settlement, however I have been informed more recently that they are passing on the rate change so Ill still receive it, albeit a month later.
Very happy customer
I recently refinanced our Home Loan with Reduce. I found the customer service to be of a very satisfactory level. I was always kept informed of what stage the application was at and Leon was very prompt in responding to any of my queries. I was told initially it would take approximately 6 weeks from start to finish. It did take about 8 weeks for me, but they were very thorough. While the interest rate is much lower than i was on originally, i received a letter today to say my interest rate has been cut even further. Very happy customer.
Worth the move
I refinanced for a better rate and was extremely happy with the rate offered and service provided. The process however was quite slow. I was glad I was refinancing and not purchasing a property as it would have been very frustrating. Customer service was great on all levels and very happy now everything is finalised especially with my rate I am paying. They even passed on the full rate reduction. Very happy customer
It was definitely worth moving across to reduce home loans
The application and settlement process was slow in comparison to our previous lender. It took over 2 months from when we applied until when reduce home loans were ready to book settlement with our previous lender. However it was well worth it as the rate was the best we could find at the time, and we are very happy with the loan facility we have with reduce home loans as well.
Slow process but good outcome
Our refinancing process with Reduce Home Loans took more than two months, which was frustrating, particularly when the delays meant some supplied documents had to be renewed while we were waiting for settlement. We also had to stop the Reduce Home Loans broker from issuing us the wrong product, twice. However there is no argument that the rate is one of the most competitive in the market. The online portal to keep an eye on the loan and repayments is simple but functional. It has only been a couple of months but we have had no issues since settlement.
Refinanced for a better rate
The product so far has been as advertised with good staff contact and service. Rates pretty competitive relative to others in the market. Application process and an app would increase score
You get what you pay for
Got the best rate going around. Got the worst refinance application process ever: No online progress
Lack of responding to enquires
Not making progress on committed time line
Having 2 finance managers calling me on the same updates and giving me different details.
Took so long on their side from an application in June that settled in October, I had to submit *the latest * bank and payslip info 3 times. All updates coming through in a couple of days from my side.
Was painful. Wife wanted to walk away. Ultimately I pushed through
Hoping its smoother sailing from here.
Great rates and more personal service
We first found Reduce Loans while researching online for lower interest rates for our home loan. They seemed too good to be true so read up on some reviews and discovered they were legitimate. The application process was all done electronically which is great because we live in regional Australia. The whole process took longer than expected but it was good to be able to contact by phone or email and speak to the same couple people throughout. It is all sorted now and saving money so it's all good.
Great work from Reduce Home Loans
I had a very good experience using Reduce to refinance my home loan. As a contractor who had recently started a new contract my situation was not ideal to be seeking a new loan - however with Reduce Home Loans help I was able to secure what was likely to be the lowest interest rate product available in Australia at the time. I would have given them 5* but at the end there was a time when the communication around settlement could have been a bit better.
Great low interest rate, with no on-going fees.
Fast pre-approval, actual time to settlement took a little longer than expected, but note this was a refinance. Very competitive, low rate for interest only investment property loan. Would recommend for anyone serious about reducing interest costs.
Very happy with variable rate with offset
Overall, we are very happy! One of, if not the best rate in Australia. Around 0.5% better rate than the big four will offer existing customers and around 0.25% better than other banks, for new customers.
The process was quite drawn out with a lot of forms to fill out and emails back and forth over two months. Not quite as streamlined as a big banks but the savings are worth it. I would recommend Reduce Home Loans if you really are about maximising your savings.
Great offer, great product
The process took longer than anticipated but understand its because of immense workload due to great product.
The team I dealt with were friendly, knowledgeable and professional throughout.
Will definitely recommend to all and sunder.
Reduce Home Loans - Good experience, easy to deal with and best interest rate available.
Reduce Home Loans - Good experience, easy to deal with and best interest rate available. Good service from Bryce Stimpson.
Offered different interest rate and loan type options, and discussed with us which would suit best, the forms were not too hard to fill out, instructions were clear and the final setup and settlement went well.
Excellent interest rate
I am really happy about the interest rate . There is no hidden fees . If they do the process bit speed , I would rate definitely 5 star . I already recommended to my friends
Rate is good but customer care is bad
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.
So much better than dealing with a big bank!
Customer service was great and our broker was very responsive. Overall turnaround time for approval was a bit slow, however we were advised from the outset that they were dealing with a large number of applications following RBA rate cuts in June and July. It would also be more convenient to have the application process online rather than paper based. At the end of the day we got a great rate and a great product that suits our needs and our broker was easy to deal with - and it's nice being able to maintain contact with just one person rather than a massive call centre.
A great rate and excellent customer service
The best variable rate around and excellent customer service to guide you through the application process. The broker could have provided more regular updates on our application status, but apart from that I can't fault Reduce Home Loans.
Thanks Reduce Loans
We had a very helpful staff member (Reese) during the loan application process. He answered all our questions and was easy to get in touch with. He helped us our with application and doubled checked all our documents were correct before we submitted the final application. The pre-settlement team communicated with our settlement agent regarding any issues and the post-settlement team (Cat) were great at explaining each step to commence mortgage payments. Thanks.
Best Rate Going, friendly people. Recently settled and have no hesitation recommending.
Customer Service was excellent thanks Leon, I didn't experience any unexpected costs. I'm happy with the rate. The online portal is pretty bare bones though I think it's all I need.
Competitive rates and professional service
Great low interest rates and loan features. I'm happy I switched! My refinance process wasn't as straight forward as I had hoped however the hiccups were promptly ironed out by the Reduce team.
Great rates on home loan products
The staff are lovely, communications levels through the process could of been better, but the overall experience of refinancing with Reduce Home Loans was with it. Amazing rates on offer!
You really cant go wrong with Reduce
The customer service team are excellent at communication verbally and never had to wait on hold. One star is lost due to the limited information sent from the organisation about the loan progression. Otherwise excellent products and a very happy customer.
Over all very happy with Reduce. Great rates and customer support!
Over all very happy with Reduce. Great service and relatively easy change over procedure. The internet banking interface could do with some modifications though. Also an app would be great too.
Very happy with home loan
Took about 8 weeks and dealing with 3 different departments during the process but very happy with the home loan, interest rate and assistance given. Would highly recommend Reduce Home Loans.
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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