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Reduce Home Loans

Reduce Home Loans

4.2 from 932 reviews · View Statistics

Reviews

4.5

40 reviews
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Cherie S.

Cherie S.South East Queensland, QLD

an easy loan process

published

We had an easy loan process and appreciated the quick responses and follow up with loan documents and our many questions! There are lots of documents required initially but the process after that was fast.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forHome Construction

The reviewer stated that an incentive was offered for this review

Craig Murphy

Craig MurphyGreater Melbourne (Metropolitan), VIC

Great rates, quick and easy process

published

Reduce offered exactly what we were after - a highly competitive (if not the best available) rate and a simple, no frills loan product. Bryce was extremely helpful explaining our options and prompt to reply to any questions we had. The fee structure was straightforward, and the entirely online process easy to navigate.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Amy B.

Amy B.Perth, WA

  • 2 reviews
  • 1 like

Go with RHL

published

Jacqueline from reduce home loans has been amazing through the process of buying our home in Jan 2021. Always following up and explaining every process along the way promptly. This is the second time we have purchased with RHL and the service and interest rates are 5 star. Would definitely recommend to anyone looking at purchasing a house to give RHL a go.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

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Cheapest Variable Rate Available

published

Reduce Homes Loans and Noel Cosca and the team very great. Process was easy and settlement occurred on time. Highly recommended and have no problems in referring anyone who wants a cheap interest rate and an easy process to achieve this objective.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan Start DateJanuary 2021
Loan used forSecond Home
Rowena

Rowena Greater Melbourne (Metropolitan), VIC

  • Verified customer

Happy with service

published

Great rate and timely in settlement. Happy with service.
Love the new digital way of completing application and identification check, make the whole process quicker and easier.
Highly recommended for the low rate and digital process.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

excellent service

published

This was our second application with Reduce Home Loans, again great rate and supportive customer services. A big thank you to Dane, the Personal Finance Manager for my case and to the Settlement Department team.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forHome Construction

The reviewer stated that an incentive was offered for this review

Navil

Navil

  • 3 reviews
  • 1 like

Good service, fast, responsive, knowledgable

published

David was helpful and easy to deal with, responsive and answered questions promptly.
I had a few challenges with meeting the approval criteria, and David helped me identify the simplest and easiest way to meet those requirements, ultimately allowing me to settle without having to endure any extra costs or delays.
Thank you.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Carla

Carla

  • 2 reviews
  • 2 likes
  • Verified customer

Chasing simplicity and a refined home loan? Reduce Home Loans is where you need to start.

published

The call centre was amazing, so quick to respond to my queries and if they didn't know the answer they contacted me and emailed me with the answer. Lindsay managed my case and saw the whole process through from end to end, she always provided an answer within the timeframe that she quoted. In the end I came out with a no fuss-low rate loan, no bank non-sense just a good honest product. No one needs the fluff that banks carry on with, if you're chasing simplicity and a refined home loan - Reduce Home Loans is where you need to start.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJune 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Newton K.

Newton K.Sydney, NSW

Best packaged fixed home loan on the market

published

I engaged Reduce home loans because they had the best fixed package home loan for my requirements. I chose the 3 year fixed home loan 2.19%. 100% offset and up to $20k additional repayments per annum.
What more could you want during the Covid-19 economy?

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateJuly 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

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Best customer service

published
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateJune 2020
Loan used forSecond Home
Travis

TravisGreater Melbourne (Metropolitan), VIC

  • Verified customer

Great service and updates

published

Great rate home loan. I was talked through the process. All my questions answered and things explained. David was excellent, kept me updated and told me what needed to be done to get my loan approved. Recommend highly

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Hason

HasonSydney, NSW

  • 55 reviews
  • 21 likes
  • Verified customer

They took 4 months for my application. Went to a new lender and got approved in 4 days.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forHome Construction
Harry M

Harry MSydney, NSW

  • 2 reviews
  • 1 like

Great customer service but disappointed with change in lenders resulting in increased interest rate

published

Reduce were really easy to deal with, transparent and super responsive. The rate got increased as the lender changed its rating of apartment to high risk. The rate at the end was OK and still competitive but not as great as we expected. We will try again with Reduce for our next home.

Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Luke Banham

Luke BanhamWestern Australia

RHL provided a great service while purchasing a new home in 2019 and re-financing in March 2020

published

Reduce Homeloans provided a great service while purchasing a new home in March 2019 then re-consolidating debt March 2020 while also getting one of the lowest interest rates around. Much better than the big 4 banks. Have recommended RHL to many work colleagues and friends since. Thanks Reduce Homeloans.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2019
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Grant B.

Grant B.South East Queensland, QLD

Good home loan

published

All round a good experience switching to Reduce just the time it took to get the loan in place was the only negative , but the low rate makes it worthwhile.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

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Very good service

published

Take longer time than other banks (5 weeks for us) but worth the time as the interest rate is low. Good service. Get response promptly from the case manager or credit team.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

kathryn

kathrynPerth, WA

great rate easy process

published

company offered a great home loan rate, easy to use and apply for. We end up saving heaps each month on our home loan which is great for us. Happy customer

Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateJanuary 2020
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

M Patterson

M PattersonSouth East Queensland, QLD

Excellent Rate

published

The interest rate was very competitive.
Customer service staff were pretty good but there loan approval took some time and caused a bit of stress which we could have done without.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Jody

JodyMetropolitan Adelaide, SA

  • Verified customer

Lowest interest rate home loan

published

Our experience with Reduce Loans was great. There was quite a bit of paperwork but I guess you can expect that at any bank. We always had a broker to chat to about our personal finances which helped a lot with the purchase of our second property. There are some fees, but they are transparent about those and with the rates being so low, it was going to be well and truly worth it for us in the long run. Highly recommend!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

Phil Hall

Phil HallSouth East Queensland, QLD

Great product. Most competitive in the market. Flexible options

published

Great customer service, providing flexible options to consider.
No unexpected or hidden costs. Cost structure well explained and refund provided as promised
Very satisfied with the product. Very competitive home loan rate.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forSecond Home

The reviewer stated that an incentive was offered for this review

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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.

2 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?

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.

2 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.

Get an answer from our members and Reduce Home Loans representatives

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