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Reduce Home Loans

Reduce Home Loans

4.2 from 977 reviews · View Statistics

Reviews

4.4

15 reviews
5
(7)
4
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3
(1)
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Dane
DanePerth, WA
  • 2 reviews

Excellent Service & Great Rate

published

We refinanced with Reduce home loans and got a fantastic fixed rate deal. We were assisted by Jacqueline who was amazing throughout the entire process and always kept us updated on the progress and was happy to discuss any questions or queries we had. We ended up getting a low property valuation however Jacqueline helped us challenge it and we got it revised up. The home loan application and approval took a few short weeks, we were then handed over to mortgage ezy & galilee solicitors for settlement. Not very impressed by Galilee (didn't take the time to explain anything and the communication was very poor), but highly recommend Reduce Home Loans

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateJune 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Amol
AmolSydney Surrounds, NSW
  • 3 reviews

Very happy customer from 3 years!

published

Started with fresh loan with lowest rate and again dealt with my finance manager Noel for refinance at lowest rate in the market. Flawless experience, great support, great online platform, peace of mind.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan Start DateNovember 2017
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)

Lowest rate in the market and fantastic customer service!

published

Nick Freney was brilliant to deal with and always made me feel like a highly valued customer, responding to my questions in a timely manner and demonstrating a great deal of empathy and patience. This was the best rate/product in the market and I was blown away by the amazing service - thanks Nick!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateApril 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Friendly helpful staff.

published

Great rates making it an easy decision to change. Happy to recommend to anyone reading. Process was not difficult, a little time consuming, but no different to any other financing.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateFebruary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Megan
MeganBendigo
  • 3 reviews
  • 2 likes

Great Rate, ok service.

published

Great rate for refinancing. Found service a little more complicated than dealing with bank direct. Could be improved by having one consultant providing clear information and returning calls in a more timely manner. Service during settlement was great.

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

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Brooke
Brooke
  • 2 reviews

Great customer service and an unbeatable rate.

published

I had a very positive experience with Reduce Home Loans. Gary was very prompt and explained everything very clearly. Nothing was too much trouble. The rate was the best I found. Highly recommend.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateJanuary 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Sonika
SonikaFar North Queensland, QLD

Awesome!

published

Great interest rate and low fees!! Highly recommend this institution to anyone. My previous rate with a different bank was over 6%. Now it's only 3.39%. Saving so much $$$. Best move I've ever made.

Customer Service
Application Process
Loan TypeFixed Rate
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

K Lacey
K LaceySydney, NSW
  • 3 reviews
  • 1 like

The team from Reduce were very helpful in making sure everything went to plan.

published

Applying for a mortgage can be a bit of an ordeal, but the team at Reduce made sure I had all my ducks in a row before sending on to the lenders.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateAugust 2018
Loan used forRefinancing
Other Home Loans

 
 

0.0
(1,234)
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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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