Nightmare - worst experience so far
Thoroughly unprofessional and unscrupulous bunch of mobs. Finally received loan approval today after countless follow ups and resending documentation multiple times over the lengthy processing period of over 3 months. Alas, the approval is full of errors completely ignoring our finance requirements and the required loan structure which we advised in our loan application and subsequently on multiple occasions. In the meantime, we have been paying interests on our titled land awaiting construction which is pending finance. What a nightmare! So so...rry I approached RHL. ** Update 22/11/2019: The saga still continues not knowing when it'll end. Feels like we're stuck, helpless - going 2 steps forward and then 3 steps back. Finally, received loan contract about 2 months ago, again with several errors needing corrections, reissues and then more corrections, reissues ... 3rd round so far and still awaiting. Such a pain, not to mention about the financial losses due to these delays. Nobody seems to care! :( ** Update 30/05/2020: Finally our loans settled back in December 2019, however, not without surprises. No one bothered confirming the settlement date, we only found out from our outgoing lender. They completed the settlement without confirming the settlement figures/disbursement advise prior to the settlement. We subsequently found various anomalies including unauthorised transfer of fund between investment/construction and owner-occupier loans. Nightmare continues. Just shocking !!!
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?
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?
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.
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.
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