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Reduce Home Loans

Reduce Home Loans (page 2 of 2)

4.2 from 959 reviews · View Statistics

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Sheeba

SheebaCentral West, NSW

Excellent interest rate

published

I am really happy about the interest rate . There is no hidden fees . If they do the process bit speed , I would rate definitely 5 star . I already recommended to my friends

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used forFirst Home
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Anne

AnnePerth, WA

Thanks Reduce Loans

published

We had a very helpful staff member (Reese) during the loan application process. He answered all our questions and was easy to get in touch with. He helped us our with application and doubled checked all our documents were correct before we submitted the final application. The pre-settlement team communicated with our settlement agent regarding any issues and the post-settlement team (Cat) were great at explaining each step to commence mortgage payments. Thanks.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateAugust 2019
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Good rates

published

Reduce had the best rate we could find after a lot of research, responses were a little slow at times but got there in the end and happy we went with reduce home loans.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan Start DateJune 2019
Loan used forFirst Home
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local1

local1Greenwich

  • 2 reviews
  • 6 likes

Great rates..That Don't Last! Beware.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan Start DateJune 2018
Loan used forFirst Home
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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Nathan C.

Nathan C.Hobart, TAS

Over all very happy with Reduce. Great rates and customer support!

published

Over all very happy with Reduce. Great service and relatively easy change over procedure. The internet banking interface could do with some modifications though. Also an app would be great too.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJanuary 2019
Loan used forFirst Home
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Upkar S.

Upkar S.South East Queensland, QLD

Low interest rate but much lower standards of customer service

published

Extremely poor standards of customer-service. Baffling, I had to frustratingly chase even the brokers to respond to my calls/emails. Then, receive contradictory information. Low rates come at terrible customer service

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forFirst Home
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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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.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateDecember 2018
Loan used forFirst Home
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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

Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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Sam H

Sam H

  • 2 reviews

Decent service given the low rate

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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.

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

sos

sos

  • 2 reviews
  • 2 likes

cheating their customers

published

I have refinance my home loan through reduced home loans at a competitive rate. within 6 moths they have increased my rates twice and now they are now more expensive than all 4 big banks. This means that I have to expend more time and money to refinance my mortgage again :(

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
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Page 2 of 2
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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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