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Reduce Home Loans

Reduce Home Loans

4.2 from 977 reviews · View Statistics

Reviews

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Ross D

Ross DGreater Melbourne (Outer), VIC

  • 2 reviews

Great people, slow process

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
Professional Partners

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173 reviews
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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The online banking portal feels outdated and is not user friendly.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
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Channa P.

Channa P.Greater Melbourne (Metropolitan), VIC

Rate is good but customer care is bad

published

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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Great rates but be CAREFUL!!!! Very misleading!!!!!

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeSplit
Loan used forRefinancing

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used forFirst Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used forRefinancing
Professional Partners

Looking for Home Loans?

Read the reviews for Professional Partners

173 reviews
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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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateFebruary 2019
Loan used forRefinancing
See all Reduce Home Loans reviews

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!

See all Reduce Home Loans questions

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