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Reduce Home Loans

Reduce Home Loans (page 4 of 4)

4.2 from 991 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

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scotty2727
scotty2727Kurrajong
  • 3 reviews
  • 1 like

Great rates

published

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

published

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

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0.0
(1,234)

Reduce home loan best rate!

published

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

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JRW
JRWGreater Melbourne (Metropolitan), VIC

Reduce Home Loans - Great Rate

published

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.

melbournestorm
melbournestormGreater Melbourne (Inner), VIC

Excellent rate and decent service

published

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.

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Casey
CaseyMid North Coast, NSW

It’s great, They are very helpful.

published

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.

Anthony R.
Anthony R.South East Queensland, QLD

Great Home Loan Rates

published

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...

published

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.

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0.0
(1,234)

Great rates received

published

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

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Simon g
Simon gSouth East Queensland, QLD

Good product, though some issues during the sign on process.

published

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

published

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.

Sanket P
Sanket PSydney, NSW

Good service

published

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

Tone
ToneMelbourne
  • 2 reviews
  • 1 like

Slack with some things

published

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.

Simon
SimonGreater Melbourne (Inner), VIC

Great rate with full offset and good service.

published

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!

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TerribleLumo
TerribleLumoIllawarra, NSW
  • 2 reviews
  • 1 like

Great rate, good customer service

published

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.

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Sam H
Sam H
  • 2 reviews

Decent service given the low rate

published

Great online home loan.

published

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.

Peter A
Peter ASouth East Queensland, QLD

Very helpful staff. I found a very good solution to my request. Happy outcome.

published

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.

MJP
MJPMetropolitan Adelaide, SA

Reduce Home Loans

published

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.

simon
simonPerth, WA
  • 3 reviews

Best Rates Available

published

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.

Mark
MarkSydney, NSW

Great rates with simple no-frills arrangement

published

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.

Page 4 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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