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Reduce Home Loans

Reduce Home Loans (page 2 of 3)

4.2 from 959 reviews · View Statistics

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scubaannie

scubaannie

  • 2 reviews
  • 5 likes

Best interest rates

published

Reduce have the lowest interest rates and it was a quick process to get approved! Good communication. It was very smooth process. Would do it again if I had to!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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andrew.westaway

andrew.westawayGreater Melbourne (Inner), VIC

Great service and extremely cheap rate

published

The home loan rate provided was very attractive and is initially why I went with Reduced Home Loans.
I had a short settlement date and was worried it may not be met however the team at Reduced Home Loans was able to complete the application and have contracts ready for my review and signing within 4 weeks.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forFirst Home
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Tomek

TomekGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • Verified

Best rates and great product!

published

Great rates, great protal and product. Takes a bit of time to set-up but completely worth it in the end with the cheapest rate on the market! They told me they are working to improve on that so definitely the place to go for a loan.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forFirst Home
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Prasangi

PrasangiPerth, WA

Was an easy process! Guaranteed lowest interest rates!!

published

Lowest Interest rate and We save up to $400 monthly:) great customer service and so easy to approach them. Very transparent and no hidden charges. Highly recommended to anyone looking for new housing loan or switching loans:)

Transparency
Customer Service
Application Process
Timeliness
Loan used forFirst Home
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Very happy with the intrest rate

published

Reduce home loans offered me a great interest and comparison rates for buying my house.
Their team is professional and helpful.
The process took more time and complexity than I expected, but the low interest rate compensated the pain of the process.

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

Excellent deal - making it possible to own our own home!

published

We are very happy with our awesome deal, low interest rates and the extra effort made to meet our short settlement time. The only reason this is not a 5 star review is while the people and broker are lovely people to talk too we found our broker quite hard to contact at necessary times. This meant our settlement was 3 days late. Thankfully all worked out ok and we are happy with our overall experience so far.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan Start DateDecember 2019
Loan used forFirst Home
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Lauren L.

Lauren L.Greater Melbourne (Outer), VIC

Great help for a first home buyer!

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forFirst Home
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Dave

DaveSouth East Queensland, QLD

Lowest interest rate available

published

Reduce offer the best rate around without compromising on customer service. They keep in regular contact with you and help you through every step of the way. The fees are a little pricey but this is more than offset by the amazing rate so if you are looking for a mortgage of over 10 years...look no further.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forFirst Home
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Great Interest Rates!

published

Great interest rates and surprisingly easy to deal with. Would choose over a big bank any day. No hidden fees and staff were all friendly. I thought having a cheaper interest rate would mean more hassle but that wasn't the case.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forFirst Home
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Great service and rates

published

The staff was great taking me start to end getting a good loan but also supporting me throughout the whole process. Tight settlement times were always a worry for me but we made it in time too. Highly recommended.

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

Rachel K.South East Queensland, QLD

A hassle but worth it in the end.

published

They required A LOT more information from me than my previous bank and it was a couple of months of emails back and forth almost daily but it was worth it for the money I'm now saving. The same loan is now costing me $150 a fortnight less so I definitely feel it will be worth my trouble over the life of the loan :)
Also they sent me a kit to grow your own chives as a welcome present so that was a cute touch.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used forFirst Home
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  • Verified

Reduce Home Loans - Good experience, easy to deal with and best interest rate available.

published

Reduce Home Loans - Good experience, easy to deal with and best interest rate available. Good service from Bryce Stimpson.
Offered different interest rate and loan type options, and discussed with us which would suit best, the forms were not too hard to fill out, instructions were clear and the final setup and settlement went well.

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

Excellent service from the Reduce Home Loans team

published

Nick was great to deal with, took care of everything for me, Barely had to lift a finger.
Great rates are also.
Very satisfied customer, thank you Nick and Marvin for all your help!

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

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David M.

David M.Western Australia

Great rates and great customer service

published

A great company to set up a mortgage with. The process went very smoothly and our sales rep was always available on the phone (Rhyse Taylor in Brisbane) to answer any questions we had)

We were worried about going with a 'non big 4 lender' bit so far so good and the interest rate is much better than any of the established banks were offering

Thanks

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateAugust 2019
Loan used forFirst Home
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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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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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Michael

MichaelSouth East Queensland, QLD

  • 2 reviews
  • 3 likes

Best Interest Rate

published

Best rate in the market after RBA cut, have received first rate cut and pending for the second rate cut, call centre is helpful and provide quite response to the question.

Transparency
Customer Service
Application Process
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used forFirst Home
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Fantastic Service!!!

published

My partner and I went through Reduce Home Loans for our first purchase. Being our first home, we had a lot of queries. Leon Clark was incredibly helpful and patient with us. Highly recommend him + his team!

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

Page 2 of 3
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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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