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Reduce Home Loans

Reduce Home Loans

4.2 from 959 reviews · View Statistics



8 reviews
  • Transparency
    1.0 (1)
  • Customer Service
    1.0 (1)
  • Loan TypeFixed Rate, Variable Rate and Split (1)
  • Application Process
    2.0 (1)
  • Timeliness
    1.0 (1)
  • Loan used for
  • Loan Term30 years
  • Online Tools
    2.0 (1)

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

Customer Service
Application Process
Online Tools
Incentivised ReviewNo
Loan TypeSplit
Loan used forRefinancing
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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?

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?


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.


I was told exit fees were made illegal from 2011?


Most big banks average $300!
My mortgage will be discharged in 3 weeks. Yey.



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

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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