Great rates and easy to deal with - would recommend to everyone and beat the big four on rates and service - very flexible and easy to talk to work towards your personal needs
Great product and service
So far can’t fault the product or the team. Everything is as described with no hidden costs. The rate is great which is set to get better next week after it is lowered
Reduce home loan best rate!
The rate provided is excellent and the best in the Australian market! The customer service provided by reduce home loans was consistent and highly responsive by the team throughout them application process
Reduce Home Loans - Great Rate
RHL were very easy to deal with and we got the best rate on the market. The offset loan allows us to save even more money by reducing our balance.
Excellent rate and decent service
We got an excellent rate from Reduce for our mortgage. They're easy to deal with and have pretty good follow up. For an online broker, I think they're pretty hard to beat.
It’s great, They are very helpful.
Customer service is great. I find everyone very friendly and helpful.
I’m very happy with the rate I give it a 9 out of 10.
Everything is explained clearly and there is no hidden costs.
I would definitely recommend Reduce Home Loans.
Great Home Loan Rates
They had the best home loan rates when i refinanced with them and they still have the best rates 3 months later. They do have a room for improvement in the customer service area though, in particular giving a more detail breakdown of ALL fees you are likely to encounter.
Will give them 5 stars as soon as they pass on the rate cut...
Awesome experience from the get go.no frills but exactly what you need from a lender. Was the best rate around when we signed up and still is now 6 months later as far as I can tell.
Great rates received
Good service and I got a good home loan deal when I was refinancing an investment property. Only issue was a lot of paper work was involved but that seems to be the new norm with banks
Good product, though some issues during the sign on process.
Happy with the loan so far. I did have some issues during sign up as i was looking for and promised a 15 year term. Got 30 years and was told it could be fixed after settlement (it didnt). Doing a work around by just putting more money in but was annoying.
Low rate, more effort
Rate is lower than you will get mostly anywhere else. The process to get the loan, however, was not straightforward. Significant amount of complicated, hard copy paperwork, then a lot of subsequent to and fro with their solicitor (including physically driving to their office twice to submit paperwork) to get my loan documentation correct (there were errors), meaning that I had to get a settlement date extension.
Can’t really complain now that I have the loan, although the online portal is not as user-friendly as the big banks (e.g. you actually have to call them if you want to reset your password).
If your primary driver is a low interest rate and you don’t mind the hassle involved in the above, go for it.
I am quiet satisfied with services so far, but recommend an mobile app for monitoring our account rather than only via URL., This way it at least gives customers flexibility of checking their account
Slack with some things
First off although they offer a great rate their service was anything but that. No one actually told me when settlement was, my old mortgage just disappeared from my account. I still haven't received a list of the disbursements. They sent the pin no for the account but no card for 3 weeks!! They don't do fortnightly repayments like they do on their calculators on their sites, which was very frustrating and misleading. They chased us for the loan but when it was done very slack and no attention to detail. Pitty, it's a great product run by not so great individuals.
Great rate with full offset and good service.
Customer service was good, a little complicated and disorganised at times.
No unexpected setup costs, great rate. Exit fees are a little high, though, which is only a problem if you’re leaving and give them the rate (and 10% offset) that’s unlikely.
The loan application and approval process could have been smoother, but worth working through for the rate, though!
Great rate, good customer service
Excellent home loan rate on both owner occupier and investment. Fairly easy to apply for with help from the team. Rate did go up by 0.15% 3 months after (without change from RBA) but since then (~10 months) they haven't had any more out of cycle rate increases.
Decent service given the low rate
Reduce's rate was far better than we could find anywhere else. Our representative David worked very hard to get it all done, and it did get done in the end.
It wasn't always a straightforward process though. We had quite a few delays, including multiple occasions when we were asked for documents that we'd already sent before. We also had to pay penalty interest when their solicitors held up settlement because they had a policy that they needed three business days to schedule settlement.
But overall, I would recommend them and I'm sure they'll...save us thousands over the life of the loan. Just be aware that things might take a bit longer than with a regular bank, and you won't be able to see anyone in person. You can still talk over the phone though, and David kept in regular contact throughout the process. We also just settled today, so we can't rate the ongoing service nor can we comment on others' reviews that their interest rates went up shortly after joining.
Great online home loan.
No frills but best rate, offset account and no problems uncounted. No attached access account. But set one up at another bank for payments to and from you loan or offset account.
Very helpful staff. I found a very good solution to my request. Happy outcome.
Customer service was very good. I found a very competitive solution to my enquiry. Interestingly enough, it is still one of the best in the market after a year and a half. I would recommend.
Reduce Home Loans
Good customer service. After approx 1 year the rate went up after the honeymoon was over. Had to request a rate review for rate to match current rate, albeit a small difference.
Best Rates Available
Most competitive rates going, customer service was reasonably good. Attention to details could have been a tad better and dealing with many people rather then one focal point throughout the whole process would have made it much easier. Also the valuation fee in WA was much higher then quoted.
Great rates with simple no-frills arrangement
Good interaction when required, sometimes take a little time to respond. No issues in process. Great rate. Simple and great value for money. I didn’t ask for anything special, and got a good deal.
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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